张裕B:2021年第三季度报告(英文版)

                                               Yantai Changyu Pioneer Wine Co., Ltd. 2021 Third Quarter Report



  Stock Code: 000869, 200869       Stock Abbreviation: Changyu A, Changyu B       Announcement No.:2021-020




                    Yantai Changyu Pioneer Wine Co., Ltd.

                                2021 Third Quarter Report



This company and all board members guarantee the truthfulness, accuracy and completeness of
disclosed contents as well as no unfaithful facts, misleading statements or significant omissions.



Important Notice

1. The Company’s board of directors, board of supervisors, directors, supervisors and senior
executives guarantee the truthfulness, accuracy and completeness of contents contained in this
quarter report as well as no unfaithful facts, misleading statements or significant omissions and
undertake individual and collective legal liabilities.


2. The person in charge of the Company, the person in charge of accounting work and the person in
charge of accounting institution (person in charge of accounting) declare to assure the truthfulness,
accuracy and completeness of the financial information in this quarter report.


3. Whether the Third Quarter Report has been audited
Yes       No




                                                     1
                                                                                                  Yantai Changyu Pioneer Wine Co., Ltd. 2021 Third Quarter Report
     1. Major Financial Data

     1) Key accounting data and financial indicators

     Whether the Company needs to make retroactive adjustments or restate the accounting data of previous fiscal years.
     Yes       No

                                                                                                From the beginning of the
                                                                     More or less than the same                           More or less than the same
                                             This report period                                   year to the end of this
                                                                      period of last year (%)                              period of last year (%)
                                                                                                      report period
Operating revenue (CNY)                               796,762,047                         2.92%             2,671,222,485                     21.82%
Net profit attributed to the shareholders
                                                       79,742,460                        -6.32%                    451,564,279                           11.84%
of the listed company (CNY)
Net profit attributed to the shareholders
of the listed company after deducting                  67,549,124                        -7.98%                    421,225,167                           23.83%
the irregular profit and loss (CNY)
Net cash flows from the operating
                                                   ——                        ——                                792,193,127                          213.82%
activities (CNY)
Basic earnings per share (CNY)                                0.12                             0%                           0.66                         11.86%
Diluted earnings per share (CNY)                              0.12                             0%                           0.66                         11.86%
Weighted average for earning rate of
                                                            0.76%                        -0.16%                          4.33%                            0.48%
the net assets
                                            The end of this report
                                                                        The end of last year              More or less than the end of last year (%)
                                                   period
Total assets (CNY)                                  13,336,405,794                13,102,481,541                                                          1.79%
Net Assets attributed to the
shareholders of the listed company                 10,417,438,031                 10,267,832,644                                                          1.46%
(CNY)


                                                                              2
                                                                                                      Yantai Changyu Pioneer Wine Co., Ltd. 2021 Third Quarter Report
        2) Item and amount of non-recurring profit and loss
        Available Not available
                                                                                                                                                     Unit:CNY
                                                                                                              From the beginning of the year to
                                    Item                                     Amount in this report period                                                 Explanation
                                                                                                                  the end of report period
Government grants credited in profit and loss (except for those
continuously-enjoyed normed or quantitative government grants that
                                                                                                14,225,961                                36,204,656
are closely related to the entity’s normal operation, in line with
national policy and regulation and based on certain criteria)
The cost of investment for entity to acquire subsidiary corporation,
joint-run business and joint venture is less than the income resulting
from the fair value of enjoyed net assets that can be recognized by the
invested entity when acquiring investment
Other non-operating income and expenses                                                           1,465,519                                3,384,575
Less: Income tax effect                                                                           3,298,567                                9,035,909
       Minority interests effect (after-tax)                                                        199,577                                  214,210
Total                                                                                           12,193,336                                30,339,112            --

        Details of other profit and loss items in line with the identification of non-recurring profit and loss
        Available Not available
        There don’t exist details of other profit and loss items in line with the identification of non-recurring profit and loss

        Explanation for situation that non-recurring profit and loss items are defined as recurrent profit and loss items in accordance with the
        Explanatory Announcement on Public Company’s Information Disclosure No.1 - Non-recurring Profit and Loss
        Available Not available
        There is no situation that non-recurring profit and loss items are defined as recurrent profit and loss items in accordance with the Explanatory
        Announcement on Public Company’s Information Disclosure No.1 - Non-recurring Profit and Loss.


                                                                                    3
                                            Yantai Changyu Pioneer Wine Co., Ltd. 2021 Third Quarter Report


3) Situation and reason for the change in key accounting data and financial indicators
Available Not available
From the beginning of the year to the end of this report period, compared with the same period of
last year, this company’s operating income increased by 21.82%, mainly owing to the increase in
the sales volume caused by the constructive market exploitation; sales expenses increased by
38.70%, mainly due to the increased marketing investment; other income decreased by 45.52%,
mainly due to the decline in government subsidies; cash paid for the purchase and construction of
fixed assets, intangible assets and other long-term assets increased by 57.36%, mainly due to the
increase in cash paid for the purchase and construction of fixed assets; the net cash flows from the
operating activities increased by 213.82%, mainly owing to the increase in the cash received from
selling products and rendering service that results from the year-on-year increased operating
income.
Comparing with it at the beginning of the report period, the prepayment decreased by 56.73% at the
end of the reporting period, mainly due to the decrease in the purchase of raw materials paid in
advance to suppliers.




                                                  4
                                                                                        Yantai Changyu Pioneer Wine Co., Ltd. 2021 Third Quarter Report
  2. Information of shareholders
  1) The number of the common shareholders and preferred shareholders with recovered voting power as well as the shareholding of t op
     10 shareholders

                                                                                                                                           Unit:share
Total number of common shareholders at the end                     Total number of preferred shareholders with recovered
                                                              54,164                                                                          0
of report period                                                   voting power at the end of report period (if have)
                                                     Shareholding of top 10 shareholders
                                              Character of      Percentage                                Number of         Pledged or frozen
           Name of Shareholders                                                    Shares held
                                              shareholders          (%)                                restricted shares Share status Amount
                                          Domestic
YANTAI CHANGYU GROUP COMPANY
                                          non-state-owned            50.40%              345,473,856                   0            —          0
LIMITED
                                          legal person
GAOLING FUND, L.P.                        Foreign legal person        3.08%               21,090,219                   0            —          0
BBH BOS S/A FIDELITY FD - CHINA           Foreign legal person
                                                                      1.42%                9,719,826                   0            —          0
FOCUS FD
SHENWAN HONGYUAN SECURITIES               Foreign legal person
                                                                      1.08%                7,414,152                   0            —          0
(HONGKONG) LIMITED
                                          State-owned legal
CHINA SECURITIES FINANCE CORP                                         0.94%                6,446,263                   0            —          0
                                          person
FIDELITY PURITAN TRUST: FIDELITY Foreign legal person
SERIES INTRINSIC OPPORTUNITIES                                        0.93%                6,350,762                   0            —          0
FUND
GUOTAI JUNAN SECURITIES                   Foreign legal person
                                                                      0.77%                5,278,928                   0            —          0
(HONGKONG) LIMITED
Haitong International Securities Company  Foreign legal person
                                                                      0.74%                5,077,402                   0            —          0
Limited-Account Client
China Merchants Securities (HK) Co., Ltd. Foreign legal person        0.71%                4,882,997                   0            —          0
VANGUARD EMERGING MARKETS                 Foreign legal person
                                                                      0.60%                4,126,142                   0            —          0
STOCK INDEX FUND
                                                                       5
                                                                                          Yantai Changyu Pioneer Wine Co., Ltd. 2021 Third Quarter Report
                                            Shareholding of top 10 shareholders with unrestricted shares
                                                                                                                           Type of share
                       Name of Shareholders                               Number of unrestricted shares held
                                                                                                                  Type of share        Amount
YANTAI CHANGYU GROUP COMPANY LIMITED                                                                345,473,856 A share                345,473,856
GAOLING FUND, L.P.                                                                                   21,090,219 B share                  21,090,219
BBH BOS S/A FIDELITY FD - CHINA FOCUS FD                                                              9,719,826 B share                   9,719,826
SHENWAN HONGYUAN SECURITIES (HONGKONG) LIMITED                                                        7,414,152 B share                   7,414,152
CHINA SECURITIES FINANCE CORP                                                                         6,446,263 A share                   6,446,263
FIDELITY PURITAN TRUST: FIDELITY SERIES INTRINSIC
                                                                                                    6,350,762 B share                   6,350,762
OPPORTUNITIES FUND
GUOTAI JUNAN SECURITIES (HONGKONG) LIMITED                                                          5,278,928 B share                   5,278,928
Haitong International Securities Company Limited-Account Client                                     5,077,402 B share                   5,077,402
China Merchants Securities (HK) Co., Ltd.                                                           4,882,997 B share                   4,882,997
VANGUARD EMERGING MARKETS STOCK INDEX FUND                                                          4,126,142 B share                   4,126,142
                                                                Among the top 10 shareholders, Yantai Changyu Group Company Limited has no
The explanation for the associated relationship and accordant
                                                                associated relationship or accordant action relationship with the other 9 listed
action of the top 10 shareholders
                                                                shareholders, and the relationship among the other shareholders is unknown.
Explanation for the top 10 common shareholders who involved in The top 10 shareholders did not involve in financing activities and stock trading
financing activities and stock trading business(if any)        business

  2) The table of the total number of the preferred shareholders and the shareholding status of the top 10 preferred shareholders
  Available      Not available


  3. Other Important Issues
  Available      Not available




                                                                         6
                                                  2021 Third Quarter Report of   Yantai Changyu P ioneer Wine Co., Ltd.



4. Quarterly Financial Statements
1)Financial statements
① Consolidated balance sheet
Yantai Changyu Pioneer Wine Co., Ltd.
                                                                                                            Unit: CNY
                                                                           th
                          Item                              September 30 , 2021              December 31st, 2020
 Current Assets:
   Monetary fund                                                       1,473,211,443                   1,194,214,929
   Petty cash
   Lending funds
   Transactional financial assets
   Derivative financial assets
   Notes receivable
   Accounts receivable                                                    179,473,228                    183,853,362
   Receivables Financing                                                  269,846,535                    338,090,187
   Accounts prepaid                                                        30,851,843                      71,296,416
   Premiums receivable
   Reinsurance accounts receivable
   Receivable reserves for reinsurance contract
   Other receivables                                                       24,440,849                      22,428,956
     Including: Interest receivable
               Dividends receivable
   Buying back the sale of financial assets
   Inventory                                                           2,953,856,837                   2,945,548,651
   Contract assets
   Assets classified as holding for sale
   Non-current assets expire in one year
   Other current assets                                                   235,859,294                    234,118,715
 Total Current Assets                                                  5,167,540,029                   4,989,551,216
 Non-current Assets:
   Offering loans and imprest
   Debt investment
   Other debt investment
   Long-term account receivable
   Long-term equity investment                                             47,425,914                      48,263,507
   Investment in other equity instrument
   Other non-current financial assets
   Real estate for investment                                              24,676,846                      27,057,730
   Fixed assets                                                        5,625,782,578                   5,724,935,846
   Construction in progress                                              690,139,743                     635,495,152
   Biological assets for production                                       191,808,066                    192,173,536
   Oil and gas assets


                                                        7
                                               2021 Third Quarter Report of   Yantai Changyu P ioneer Wine Co., Ltd.


  Right-of-use assets                                                  106,972,930
  Intangible assets                                                    649,894,615                    660,989,065
  Development expenditure
  Goodwill                                                             132,938,212                    132,938,212
  Long-term deferred expenses                                          326,582,353                    314,465,855
  Deferred tax assets                                                  218,198,926                    206,241,275
  Other non-current assets                                             154,445,582                    170,370,147
Total Non-Current Assets                                            8,168,865,765                   8,112,930,325
Total Assets                                                       13,336,405,794                  13,102,481,541
Current liabilities:
  Short-term loan                                                      709,833,200                    689,090,715
  Borrowings from the Central Bank
  Borrowing funds
  Transactional financial liability
  Derivative financial liabilities
  Notes payable
  Accounts payable                                                     444,994,465                    484,347,958
  Advances from customers
  Contract liabilities                                                 161,349,053                    135,073,280
  Sales/buyback financial assets
  Customer and interbank deposits
  Acting trading securities
  Acting underwriting securities
  Wage payable                                                         152,906,801                    188,779,911
  Tax payable                                                          236,591,579                    213,412,813
  Other accounts payable                                               412,969,457                    386,105,526
    Including: Interest payable                                          1,201,497                        553,471
              Dividend payable                                             404,542                      1,003,125
  Payable handling fees and commission
  Dividend payable for reinsurance
  Liabilities classified as holding for sale
  Non-current liabilities expire in one year                           124,003,713                    133,311,890
  Other current liabilities                                            20,975,376                      14,820,653
Total Current Liabilities                                           2,263,623,644                   2,244,942,746
Non-Current Liabilities:
  Insurance contract reserve
  Long-term borrowings                                                 189,971,429                    200,352,968
  Bonds payable
    Including: Preferred Stock
               Perpetual capital securities
  Lease liability                                                      108,166,478
  Long-term accounts payable                                            64,000,000                      86,000,000
  Long-term accrued payroll

                                                     8
                                               2021 Third Quarter Report of   Yantai Changyu P ioneer Wine Co., Ltd.


   Estimated liabilities
   Deferred income                                                      42,124,052                      52,653,609
  Deferred tax liabilities                                              11,679,645                     12,022,613
  Other non-current liabilities                                          2,078,972                      2,078,971
Total non-current liabilities                                          418,020,576                    353,108,161
Total liabilities                                                   2,681,644,220                   2,598,050,907
Owner’s equity (or shareholders’ equity):
   Capital stock                                                       685,464,000                    685,464,000
   Other equity instruments
     Including: Preferred Stock
                Perpetual capital securities
   Capital reserve                                                     524,968,760                    524,968,760
   Minus: treasury stock
   Other comprehensive income                                          -16,564,741                         576,129
   Special reserves
   Surplus reserve                                                     342,732,000                    342,732,000
  General risk preparation
  Undistributed profits                                             8,880,838,012                   8,714,091,755
Total owner's equity attributable to the holding
                                                                   10,417,438,031                  10,267,832,644
company
  Minority interests                                                   237,323,543                    236,597,990
Total owner's equity                                               10,654,761,574                  10,504,430,634
Total liabilities and owner's equity                               13,336,405,794                  13,102,481,541
Legal representative: Zhou Hongjiang;            Person in charge of accounting : Jiang Jianxun;
Person in charge of accounting organ: Guo Cuimei




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② Consolidated profit statement from the beginning of the year to the end of the report
period

                                                                                                               Unit: CNY
                                                                             Amount in this          Amount in prior
                                 Item
                                                                             report period            report period
1. Revenue                                                                      2,671,222,485           2,192,739,690
    Including: Operating income                                                    2,671,222,485          2,192,739,690
               Interest income
               Earned premium
               Handling fees and commission income
2. Total operating costs                                                           2,079,791,757          1,717,091,047
    Including: Operating costs                                                     1,116,643,740            950,246,786
               Interest expenditure
               Handling fees and commission expenditure
               Premium rebate
               Net amount of indemnity expenditure
               Net amount of insurance contract reserve fund
withdrawal
               Policy bonus payment
               Amortized reinsurance expenditures
               Taxes and surcharges                                                 159,145,623             136,365,030
               Selling expenses                                                     584,801,218             421,620,422
               Administrative expenses                                              201,906,440             190,953,700
               Research and development expenditure                                   3,723,499               2,675,257
               Financial expenses                                                    13,571,237              15,229,852
                   Including: Interest expenses                                      21,606,786              25,065,852
                              Interest income                                        13,246,594               9,907,307
     Plus:Other income                                                               36,204,656              66,451,990
          Investment profit (loss is listed with "-")                                 -1,840,676              -1,256,105
             Including: Investment profit for joint-run business and
                                                                                      -1,840,676              -1,256,105
joint venture
                        Termination of recognized income of
financial assets measured at amortized cost (loss is listed with "-")
          Exchange income (loss is listed with "-")
          Net exposure hedging income (Loss is listed with “-”)
          Fair value charge profit (loss is listed with "-")
          Loss of credit impairment(loss is listed with "-")                          -9,174,028              3,125,029
          Loss for impairment of assets(loss is listed with "-")                       2,296,193              5,083,785
         Assets disposal income (loss is listed with "-")                                                    -1,139,783
3. Operating profit (loss is listed with "-")                                       618,916,873             547,913,559
     Plus: Non-operating income                                                        5,043,079              7,619,514
     Minus: Non-operating expenditure                                                  1,658,504              1,073,199


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4. Total profits (total loss is listed with "-")                                   622,301,448             554,459,874
     Minus: Income taxes                                                           173,193,630             147,252,351
5. Net profit (net loss is listed with "-")                                        449,107,818             407,207,523
(一)Classification by continuous operation
1.Net profit from continuous operation(net loss is listed with "-")                449,107,818             407,207,523
2.Net profit from terminational operation(net loss is listed with "-")
(二)Classification by ownership
 1.Net profits attribute to equity holders of the company                          451,564,279             403,760,926
 2. Minority interests                                                              -2,456,461               3,446,597
6. Net value of other comprehensive income after tax                               -19,534,801              -2,290,461
6.1 Net value of other comprehensive income after tax of holding
                                                                                   -17,140,870               -2,631,948
company's owners
6.1.1 Other comprehensive income that will not be classified into
the profit and loss

6.1.1.1 Changes of the defined benefit plans that re-measured

6.1.1.2 Other comprehensive income under equity method that
cannot be transfer to gain/loss
6.1.1.3 Change of fair value of investment in other equity
instrument
6.1.1.4 Fair value change of enterprise's credit risk
6.1.1.5 Other
6.1.2 Other comprehensive income that will be classified into the
                                                                                   -17,140,870               -2,631,948
profit and loss
6.1.2.1 Other comprehensive income under equity method that can
transfer to gain/loss
6.1.2.2 Change of fair value of other debt investment
6.1.2.3 Amount of financial assets re-classify to other
comprehensive income
6.1.2.4 Credit impairment provision for other debt investment

6.1.2.5 Cash flow hedging reserve

6.1.2.6 Translation differences arising on translation of foreign
                                                                                   -17,140,870               -2,631,948
currency financial statements
6.1.2.7 Other
6.2 Net value of other comprehensive income after tax of minority
                                                                                     -2,393,931                 341,487
shareholders
7.Total comprehensive Income                                                       429,573,017             404,917,062
   Total comprehensive income of holding company                                   434,423,409             401,128,978
    Total comprehensive income of minority shareholders                              -4,850,392              3,788,084
8. Earnings per share
8.1 Basic earnings per share                                                                0.66                    0.59
8.2 Diluted earnings per share                                                              0.66                    0.59


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During this report period, the issue relates to company consolidation under common control,
consolidated party completes net profit amount of CNY0 before being consolidated, and
consolidated party completes net profit amount of CNY0 in the same period of last year.

Legal representative: Zhou Hongjiang;        Person in charge of accounting: Jiang Jianxun;
Person in charge of accounting organ: Guo Cuimei




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③ Consolidated cash flow statement from the beginning of the year to the end of the report
period

                                                                                                                Unit: CNY
                                                                  Amount in this report       Amount in prior report
                           Item
                                                                       period                       period
1. Cash flows from operating activities:
     Cash received from sales of goods and rending of
                                                                           2,812,156,999                  2,310,331,855
services
      Net increase in customer and interbank deposits
      Net increase in borrowings from central bank
      Net increase in borrowings from other financial
institutions
     Cash received from receiving insurance premium
of original insurance contract
       Net cash received from reinsurance business
       Net increase of deposit of insured and investment
fund
     Cash received from collecting interest, handling
fees and commission
     Net increase in borrowings
       Net increase in repurchasement business funds
       Net cash received from securities trading agency
       Tax refund received                                                    35,554,848                      33,733,604
       Other cash received related to operating activities                    89,165,735                      69,259,710
Sub-total of cash inflows of operating activities                          2,936,877,582                  2,413,325,169
    Cash paid for goods and services                                         826,697,935                    855,818,928
     Net increase in customer loans and advances
     Net increase in deposits in central bank and
interbank deposits
    Cash paid to original insurance contract payments
  Net increase in lending funds
   Cash paid to interest, handling fees and
commission
   Cash paid to policy bonus
   Cash paid to and on behalf of employees                                   347,266,653                    325,519,463
    Cash paid for taxes and expenses                                         564,651,786                    605,846,671
    Other cash paid related to operating activities                          406,068,081                    373,703,033
Sub-total of cash outflows of operating activities                         2,144,684,455                  2,160,888,095
Net cash flow from operating activities                                      792,193,127                    252,437,074
2. Cash flow from investing activities:
       Cash received from return of investment                                63,553,063                      80,128,600
       Cash received from obtaining investment profit                          1,266,049                       1,484,244


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                                                     2021 Third Quarter Report of    Yantai Changyu P ioneer Wine Co., Ltd.


     Cash received from disposal of fixed assets,
                                                                                     13,331                     1,139,360
intangible assets and other long-term assets
     Net cash received from disposal of branch and
other business unit
     Other cash received related to investing activities
Sub-total of cash inflows of investment activities                            64,832,443                       82,752,204
     Cash paid to acquire fixed assets, intangible asset
                                                                             157,862,603                     100,318,579
and other long-term assets
     Cash for investments                                                     44,218,000                       58,200,000
     Net increase in hypothecated loan
     Net cash paid to acquire branch and other
business unit
    Other cash paid related to investment activities
Subtotal of cash outflows of investment activities                           202,080,603                     158,518,579
Net cash flow from investing activities                                     -137,248,160                      -75,766,375
3. Cash flow from financing activities
     Cash received from acquiring investment                                   7,840,000
           Cash received from acquiring minority
                                                                               7,840,000
shareholders' investment by branch
     Cash received from acquiring loans                                      652,239,164                     784,217,057
     Other cash received related to financing activities                      21,654,861
Sub-total cash inflows of financing activities                               681,734,025                     784,217,057
    Cash paid to repay debts                                                 678,372,588                     775,223,291
      Cash paid to distribute dividend, profit or pay
                                                                             295,219,066                     514,217,826
interest
           Dividend and profit paid to minority
                                                                               1,872,818                        2,932,523
shareholders by branch
    Other cash paid related to financing activities                            7,645,295                      44,025,637
Sub-total of cash outflows of financing activities                           981,236,949                   1,333,466,754
Net cash flow from financing activities                                     -299,502,924                    -549,249,697
4. Influences of exchange rate fluctuation on cash and
                                                                                    698,524                      -301,828
cash equivalents
5. Net Increase of cash and cash equivalents                                 356,140,567                    -372,880,826
     Plus: balance at the beginning of the period of
                                                                          1,052,665,105                    1,397,399,469
cash and cash equivalents
6. Balance at the end of the period of cash and cash
                                                                          1,408,805,672                    1,024,518,643
equivalents




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2)Explanation for adjustment in financial statements

① The situation of adjusting related items of the financial statements at the beginning of the
year when it was first imple mented owing to the first imple mentation of new Lease Standards
since 2021.

Available          Not available
Whether needs to adjust the balance sheet account at the beginning of the year
Yes      No


Consolidated balance sheet
                                                                                                           Unit: CNY
                                                                                                          Adjusted
                      Item                         December 31st, 2020           January 1st, 2021
                                                                                                          amount
 Current Assets:
   Monetary fund                                            1,194,214,929           1,194,214,929
   Petty cash
   Lending funds
   Transactional financial assets
   Derivative financial assets
   Notes receivable
   Accounts receivable                                        183,853,362              183,853,362
   Receivables Financing                                      338,090,187              338,090,187
   Accounts prepaid                                            71,296,416               71,296,416
   Premiums receivable
   Reinsurance accounts receivable
   Receivable reserves for reinsurance contract
   Other receivables                                           22,428,956               22,428,956
     Including: Interest receivable
              Dividends receivable
   Buying back the sale of financial assets
   Inventory                                                2,945,548,651           2,945,548,651
   Contract assets
   Assets classified as holding for sale
   Non-current assets expire in one year
   Other current assets                                       234,118,715              234,118,715
 Total Current Assets                                       4,989,551,216           4,989,551,216
 Non-current Assets:
   Offering loans and imprest
   Debt investment
   Other debt investment
   Long-term account receivable


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  Long-term equity investment                               48,263,507               48,263,507
  Investment in other equity instrument
  Other non-current financial assets
  Real estate for investment                                 27,057,730             27,057,730
  Fixed assets                                            5,724,935,846          5,724,935,846
  Construction in progress                                 635,495,152              635,495,152
  Biological assets for production                         192,173,536              192,173,536
  Oil and gas assets
  Right-of-use assets                                                               104,654,936        104,654,936
  Intangible assets                                        660,989,065              660,989,065
  Development expenditure
  Goodwill                                                 132,938,212              132,938,212
  Long-term deferred expenses                              314,465,855              306,090,617          -8,375,238
  Deferred tax assets                                      206,241,275              207,199,400             958,125
  Other non-current assets                                  170,370,147            170,370,147
Total Non-Current Assets                                  8,112,930,325          8,210,168,148          97,237,823
Total Assets                                             13,102,481,541         13,199,719,364          97,237,823
Current liabilities:
  Short-term loan                                          689,090,715              689,090,715
  Borrowings from the Central Bank
  Borrowing funds
  Transactional financial liability
  Derivative financial liabilities
  Notes payable
  Accounts payable                                         484,347,958              479,305,382          -5,042,576
  Advances from customers
  Contract liabilities                                     135,073,280              135,073,280
  Sales/buyback financial assets
  Customer and interbank deposits
  Acting trading securities
  Acting underwriting securities
  Wage payable                                             188,779,911              188,779,911
  Tax payable                                              213,412,813              213,412,813
  Other accounts payable                                   386,105,526              386,105,526
    Including: Interest payable                                553,471                  553,471
              Dividend payable                               1,003,125                1,003,125
  Payable handling fees and commission
  Dividend payable for reinsurance
  Liabilities classified as holding for sale
  Non-current liabilities expire in one year               133,311,890              141,497,136           8,185,246
  Other current liabilities                                 14,820,653               14,820,653
Total Current Liabilities                                 2,244,942,746          2,248,085,416            3,142,670
Non-Current Liabilities:

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   Insurance contract reserve
   Long-term borrowings                                    200,352,968              200,352,968
   Bonds payable
     Including: Preferred Stock
               Perpetual capital securities
   Lease liability                                                                  104,489,294        104,489,294
   Long-term accounts payable                               86,000,000               86,000,000
   Long-term accrued payroll
   Estimated liabilities
   Deferred income                                          52,653,609               52,653,609
   Deferred tax liabilities                                 12,022,613               12,260,894             238,281
   Other non-current liabilities                             2,078,971                2,078,971
 Total non-current liabilities                             353,108,161              457,835,736        104,727,575
 Total liabilities                                        2,598,050,907          2,705,921,152         107,870,245
 Owner’s equity (or shareholders’ equity):
  Capital stock                                            685,464,000              685,464,000
   Other equity instruments
   Including: Preferred Stock
             Perpetual capital securities
   Capital reserve                                         524,968,760              524,968,760
   Minus: treasury stock
   Other comprehensive income                                   576,129                 576,129
   Special reserves
   Surplus reserve                                         342,732,000              342,732,000
   General risk preparation
   Undistributed profits                                  8,714,091,755          8,703,459,333         -10,632,422
 Total owner's equity attributable to the
                                                         10,267,832,644         10,257,200,222         -10,632,422
 holding company
   Minority interests                                       236,597,990            236,597,990
 Total owner's equity                                    10,504,430,634         10,493,798,212         -10,632,422
 Total liabilities and owner's equity                    13,102,481,541         13,199,719,364          97,237,823


Explanation for adjustment
The Company implemented the new Lease Standards from January 1 st, 2021. According to the new
Lease Standard, for the contract that existed before the first implementation date, the Company
chose not to reassess whether it is a lease or whether it includes a lease on the first implementation
date. For the lease contract with the Company as lessee, the Company chose to adj ust only the
cumulative impact amount of the lease contract that has not yet been completed on January 1 st, 2021.
The amount of cumulative impact of the first implementation adjusted to the amount of related
items in the financial statements on January 1 st, 2021, the comparable period information will not be
adjusted.




                                                    17
                                           2021 Third Quarter Report of   Yantai Changyu P ioneer Wine Co., Ltd.


② Explanation for retroactive adjustment in comparable data in prior report period owing to
the implementation of new Lease Standards since 2021
Available Not available

③ Audit report

Whether the Third Quarter Report has been audited.
Yes        No
The Third Quarter Report has not been audited.




                                                           Yantai Changyu Pioneer Wine Co., Ltd.
                                                                                       Board of Directors
                                                                                       October 28th, 2021




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