2016 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd. Yantai Changyu Pioneer Wine Co. Ltd.
2016 First Quarter Report
2016-Final 02
April 2016
2016 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd. I. Important Notice
The board ofdirectors，the board ofsupervisors，directors, supervisors& senior managers of the Company collectively and individually accept full responsibility for thetruthfulness， accuracy and completeness of the information contained in this report and confirm that to the best of their knowledge and belief there are no unfaithful facts, significant omissions or misleading statements.
All directors attended the meeting for deliberating this quarter report, and no directors make an objection statement to this report.
Mr. Sun Liqiang (Chairman of the Company), Mr. Leng Bin (Chief Financial Officer) and Mr. Jiang Jianxun (Financial Director) assure the truthfulness, accuracy and completeness of the financial report in the annual report.
2016 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.II、Key financial data and shareholders changing
1. Key financial data
Whether the Company makes retroactive adjustments or restates the accounting data of previous fiscal years.
□ Yes V No
|||||
|-|-|-|-|
|||The same period of|More or less than|
|Item|The report period|||
|||last year|last year(%)|
|Business income (CNY)|1,882,230,620|1,825,212,207|3.12%|
|Net profit attributed to the|542,806,719|530,248,397||
|shareholders of the listed|||2.37%|
|company (CNY)||||
|Net profit attributed to the||||
|shareholders of the listed||||
||538,762,161|526,745,613|2.28%|
|company after deducting the||||
|irregular profit and loss (CNY)||||
|Net cash flows from the|605,256,456|697,396,327||
||||-13.21%|
|operating activities (CNY)||||
|Basic earnings per share|0.79|0.77||
||||2.60%|
|(CNY)||||
|Diluted earnings per share|0.79|0.77||
||||2.60%|
|(CNY)||||
|Weighted average for earning||||
||6.93%|7.46%|-0.53%|
|rate of the net assets||||
||The end of the||More or less than|
|||The end of last year||
||report period||last year(%)|
|Total assets (CNY)|11,101,253,043|10,344,211,461|7.32%|
|Net Assets attributed to the|8,117,587,279|7,564,099,003||
|shareholders of the listed|||7.32%|
|company (CNY)||||

Details of irregular profit and loss
V Yes□ No
Unit：CNY
||||
|-|-|-|
||From beginning of year||
|Item||Explanation|
||to end of report period||
|Gain on disposal of non-current assets, including|||
||72,728||
|the reversal of accrued impairment provision|||
|Government grants credited in profit and loss|||
|(except for those recurring government grants|||
|that are closely related to the entity's operation,|3,887,501||
|in line with related regulations and have proper|||
|basis of calculation)|||
|Other non-operating income and expenses|1,095,395||

2016 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.
||||
|-|-|-|
|Less: Income tax effect|1,011,066||
|||--|
|Total|4,044,558||

The reasons shall be made clear and definitely as to the irregular profit and loss that the Company has defined by virtue of the Explanatory Announcement on PublicCompany’s Information Disclosure No.1 - Irregular Profit and Loss and as to regarding the irregular profit and loss as recurrent profit and loss as specified in the Explanatory Announcement on PublicCompany’s Information Disclosure No.1 - Irregular Profit and Loss.
□Available V Not available
There is no situation regarding the non-recurring profit and loss as defined and specified in the Explanatory Announcement on PublicCompany’s Information Disclosure No.1 - Non-recurring Profit and Loss as recurrent profit and loss.
2. The total number of shareholders and top 10 shareholders at the end of the report period 1) The number of the common shareholders and preferred shareholders with recovered voting power as well as the shareholding of top 10 shareholders
Unit: share
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|||||Total number of preferred||||||
|Total number of common||||||||||
|||36502||shareholders with recovered||||||
|shareholders at the end of report|||||||0|||
|||||voting power at the end of||||||
|period||||||||||
|||||report period||||||
|The top 10 common shareholders||||||||||
|||||||Number||Pledged or||
||Character of||Percentage|||of||frozen||
|Name of Shareholders|||||Shares held|||||
||shareholders||(%)|||restricted||Share|Amo|
|||||||shares||status|unt|
|YANTAI CHANGYU GROUPCOMPANY LIMITED|Domesticnon-state-owned legalperson||50.40%||345,473,856|0||||
|GAOLING FUND,L.P.|Foreign legalperson||3.11%||21,300,919|0||||
|CHINA SECURITIES|State-ownedlegal person||2.33%||15,997,455|0||||
|FINANCE CORP||||||||||
|BBH BOS S/A FIDELITY FD - CHINAFOCUS FD|Foreign legalperson||2.27%||15,576,126|0||||
|GREENWOODS CHINAALPHA MASTER FUND|Foreign legalperson||1.47%||10,082,711|0||||
|GOLDEN CHINA MASTERFUND|Foreign legalperson||1.08%||7,389,916|0||||
|NORGES BANK|Foreign legalperson||0.96%||6,584,748|0||||
|GUOTAI JUNANSECURITIES (HONGKONG)LIMITED|Foreign legalperson||0.78%||5,317,307|0||||
|CENTRAL HUIJIN ASSETMANAGEMENT LTD.|State-ownedlegal person||0.69%||4,761,200|0||||

2016 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.
||||||||||
|-|-|-|-|-|-|-|-|-|
|BBH A/C VANGUARD EMERGINGMARKETS STOCK INDEX FUND|Foreign legalperson||0.55%||3,788,487||0||
|The top 10 common shareholders with unrestricted shares|||||||||
|Name of Shareholders||||Number of||Type of share|||
|||||unrestricted||Type of||Amount|
|||||shares held||share|||
|YANTAI CHANGYU GROUP COMPANY LIMITED||||345,473,856||A share||345,473,856|
|GAOLING FUND,L.P.||||21,300,919||B share||21,300,919|
|CHINA SECURITIES FINANCE CORP||||15,997,455||A share||15,997,455|
|BBH BOS S/A FIDELITY FD - CHINA FOCUS FD||||15,576,126||B share||15,576,126|
|GREENWOODS CHINA ALPHA MASTER FUND||||10,082,711||B share||10,082,711|
|GOLDEN CHINA MASTER FUND||||7,389,916||B share||7,389,916|
|NORGES BANK||||6,584,748||B share||6,584,748|
|GUOTAI JUNANSECURITIES (HONGKONG) LIMITED||||5,317,307||B share|||
|||||||||5,317,307|
|CENTRAL HUIJIN ASSET MANAGEMENT LTD.||||4,761,200||A share||4,761,200|
|BBH A/C VANGUARD EMERGING MARKETS STOCKINDEX FUND||||3,788,487||B share|||
|||||||||3,788,487|
|||Among the top 10 shareholders, Yantai Changyu Group|||||||
|The explanation for the associated|||||||||
|||Company Limited has no associated relationship or accordant|||||||
|relationship and accordant action|||||||||
|||action relationship with the other 9 listed shareholders, and the|||||||
|of the top 10 shareholders|||||||||
|||relationship among the other shareholders is unknown.|||||||
|Explanation for the top 10|||||||||
|common shareholders who|||||||||
|||No|||||||
|involved in financing activities|||||||||
|and stock trading business(if any)|||||||||

Whether or not theCompany’s top 10 common shareholders and top 10 common shareholders with unrestricted shares promise to buy back trading during the report period
□ Yes√ No
There is no top 10 common shareholders and top 10 common shareholders with unrestricted shares in the Company promise to buy back trading during the report period.
2) The total number of the preferred shareholders and top 10 preferred shareholders at the end of the report period
□Available V Not available
2016 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd. III Major Issue
1. The Great Change and Reasons on Main Accountant Data and Financial Index
√Available □Not available
Compared the end of the report period with the beginning of the report period, monetary capital increases by55.27%, mainly due to the increased returned sales money; notes receivable increases by202.81%, mainly due to the growth on bank acceptances; account receivables increases by27.44%, mainly due to the expansion ofCompany’s direct-selling business and increase ofclients’ sales amount on credit; inventory decreases by23.84%, mainly due that the sales of products result in the reduce of inventory and materials; notes payable decreases by35.07%, mainly due that the notes payable amount is paid during the report period; accounts payable decreases by39.21%, mainly due that the accounts payable amount is paid during the report period; advance receipt increases by39.6%, mainly due to increased advance order amount from clients.
Compared with the same period of last year, the financial expense increases by174.7%, mainly due to the increased interest expenditure of bank loan and the reduced interest income of bank loan; the cash for purchasing commodities and accepting service payment increases by70.43%, mainly due to the payment of previous purchase amount of materials as well as thestaff’s remuneration; the subtotal of cash outflow in financing activities increases by1814.92%, mainly due to increased cash for repaying debt; net amount of cash flow in financing activities
increases by5220.62%, mainly due to increased cash from loan.
2. Analysis explanation of the majorissue’s process, its influence and the solution
□Available V Not available
3. The commitments that the Company, shareholders, actual controllers, purchasers,
directors, supervisors, senior executives or other related parties complete performing during the report period anddon’t complete up to the end of report period
√available □not available
||||||||
|-|-|-|-|-|-|-|
||Commitment|Commitment|Commitment|Commitme|Commitme|Implementatio|
|Commitments|||||||
||Party|Type|content|nt time|nt period|n|
|Commitmentsat sharereform|||||||
||-||－||||
|Commitmentsmade inacquisitionreport orequitychangesreport|||||||
||-||-||-|-|
|Commitments|-||-||-|-|

2016 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.
||||||||
|-|-|-|-|-|-|-|
|at assetrestructuring|||||||
|Commitmentsat the initialpublicoffering orrefinancing|Yantai|Solve|||||
||Changyu|horizontal|||||
||||Non-horizontal|||Has been|
||Group Co.,|competition||1997.05.18|Permanent||
||||competition|||performed|
||Ltd||||||
|||Clear the|According to||||
|||purpose of|"Trademark||||
|||brand royalty|License||||
||||Contract", the||||
||||Company will||||
||||pay trademark||||
||||royalty for the||||
||||"Changyu"prod||||
||Yantai||||||
||||ucts of Yantai||||
||Changyu||||||
||||Changyu Group|||Has been|
||Group Co.,|||1997.05.18|Permanent||
||||Co., Ltd every|||performed|
||Ltd||||||
||||year, Yantai||||
||||Changyu Group||||
||||Co., Ltd will||||
||||use trademark||||
||||to advertise||||
||||Changyu||||
||||trademarks and||||
||||the Contract||||
||||products.||||
|Equityincentivecommitments|||||||
|Commitmentsmade to theminorityshareholdersof theCompany|||||||
||-||-||-|-|
|Commitment|Yes||||||
|under timely|||||||
|implementati|||||||
|on or not|||||||
|For|No||||||
|commitments|||||||
|that exceed|||||||
|the time limit|||||||
|and are not|||||||
|completed,|||||||
|specific|||||||
|reasons of not|||||||
|completing|||||||
|the|||||||

2016 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.
||
|-|
|implementati|
|on and the|
|next step|

4. Forecast on the operating performance in the period from January to June of 2016
Warning and explanation for the estimation on the possible loss of cumulative net profit in the period from the beginning of this year to the end of the next report period or the great change comparing with same period of last year.
□Available V Not available
5. The situation of security investment
□Available V Not available
There is no security investment during the report period.
6. The situation of derivative investment
□Available V Not available
There is no derivative investment during the report period.
7. The activities registration form of receptions, communication and interview etc. during the report period
□Available V Not available
There is no activities of receptions, communication and interview etc. during the report period. 8.The situation of illegal external guarantee
□Available V Not available
There is no illegal external guarantee during the report period.
9. The situation of non-operating fund occupation of controlling shareholders and related parties
□Available V Not available
There is no non-operating fund occupation of controlling shareholders and related parties during the report period.
2016 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.Ⅳ Financial Statements
1、Financial statements
1)、Consolidated balance sheet
Yantai Changyu Pioneer Wine Co. Ltd. 2016.03.31 Unit: CNY
||||
|-|-|-|
|Item|At 31 March 2016|At 31 December 2015|
|Current assets：|||
|Monetary fund|||
||1,995,815,223|1,285,362,414|
|Financial assets which are|||
|measured by fair value and which|||
|changes are recorded in current|||
|profit and loss|||
|Derivative financial liability|||
|Notes receivable|||
||345,165,151|113,988,122|
|Account receivable|252,068,992|197,795,091|
|Advance money|2,827,464|3,591,098|
|Interest receivable|9,308,401|8,019,338|
|Dividend receivable|||
|Other account receivable|40,775,106|46,146,487|
|Inventories|1,721,974,673|2,260,852,964|
|Assets held for sale|||
|Non-current assets due within|||
|one year|||
|Other current assets|38,722,148|48,449,551|
|Total current assets|4,406,657,158|3,964,205,065|
|Non-current assets：|||
|Financial assets for sale|||
||344,637|402,814|
|Investment held to expiration|||
|Long-term account receivable|||
|Long-term equity investment|||
|Real estate for investment|||
|fixed assets|3,073,332,738|3,089,245,185|
|Construction in progress|2,359,779,470|2,005,990,308|
|Project material|||
|Liquidation of fixed assets|||
|Biological assets for|||
||204,042,233|192,198,283|
|production|||
|Oil and gas assets|||
|Intangible assets|||
||460,644,051|463,899,916|

2016 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.
||||
|-|-|-|
|Development expenditure|||
|Goodwill|||
||124,857,479|105,504,426|
|Long-term deferred expenses|||
||178,553,851|175,124,167|
|Assets of deferred income tax|275,903,680|302,406,656|
|Other non-current assets|17,137,746|45,234,641|
|Total non-current assets|6,694,595,885|6,380,006,396|
|Total assets|11,101,253,043|10,344,211,461|
|Current liabilities:|||
|Short-term loan|||
||676,506,575|665,581,921|
|Financial liabilities which are|||
|measured by fair value and which|||
|changes are recorded in current|||
|profit and loss|||
|Derivative financial liability|||
|Notes payable|||
||18,830,000|29,000,000|
|Accounts payable|346,048,607|569,278,368|
|Advance money|327,453,292|234,566,504|
|Wage payable|158,304,383|190,239,451|
|Tax payable|15,982,078|41,285,107|
|Interest payable|1,000,865|977,304|
|dividend payable|||
|Deferred income|||
||11,181,873|11,241,873|
|Other accounts payable|||
||608,359,943|509,226,395|
|Liabilities held for sale|||
|Non-current liabilities due|||
||158,089,650|156,335,647|
|within one year|||
|Other current liabilities|||
|Total current liabilities|||
||2,321,757,266|2,407,732,570|
|Non-current liabilities：|||
|Long-term loan|74,976,921|71,686,629|
|Bond payable|||
|Including: preferred stock|||
|Perpetual capital securities|||
|Long-term accounts payable|285,000,000||
|Long-term wages payable|||
|Special accounts payable|||
|Deferred income|||
||70,232,145|69,836,411|
|Liabilities of deferred income tax|33,666,605|34,350,349|
|Other non-current liabilities|4,047,476|4,047,476|
|Total non-current liabilities|467,923,147|179,920,865|
|Total liabilities|2,789,680,413|2,587,653,435|

2016 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.
||||
|-|-|-|
|Shareholder rights and interests：|||
|Share capital|||
||685,464,000|685,464,000|
|Other equity instrument|||
|Including: preferred stock|||
|Perpetual capital securities|||
|Capital public reserve|565,955,441|565,955,441|
|Less: Inventory shares|||
|Other comprehensive Income|239,045|-10,442,512|
|Reasonable reserve|||
|Surplus reserve|342,732,000|342,732,000|
|Provision of general risk|||
|Retained profit|||
||6,523,196,793|5,980,390,074|
|Total owner’s equity attributable|||
||8,117,587,279|7,564,099,003|
|to parent Company|||
|Minority interests|||
||193,985,351|192,459,023|
|Total owner's equity|||
||8,311,572,630|7,756,558,026|
|Total liabilities and owner's equity|11,101,253,043|10,344,211,461|

 Legal representative: Sun Liqiang Person in charge of accounting : Leng Bin Person in charge of accounting organ: Jiang Jianxun2)、Balance sheet of parent company
Yantai Changyu Pioneer Wine Co. Ltd. Unit: CNY
||||
|-|-|-|
|Item|At 31 March 2016|At 31 December 2015|
|Current assets：|||
|Monetary fund|||
||475,587,330|280,818,833|
|Financial assets which are|||
|measured by fair value and which|||
|changes are recorded in current|||
|profit and loss|||
|Derivative financial liability|||
|Notes receivable|154,299,349|38,429,319|
|Account receivable|||
||0|2,392,870|
|Advance money|518,811|445,619|
|Interest receivable|9,308,401|8,019,338|
|Dividend receivable|0|788,092,349|
|Other account receivable|||
||5,761,780,316|5,734,456,129|
|Inventories|||
||658,219,597|728,173,107|
|Assets held for sale|||
|Non-current assets due within|||
|one year|||
|Other current assets|||
||17,610,141|22,700,317|

2016 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.
||||
|-|-|-|
|Total current assets|7,077,323,945|7,603,527,881|
|Non-current assets：|||
|Financial assets for sale|||
|Investment held to expiration|||
|Long-term account receivable|||
|Long-term equity investment|1,423,725,152|1,423,725,152|
|Real estate for investment|0|0|
|fixed assets|364,683,698|369,506,014|
|Construction in progress|7,722,287|7,990,777|
|Project material|||
|Liquidation of fixed assets|||
|Biological assets for|||
||119,393,508|110,961,189|
|production|||
|Oil and gas assets|||
|Intangible assets|||
||73,786,737|74,381,525|
|Development expenditure|||
|Goodwill|||
|Long-term deferred expenses|||
|Assets of deferred income tax|31,004,994|37,938,692|
|Other non-current assets|||
|Total non-current assets|2,020,316,376|2,024,503,349|
|Total assets|||
||9,097,640,321|9,628,031,230|
|Current liabilities:|||
|Short-term loan|||
||600,742,615|601,297,447|
|Financial liabilities which are|||
|measured by fair value and which|||
|changes are recorded in current|||
|profit and loss|||
|Derivative financial liability|||
|Notes payable|||
|Accounts payable|177,475,015|273,091,182|
|Advance money|||
||0|0|
|Wage payable|62,736,080|71,058,615|
|Tax payable|9,732,973|19,331,311|
|Interest payable|||
||1,000,865|977,304|
|Deferred income|||
||1,767,054|1,767,054|
|dividend payable|||
|Other accounts payable|61,852,045|994,821,281|
|Liabilities held for sale|0|0|
|Non-current liabilities due|||
||126,661,600|127,345,600|
|within one year|||

2016 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.
||||
|-|-|-|
|Other current liabilities|||
|Total current liabilities|||
||1,041,968,247|2,089,689,794|
|Non-current liabilities：|||
|Long-term loan|||
||58,649,600|56,761,600|
|Bond payable|||
|Including: preferred stock|||
|Perpetual capital securities|||
|Long-term accounts payable|||
|Long-term wages payable|||
|Special accounts payable|||
|Deferred income|21,378,190|21,824,352|
|Liabilities of deferred income tax|||
|Other non-current liabilities|||
||1,944,955|1,944,955|
|Total non-current liabilities|81,972,745|80,530,907|
|Total liabilities|1,123,940,992|2,170,220,701|
|Shareholder rights and interests：|||
|Share capital|685,464,000|685,464,000|
|Other equity instrument|||
|Including: preferred stock|||
|Perpetual capital securities|||
|Capital public reserve|||
||557,222,454|557,222,454|
|Less: Inventory shares|||
|Other comprehensive Income|||
|Reasonable reserve|||
|Surplus reserve|342,732,000|342,732,000|
|Provision of general risk|||
|Retained profit|6,388,280,875|5,872,392,075|
|Total owner’s equity attributable|||
|to parent Company|||
|Minority interests|||
|Total owner's equity|7,973,699,329|7,457,810,529|
|Total liabilities and owner's equity|||
||9,097,640,321|9,628,031,230|

 Legal representative: Sun Liqiang Person in charge of accounting : Leng Bin Person in charge of accounting organ: Jiang Jianxun
2016 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.3)、Consolidated profit statement
Yantai Changyu Pioneer Wine Co. Ltd. Unit: CNY
||||
|-|-|-|
||Three months ended 31|Three months ended 31|
|Item|||
||Mar 2016|Mar 2015|
|1. Total business income|1,882,230,620|1,825,212,207|
|Including : Business income|1,882,230,620|1,825,212,207|
|2. Total business cost|1,167,560,487|1,126,739,273|
|Including：Business cost|605,388,600|602,400,431|
|Business tax and associate charges|97,663,734|90,171,910|
|Sales expenses|390,313,786|378,802,990|
|Management expenses|69,048,398|62,252,665|
|Financial expenses|5,145,969|-6,888,723|
|Assets depreciation loss|||
|Add: fair value charge profit (loss is listed with "-")|||
|Investment profit (loss is listed with "-")|||
|Including: investment profit for joint-run business|||
|and joint venture|||
|3. Operating profit (loss is listed with "-")|714,670,133|698,472,934|
|Add: Non-operating income|5,214,481|4,486,099|
|Including: Disposal earnings of non-current asset|94,567|0|
|Less: non-operating expenditures|158,857|12,706|
|Including: non-current assets disposing loss|21,839|0|
|4. Total profit (loss is listed with "-")|719,725,757|702,946,327|
|Less: income tax expenses|176,813,048|172,697,930|
|5. Net profit (net loss is listed with "-")|542,912,709|530,248,397|
|Net profit of parent company's owners|542,806,719|530,248,397|
|Minority shareholder profit and loss|105,990|0|
|6. Net after-tax of other comprehensive income|11,045,624|-5,490,622|
|Net after-tax of other comprehensive income|||
||10,681,557|-5,490,622|
|attributable to owners of parent company|||
|(I) Other comprehensive income items which will|||
|not be reclassified subsequently to profit of loss|||
|1). Changes as a result of re-measurement of net|||
|defined benefit plan liability or asset|||
|2). Share of the other comprehensive income of the|||
|investee accounted for using equity method which|||
|will not be reclassified subsequently to profit and|||
|loss|||
|(II) Other comprehensive income items which will|||
||10,681,557|-5,490,622|
|be reclassified subsequently to profit or loss|||
|1). Share of the other comprehensive income of the|||
|investee accounted for using equity method which|||
|will be reclassified subsequently to profit or loss|||
|2). Gains or losses arising from changes in fair value|||

2016 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.
||||
|-|-|-|
|of available-for-sale financial assets|||
|3). Gains or losses arising from reclassification of|||
|held-to-maturity investment as available-for-sale|||
|financial assets|||
|4). The effect hedging portion of gains or losses|||
|arising from cash flow hedging instruments|||
|5). Translation differences arising on translation of|||
||10,681,557|-5,490,622|
|foreign currency financial statements|||
|6). Other|||
|Net after-tax of other comprehensive income|||
||364,067||
|attributable to minority shareholders|||
|7. Total comprehensive income|553,958,333|524,757,775|
|Total comprehensive income attributable to owners|||
||553,488,276|524,757,775|
|of parent Company|||
|Total comprehensive income attributable to minority|||
||470,057||
|shareholders|||
|8. Earnings per share:|||
|(i) Basic earnings per share|0.79|0.77|
|(ii) Diluted earnings per share|0.79|0.77|

 During this report period, the issue relates to company consolidation under common control, consolidated party completes net profit amount of CNY 0 before being consolidated, and consolidated party completes net profit amount of CNY 0 in the same period of last year.
Legal representative: Sun Liqiang Person in charge of accounting : Leng Bin Person in charge of accounting organ: Jiang Jianxun4)、Profit statement of parent company
Yantai Changyu Pioneer Wine Co. Ltd. Unit: CNY
||||
|-|-|-|
||Three months ended 31|Three months ended 31|
|Item|||
||March 2015|March 2014|
|I.Sales Revenue|429,102,315|450,781,749|
|less：Cost of sales|||
||323,773,053|349,541,377|
|Tax and levies on operations|47,351,215|48,892,624|
|Selling and distribution expenses|||
|Management expenses|39,984,821|27,804,156|
|Finance expenses|6,317,441|-17,412,991|
|Impairment losses of Assets|||
|Add：Gains on increase in fair value of assets|||
|Investment income|506,737,526|6,770,286|
|Incl. Investment income from affiliates|||
|II.Operating profit|518,413,311|48,726,869|
|Add：Non-operating income|||
||562,752|1,578,100|
|Including: Disposal earnings of non-current asset|94,567||
|Less：Non-operating expenses|||
||36,839||
|Incl. Losses from disposal of non-current assets|21,839||

2016 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.
||||
|-|-|-|
|III.Total Profit|518,939,224|50,304,969|
|Less：Income tax|||
||3,050,424|10,883,671|
|IV.Net profit|515,888,800|39,421,298|
|Net profit attributable to Parent company|||
|Net profit attributable to Minority interest|||
|V. Net after-tax of other comprehensive income|||
|Net after-tax of other comprehensive income|||
|attributable to owners of parent company|||
|(I) Other comprehensive income items which will|||
|not be reclassified subsequently to profit of loss|||
|1. Changes as a result of re-measurement of net|||
|defined benefit plan liability or asset|||
|2. Share of the other comprehensive income of the|||
|investee accounted for using equity method which|||
|will not be reclassified subsequently to profit and|||
|loss|||
|(II) Other comprehensive income items which will|||
|be reclassified subsequently to profit or loss|||
|1. Share of the other comprehensive income of the|||
|investee accounted for using equity method which|||
|will be reclassified subsequently to profit or loss|||
|2. Gains or losses arising from changes in fair value|||
|of available-for-sale financial assets|||
|3. Gains or losses arising from reclassification of|||
|held-to-maturity investment as available-for-sale|||
|financial assets|||
|4. The effect hedging portion of gains or losses|||
|arising from cash flow hedging instruments|||
|5. Translation differences arising on translation of|||
|foreign currency financial statements|||
|6. Other|||
|Net after-tax of other comprehensive income|||
|attributable to minority shareholders|||
|VI. Total comprehensive income|515,888,800|39,421,298|
|Total comprehensive income attributable to owners|||
|of parent Company|||
|Total comprehensive income attributable to minority|||
|shareholders|||
|VII. Earnings per share:|||
|(i) Basic earnings per share|0.75|0.06|
|(ii) Diluted earnings per share|0.75|0.06|

 Legal representative: Sun Liqiang
Person in charge of accounting : Leng Bin Person in charge of accounting organ: Jiang Jianxun
2016 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.5)、Consolidated cash flow statement
Yantai Changyu Pioneer Wine Co. Ltd. Unit: CNY
||||
|-|-|-|
||Three months ended 31|Three months ended|
|Item|||
||March 2016|31 March 2015|
|1. Cash flows from operating activities:|||
|Cash received from sales of goods and rending of services|1,852,141,728|1,808,838,404|
|Tax refund received|1,092,133||
|Other cash received related to operating activities|5,343,373|5,773,600|
|Subtotal of cash flows of operating activities|1,858,577,234|1,814,612,004|
|Cash paid for goods and services|444,239,863|260,654,494|
|Cash paid to and on behalf of employees|127,947,911|116,601,340|
|Cash paid for taxes and expenses|482,676,851|525,095,241|
|Other cash paid related to operating activities|198,456,153|214,864,602|
|Sub-total of cash outflows of operating activities|1,253,320,778|1,117,215,677|
|Net cash flow from operating activities|605,256,456|697,396,327|
|2. Cash flow from investing activities:|||
|Cash received from return of investment|||
|Fixed deposit with the term of over 3 months|6,000,000|4,795,537|
|Cash received from obtaining investment profit|21,433|156,135|
|Cash received from interest income|||
|Net cash received from disposal of fixed assets, intangible|||
||231,240||
|assets and other long-term assets|||
|Net cash received from disposal of branch and other business|||
|unit|||
|Other cash received related to investing activities|||
|Subtotal of cash flows of investment activities|6,252,673|4,951,672|
|Cash paid to acquire fixed assets, intangible assets and other|||
||172,593,131|257,537,234|
|long-term assets|||
|Fixed deposit with the term of over 3 months|7,007,000||
|Cash for investment|||
|Net cash paid to acquire branch and other business unit|760,824||
|Other cash paid related to investment activities|||
|Subtotal of cash outflows of investment activities|180,360,955|257,537,234|
|Net cash flow from investing activities|-174,108,282|-252,585,562|
|3.Cash flow from financing activities|||
|Cash received from acquiring investment|||
|Including: cash received from acquiring minority|||
|shareholders investment by branch|||
|Cash received from acquiring loans|397,881,779||
|Other cash received related to finaning activities|||
|Subtotal cash flows of financing activities|397,881,779||

2016 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.
||||
|-|-|-|
|Cash paid to pay debts|101,108,029||
|Cash paid to distribute dividend, profit or pay interest|7,186,699|5,655,312|
|Including: dividend and profit paid to minority shareholders|||
|by branch|||
|Other cash paid related to financing activities|||
|Subtotal of cash outflows of financing activities|108,294,728|5,655,312|
|Net cash flow from financing activites|289,587,051|-5,655,312|
|4. Influences of exchange rate fluctuation on cash and cash|||
||252,077|-4,788,900|
|equivalents|||
|5. Net Increase in cash and cash equivalents|720,987,302|434,366,553|
|Add: balance at the beginning of the period of cash and|||
||1,092,241,661|960,472,274|
|cash equivalents|||
|6.Balance at the end of the period of cash and cash|||
||1,813,228,963|1,394,838,827|
|equivalents|||

Legal representative: Sun Liqiang Person in charge of accounting : Leng Bin Person in charge of accounting organ: Jiang Jianxun6)、Cash flow statement of parent company
Yantai Changyu Pioneer Wine Co. Ltd. Unit: CNY
||||
|-|-|-|
||Three months ended 31|Three months ended|
|Item|||
||March 2015|31 March 2014|
|1. Cash flows from operating activities:|||
|Cash received from sales of goods and rending of services|429,685,962|162,288,723|
|Tax refund received|||
|Other cash received related to operating activities|160,725|21,820,787|
|Subtotal of cash flows of operating activities|429,846,687|184,109,510|
|Cash paid for goods and services|183,441,735|127,692,870|
|Cash paid to and on behalf of employees|44,615,485|43,975,135|
|Cash paid for taxes and expenses|61,696,240|76,313,505|
|Other cash paid related to operating activities|1,025,733,883|12,432,398|
|Sub-total of cash outflows of operating activities|1,315,487,343|260,413,908|
|Net cash flow from operating activities|-885,640,656|-76,304,398|
|2. Cash flow from investing activities:|||
|Cash received from return of investment|||
|Fixed deposit with the term of over 3 months|6,000,000|4,795,537|
|Cash received from obtaining investment profit|1,097,942,213|6,926,421|
|Cash received from interest income|||
|Net cash received from disposal of fixed assets, intangible|||
||231,240||
|assets and other long-term assets|||
|Net cash received from disposal of branch and other business|||
|unit|||
|Other cash received related to investing activities|||
|Subtotal of cash flows of investment activities|1,104,173,453|11,721,958|
|Cash paid to acquire fixed assets, intangible assets and other|10,535,307|13,345,676|

2016 the First Quarter Report of Yantai Changyu Pioneer Wine Co. Ltd.
||||
|-|-|-|
|long-term assets|||
|Fixed deposit with the term of over 3 months|7,007,000||
|Cash for investment|||
|Net cash paid to acquire branch and other business unit|||
|Other cash paid related to investment activities|||
|Subtotal of cash outflows of investment activities|17,542,307|13,345,676|
|Net cash flow from investing activities|1,086,631,146|-1,623,718|
|3.Cash flow from financing activities|||
|Cash received from acquiring investment|||
|Including: cash received from acquiring minority|||
|shareholders investment by branch|||
|Cash received from acquiring loans|100,000,000||
|Other cash received related to financing activities|||
|Subtotal cash flows of financing activities|100,000,000||
|Cash paid to pay debts|100,000,000||
|Cash paid to distribute dividend, profit or pay interest|6,857,499|5,655,312|
|Including: dividend and profit paid to minority shareholders|||
|by branch|||
|Other cash paid related to financing activities|||
|Subtotal of cash outflows of financing activities|106,857,499|5,655,312|
|Net cash flow from financing activites|-6,857,499|-5,655,312|
|4. Influences of exchange rate fluctuation on cash and cash|||
|equivalents|||
|5. Net Increase in cash and cash equivalents|194,132,991|-83,583,428|
|Add: balance at the beginning of the period of cash and|||
||143,798,080|333,245,466|
|cash equivalents|||
|6.Balance at the end of the period of cash and cash|||
||337,931,071|249,662,038|
|equivalents|||

Legal representative: Sun Liqiang Person in charge of accounting : Leng Bin Person in charge of accounting organ: Jiang Jianxun 2. Audit report
Whether the
1st
quarter report has been audited.
□Yes √No
The first quarter report has not been audited.
Yantai Changyu Pioneer Wine Co. Ltd.
Board of Directors
30th
April 2016