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洋河股份:2018年年度报告(英文版) 查看PDF原文

公告日期:2019年06月06日
洋河股份:2018年年度报告(英文版) JiangsuYangheBreweryJoint-StockCo.,Ltd. 2018AnnualReport April2019 SectionIImportantStatements,ContentsandDefinitionsTheBoardofDirectors,BoardofSupervisors,directors,supervisorsandseniormanagementofJiangsuYangheBreweryJoint-StockCo.,Ltd.(hereinafterreferredtoastheCompany)herebyguaranteethattheinformationpresentedinthisreportisfreeofanyfalserecords,misleadingstatementsormaterialomissions,andshallindividuallyandtogetherbelegallyliablefortruthfulness,accuracyandcompletenessofitscontents. Mr.WangYao,responsiblepersonfortheCompany,Mr.CongXuenian,responsiblepersonforaccountingworkandMr.YinQiuming,responsiblepersonfortheCompany’sfinancialaffairs(AccountingSupervisor)havewarrantedthatthefinancialstatementsinthisreportaretrueandcomplete. Alldirectorsallattendedtheboardmeetingtodeliberatethisreport. Thefutureplansandsomeotherforward-lookingstatementsmentionedinthisreportshallnotbeconsideredasvirtualpromisesoftheCompanytoinvestors.Thereforeinvestorsarekindlyremindedtopayattentiontopossibleinvestmentrisks. Intheannualreport,therisksandcountermeasuresintheoperationofthecompanyaredescribedindetail(see9.OutlookforthefuturedevelopmentoftheCompanyinSectionIVPerformanceDiscussionandAnalysis).Investorsarekindlyremindedtopayattentiontopossibleinvestmentrisks. Theprofitdistributionplanapprovedbytheboardofdirectors:basedon1,506,988,000shares,acashdividendofCNY32.00willbedistributedforevery10existingsharesheld,0sharesofbonusshares(taxinclusive),andreserveswouldnotbeconvertedintosharecapital. Thecompany’sChinese2018AnnualReportwaspubliclydisclosedontheShenzhen StockExchangeandJuchaoInfoNet(www.cninfo.com.cn)on30April2019.Ifthereis anyvariancesbetweenthisEnglishversionandtheChineseone,pleaserefertothelatter. Contents SectionIImportantStatements,ContentsandDefinitions .........................2 SectionIICompanyProfileandKeyFinancialResults...............................5 SectionIIIBusinessProfile..............................................................................9 SectionIVPerformanceDiscussionandAnalysis.....................................12 SectionVSignificantEvents ..........................................................................28SectionVIChangesinSharesandInformationaboutShareholders.....58 SectionVIIPreferenceShares.......................................................................66SectionVIIIProfilesofDirectors,Supervisory,SeniorManagementand Employees......................................................................................................... 67 SectionIXCorporateGovernance................................................................77 SectionXInformationaboutCorporateBond............................................85 SectionXIFinancialReport ............................................................................86 SectionXIIDocumentsAvailableforPreference...................................... 220 Definitions Term Reference Definition TheCompany,thisCompany,Yanghe Referto JiangsuYangheBreweryJoint-StockCo., Joint-Stock Ltd. YangheGroup,Controllingshareholder Referto JiangsuYangheGroupCo.,Ltd. Thecurrentyear,Inthereportingperiod Referto 1Jan.2018to31Dec.2018 Thereport Referto 2018AnnualReport Yuan,Tenthousandyuan,Ahundred Referto CNY0.00,CNY10,000,CNY millionyuan 10,000,000.00 Theshareholders'meeting,theboardof Theshareholders'generalmeeting,the directors,theboardofsupervisors Referto boardofdirectorsandtheboardof supervisorsoftheCompany Articlesofincorporation Referto ArticlesofincorporationofJiangsuYanghe BreweryJoint-StockCo.,Ltd. SSE Referto ShenzhenStockExchange SRC,CSRC Referto ChinaSecuritiesRegulatoryCommission SASACofSuqian Referto State-ownedAssetsSupervisionand AdministrationCommissionofSuqian JiangsuSuya,SuyaJincheng,Accounting Referto JiangsuSuyaJinchengCPALLP firm BlueAlliance Referto JiangsuBlueAllianceJoint-StockCo.,Ltd. YangheBranchoftheCompany Referto JiangsuYangheBreweryJoint-StockCo., Ltd.YangheBranch SiyangBranchoftheCompany Referto JiangsuYangheBreweryJoint-StockCo., Ltd.SiyangBranch ShuanggouDistillery Referto JiangsuShuanggouDistilleryStock Co.,Ltd. GuijiuCompany Referto GuizhouGuijiuCo.,Ltd. LihuacunLiquor Referto HubeiLihuacunLiquorIndustryCo.,Ltd. SectionIICompanyProfileandKeyFinancialResults 1.Corporateinformation Stockabbreviation YangheJoint-Stock Stockcode 002304 Stockexchangewhere thesharesofthe ShenzhenStockExchange Companyarelisted NameoftheCompany江苏洋河酒厂股份有限公司 inChinese Abbr.oftheCompany 洋河股份 nameinChinese NameoftheCompanyJiangsuYangheBreweryJoint-StockCo.,Ltd. inEnglish(ifany) Abbr.oftheCompany Yanghe nameinEnglish(ifany) Legalrepresentative WangYao Registeredaddress No.118MiddleAvenue,YangheTown,SuqianCity,JiangsuProvince,China Postalcode 223800 Businessaddress No.118MiddleAvenue,YangheTown,SuqianCity,JiangsuProvince,China Postalcode 223800 Companywebsite http://www.chinayanghe.com E-mail yanghe002304@vip.163.com 2.Contactus CompanySecretary RepresentativeforSecuritiesAffairs Name CongXuenian LuHongzhen,SunDali Address No.18,FengHuiAvenue,YuhuaEconomicDevelopmentZone,Nanjing Tel. 025-52489218 025-52489218 Fax 025-52489218 025-52489218 E-mail yanghe002304@vip.163.com yanghe002304@vip.163.com 3.Informationdisclosureandplacewheretheannualreportiskept NewspaperdesignatedbytheCompany SecuritiesTimes,ShanghaiSecuritiesTimes,ChinaSecurit forinformationdisclosure iesJournal,SecuritiesDaily WebsitedesignatedbyCSRCforthe http://www.cninfo.com.cn publicationoftheAnnualReport PlacewheretheAnnualReportofthe shareholderreadingroom,No.118MiddleAvenue,Yanghe Companyiskept Town,SuqianCity,JiangsuProvince 4.Companyregistrationandalteration Organizationcode 9132000074557990XP ChangesinmainbusinessactivitiessinceNone theCompanywaslisted(ifany) ChangesofcontrollingshareholdersoftheNone Company(ifany) 5.Otherrelevantinformation AccountingfirmengagedbytheCompany Nameoftheaccountingfirm JiangsuSuyaJinchengCPALLP Businessaddressoftheaccountingfirm 22-23/F.,CentralInternationalPlaza,NO.105-6North ZhongshanRoad,Nanjing. Nameofaccountantsforwritingsignature XuXuzhen,KanBaoyong SponsorsengagedbytheCompanytocontinuouslyperformitssupervisoryfunctionduringthe reportingperiod ?Applicable√N/A? FinancialadviserengagedbytheCompanytocontinuouslyperformitssupervisoryfunctionduringthereportingperiod ?Applicable√N/A? 6.Keyaccountingdataandfinancialindicators WhethertheCompanyperformedaretroactiveadjustmenttoorrestatementofaccountingdataduetochangesofaccountingpoliciesandcorrectionofaccountingerrors ?Yes√No 2018 2017 YoY 2016 Change Operatingrevenues(CNY) 24,159,801,994.6819,917,942,238.16 21.30%17,183,109,620.08 Netprofitsattributableto shareholdersofthe 8,115,189,794.69 6,627,169,959.16 22.45% 5,827,168,870.88 Company(CNY) Netprofitsattributableto shareholdersofthe Companybeforenon- 7,369,331,605.77 6,136,386,923.71 20.09% 5,406,580,095.74 recurringgainsandlosses (CNY) Netcashflowsfrom 9,056,748,816.28 6,883,169,799.31 31.58% 7,405,044,600.62 operatingactivities(CNY) Basicearningspershare 5.3850 4.3976 22.45% 3.8668 (CNY/share) Dilutedearningspershare 5.3850 4.3976 22.45% 3.8668 (CNY/share) WeightedaverageROE 25.95% 24.08% 1.87% 24.01% Attheendof2018Attheendof2017 YoY Attheendof2016 Change Totalassets(CNY) 49,563,767,816.2243,258,140,702.38 14.58%38,804,062,249.63 Netassetsattributableto shareholdersofthe 33,644,530,266.2329,515,040,285.72 13.99%26,052,771,070.00 Company(CNY) 7.Differencesinaccountingdataunderdomesticandoverseas accountingstandards 7.1.Differencesinthenetprofitsandnetassetsdisclosedinthefinancialreports preparedundertheinternationalandChinaaccountingstandards ?Applicable√N/A? Nosuchdifferencesforthereportingperiod. 7.2.Differencesinthenetprofitsandnetassetsdisclosedinthefinancialreports preparedundertheoutboundandChinaaccountingstandards ?Applicable√N/A? Nosuchdifferencesforthereportingperiod. 8.Keyfinancialresultsbyquarter Unit:CNY Q1 Q2 Q3 Q4 Operatingrevenues 9,537,587,047.105,004,992,728.516,423,080,855.11 3,194,141,363.96 Netprofitsattributableto shareholdersofthe 3,475,147,603.501,529,844,167.722,033,763,138.67 1,076,434,884.80 Company Netprofitsattributableto shareholdersofthe 3,333,849,279.901,351,770,013.961,853,153,948.51 830,558,363.40 Companybeforenon- recurringgainsandlosses Netcashflowsfrom 1,891,759,702.63-232,993,935.524,215,706,857.52 3,182,276,191.65 operatingactivities Whetherthereareanymaterialdifferencesbetweenthefinancialindicatorsaboveortheirsummationsandthosewhichhavebeendisclosedinquarterlyorsemi-annualreports ?Yes√No 9.Non-recurringprofitsandlosses √Applicable?N/A Unit:CNY Item 2018 2017 2016 Note Profitorlossfromdisposalofnon- currentassets(includingthewrite-off 22,203,572.96 -8,598,844.11 -5,823,628.96 portionoftheimpairmentprovision) Governmentgrantsrecordedinthe profitorlossforthecurrentperiod (exceptforthegovernmentgrants closelyrelatedtothebusinessofthe 59,870,221.67 44,745,640.94 29,064,221.47 Companyandgivenatafixedamount orquantityinaccordancewiththe State'suniformstandards) Exceptforeffectivelyhedgingbusiness Profit relatedtonormalbusinessoperationsof fromthe thecompany,profitorlossarisingfrom disposal thechangeinthefairvalueofheld-for- of tradingfinancialassetsandliabilities,as 56,995,537.28 90,627,738.02128,763,897.76available- wellasinvestmentprofitorloss for-sale producedfromthedisposalofheld-for- financial tradingfinancialassetsandliabilities assets andavailable-for-salefinancialassets Impairmentprovisionreversalofthe accountsreceivableonwhichthe 300,000.00 165,859.73 impairmenttestiscarriedoutseparately Othernon-operatingincomeand expenditureexceptabove-mentioned 27,967,026.98 11,559,390.23 10,469,328.20 items Otherprofitandlossitemsthatconform tothedefinitionofnon-recurringgains 827,837,138.81516,824,879.08398,923,011.53 andlosses Less:Corporateincometax 248,875,376.58164,658,711.09140,783,607.73 Minorityinterests(aftertax) 139,932.20 17,057.62 190,306.86 Total 745,858,188.92490,783,035.45420,588,775.14 -- ExplainthereasonsiftheCompanyclassifiesanitemasanon-recurringprofitandlossaccordingto thedefinitionintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic-Non-RecurringProfitsandLosses,orclassifiesanynon-recurringprofitorlossitemmentionedinthesaidexplanatoryannouncementasarecurringprofit/lossitem. ?Applicable√N/A? Nosuchcasesforthereportingperiod. SectionIIIBusinessProfile 1.Businessscopeinthereportingperiod WhethertheCompanyneedstocomplywiththerequirementdisclosureofspecialindustry. No TheCompanyismainlyengagedintheproductionandsalesofliquor.Theproductionofliquoradoptssolid-statefermentation,mainlyincludingqu-making,brewing,blendingandstocking,packagingandsoon.Thesalesofliquormainlyadopttwomodes,namelydistributionandretailing.Duringthereportingperiod,theCompany'sprimarybusinessandbusinessmodehadnotchanged.AccordingtotheGuidelinesfortheIndustryClassificationofListedCompanies(2012Revision)issuedbyCSRC,theCompanybelongstoC15Manufacturingindustryofliquor,beveragesandrefinedtea. TheCompanyisanationallarge-scaleliquorproductionenterprise.Amongtheenterprisesintheliquorindustry,theCompanyistheonlyonewhichhastwoChinesetime-honoredbrands,twofamousChineseliquor,namelyYangheandShuanggouandsixChinesewell-knowntrademarks.TheleadingproductsoftheCompanyareaseriesofmellowliquorincludingDreamBlue,YangheSpiritClassic,ShuanggouZhenbaofang,YangheDaqu,ShuanggouDaqu,whichhavehighbrandawarenessandreputationthroughoutthecountry. Duringthereportingperiod,thedevelopmentofliquorindustrykeepsgrowinginthefiercecompetition.High-endandsecondaryhigh-endLiquorbothshowobviousdevelopmentadvantages.Theconcentrationandhigh-endorientationoftheindustryhasacceleratedsignificantly.Accordingtothedisclosedliquorindustryperiodicreport,theCompany'srevenueandprofitscalerankedthethirdplaceintheliquorindustry. 2.Significantchangesinthemainassets 2.1.Significantchangesinthemainassets Mainassets Reasonsforanysignificantchange Adecreaseof34.30%YoYwasmainlyduetoconstructionin Constructioninprogress progressreachingtheintendeduseconditionandcarriedforwardto fixedassets Anincreaseof106.42%YoYwasmainlyduetotheincreaseofsales Cashandcashequivalents revenueinthecurrentperiodandtheincreaseofnetcashflow generatedfromoperatingactivities. Non-currentassetsduewithin Anincreaseof102.83%YoYwasmainlyduetotheincreaseoftrust oneyear financialproductsduewithinoneyearbytheendofthisperiod. Othercurrentassets Anincreaseof30.29%YoYwasmainlyduetotheincreaseofshort- termfinancialproductsbytheendofthisperiod. 2.2.Mainassetsoverseas ?Applicable√N/A 3.Analysisofcorecompetitiveness WhethertheCompanyneedstocomplywithdisclosurerequirementsofspecialindustries No TheCompanyhasobviousadvantagesinnaturalenvironment,qualitytechnology,brandinfluence,marketingnetworkandsoon.IthasformedtheuniquecorecompetitivenessoftheCompany.ThecorecompetitivenessoftheCompanyhasnotchangedduringthereportingperiod. 3.1Naturalenvironmentadvantage TheCompanyislocatedinSuqian,thecapitalofliquorwiththreerivers,twolakesandonewetland’.Itisoneofthethreefamouswetlandsintheworld,whichenjoysequalpopularitywiththeScotchwhiskyproducingareaandtheFrenchCognacproducingarea.ItistheonlynaturaloxygenbarinJiangsuprovincewithoutacidrain.Thelonghistoryanduniqueecologicalenvironmentprovideagoodsourceofwater,soilandairforproductionofliquorandspirits.Especiallythemicroorganismconditionissignificantlybeneficialtoproducingliquorandspirits.TheYanghebrewingoriginatedintheSuiandTangDynasties,flourishedintheMingandQingDynasties.IthadbeensoldinJianghuaiareaduringtheperiodofYongZhengofQingDynasty.Ithasagoodreputationthat'DaintytastederivedfromfortunespringandLiquorOcean,whichmakesYangherankfirstplaceinJianghuaiarea'.ShuanggoualongsideYanghehasbeenpraisedastheoriginofChinesenaturalliquorbydomesticandoverseasexpertsduetothediscoveryofdrunkenapefossilsinXiacaowan. 3.2Qualityadvantage Consideringthediversificationandindividuationofconsumptiondemand,theCompanytooktheleadinbreakingthetraditionalclassificationofliquorflavor.TheCompanyclassifiestheliquorbytasteandputemphasisontastevalue.TheCompanystrengthensthemellownessofliquor,putsforwardthenewstyleofthemellowliquorquality,anddeeplymeetsthecoredemandofthetargetconsumers.Itsuccessfullyestablishesthesystemframeworkofnewproductiontechnologyandmellownessmechanismofmellowliquorcateringtomarketconsumption.InJune2008,'Mellowness'wasfirstwrittenintothenationalstandardinChinaProtectedGeographicalIndicationProduct-YangheDaqu(StandardNo.GB/T220406-2008). 3.3Talentadvantage TheCompanyhas31MastersofChineseLiquor,including2coremembersofNationalliquorjury,69ProvincialLiquorTastingCommitteemembersand1845technicians.TheCompanyalsohasanumber ofnationalandprovincialtechnicalresearchanddevelopmentplatforms.Theobviousadvantageoftechnicaltalentsprovidestechnicalsupportforthecontinuousimprovementofthequality.DreamBlueandMellowSujiu,therepresentativeproductsofmellowliquor,havewonthenationalqualityawards,suchasNationalBestQualityAward,LiquorandSpiritsDesignAwardandNationalLiquorandSpiritsSensoryQualityAward.In2018,inthenationalliquortastercontestsponsoredbyChinaAlcoholicDrinksAssociation,ChenLi,acontestantfromtheCompany,stoodoutfromothercontestants,rankedthefirstplaceinthecontest.IthighlightsthestrongtalentadvantageoftheCompanyagain. 3.4Brandadvantage TheCompany,asoneoftheoldeightfamousliquorenterprises,istheonlyonewhichhastwoChinesetime-honoredbrands,thetwofamousChineseliquor,namelyYangheandShuanggou,andtheCompanyhassixChinesewell-knowntrademarks,includingYanghe,Shuanggou,YangheSpiritClassic,Zhenbaofang,DreamBlue,andSu.Thecompanyrankedthethirdplacein2018Top50MostValuableSpiritsBrandspublishedbyBrandFinance,aworld-famousbrandedbusinessvaluationconsultancy,withabrandvalueof$7.795billion.In2018,withbrandworthCNY45.615billion,theCompanyrankedthetop86inChina's500MostValuableBrandsreleasedbyWorldBrandLab. 3.5Marketingnetworkadvantage TheCompanyhasamarketingteamwiththelargestnumberofpersonnel,thelatestconceptandthestrongestexecutiveforceintheindustry.TheCompanyhascooperatedwithnearly10,000distributors,hasmorethan30thousandpromotionemployees,andcontinuestoenhancethedeepdistributionmode.Atpresent,theCompanyhasthemostpowerfulmarketingnetworkplatformintheChineseliquorindustry.Ithaspenetratedintoeverycountyandcitythroughoutthecountry.Highspeedchannelhasbeenbasicallycompleted,layingasolidfoundationformarketexpansionandextensionofthecategoryinthefuture.Atthesametime,asatraditionalenterprise,theCompanyhasalsoinsistedonexploringnewmarketingmode,andhasmadecertainachievementsinInternetapplicationinnovation. SectionIVPerformanceDiscussionandAnalysis1.Overview In2018,theCompanyinsistedonXiJinpingThoughtonSocialismwithChinesecharacteristicsforaNewEraastheguidance.TheCompanydeepenedtheimplementationofthe"Sixgood"strategicthinking,comprehensivelypromotedthedeploymentofthe“OneSixEight”Strategy,effectivelyimplementedalldecisionsandwork,andpromotedhigh-qualityandsustainabledevelopment. First,"Goodindustrialpolicy"leadsthewayandcastsglory.In2018,theCompany focused on "development and transformation" and "consumption upgrading", comprehensivelystrengthenedinnovationandexecution,andcontinuouslyimprovedcomprehensivecompetitiveness.TheannualoperatingrevenuewasCNY24.16billion,up21.3%yearonyear.ThenetprofitattributabletoshareholdersofthelistedcompanywasCNY8.115billion,up22.45%yearonyear.DreamBluesalesstronglyclimbedandDreamBluehigh-endbrandimagewasfurtherimproved. Second,"Goodproducts”showsartisanskills.In2018,theCompanyactivelypromotedhealth,experienceandotherkeytechnicalchanges,furtheracceleratedthespeedofnewtechnologies,newprocessesandapplicationofnewachievements.ThebaseliquorqualitycomprehensivelyoutstrippedtherecordedlevelswithsteadyupgradeoftheleadingproductssuchasCelestialBlueandOceanicBlue.Itobtainedrecognitionandfavorfromconsumersandindustryexperts.TheCompanywasselectedinto"2018Top500WorldMostValuableBrands”,up175placesfromthepreviousyear. Third,"Goodstories"spreadswidely.In2018,theCompanypromotedtheimplementationofthe"tenthousandpeoplebrandplan",focusedonhoteventsandthemeactivities,innovatedbrandcommunicationforms.Brandstoriesdeeplyrootedintheheartsofthepeople,whichfurtherenhancedthebrandoccupation;DreamBluebrandappearedinthe"ShanghaiCooperationSummitinQingdao",walkedintoOlympicWinterGames,anditsfragrancefilledinBuckinghamPalace.Ithelpedthethird"ReadingChina"internationalconference,andbuiltabridgeoffriendshipwithmellowness. Fourth,"Goodchannels"sharpenstheambition.In2018,theCompanypromotedtheperfectionofdistributionchannels.Grouppurchasingandfamilybanquetswerecontinuouslyexpanded.“Dreamgathering”andotheractivitieswerecontinuouslydeepened.Meanwhile,pricecontrolandquotamanagementwerecontinuouslystrengthened.Rigidimplementationandefficientimplementationwereeffectivelypromoted.Ithelpedtheoverallimprovementofthemarketatmosphere. Fifth,"Goodself"firmlyenhancesself-confidence.In2018,agroupofmarketingrepresentativeswhohavesuccessfullycultivatedthemarketandovercomedifficulties,youngandpromisingtechnicalrepresentativeswhoaredeterminedtosucceed,andaltruisticbrewerswhohaveinheritedtheingenuitystoodoutfromtheCompany.In2018,inthenationalliquortastercontest,ChenLiwonthechampionandtheCompany'steamwonthefirstplace.TheCompanyoccupiedfourplacesintheTopTen,whichshowedthestrongtechnicalstrength.Theactivitiessuchascellaropeningfestivalandsealingceremonywerehighlypraisedbytheguestsinsideandoutsidetheindustry,andShuanggouDistillerywasawardedthetitleof"worldfamouswetlandliquor". Sixth,"Goodmechanism"stimulatesvitality.In2018,theCompanyrealizedthefullcoverageofspontaneouswork,steadilyimprovedworkefficiencyandquality,andsignificantlyenhancedtheemployees'awarenessofinitiative.AnnualperfectionprojectachievescostreductionofCNY22.32million.ThecontinuousimprovementofallstaffrealizedfinancialincomeofCNY43.58million.Thelogisticssystemwasaccuratelyoperatedtoensurecontinuousoptimization,whichfullyachievedthegoalof"noproductsoutofstockandnooverstock". 2.Analysisofmainbusiness 2.1.Overview Samewiththecontentspresentedin“1.Overview”ofthissection. 2.2.Revenuesandcostofsales 2.2.1.Breakdownofoperatingrevenues Unit:CNY 2018 2017 Asapercentage Asapercentage YoY Amount ofoperating Amount ofoperating Change revenues revenues Total 24,159,801,994.6 8 100%19,917,942,238.16 100% 21.30% Bybusinesssegment Liquor 23,186,902,149.0 95.97%19,468,365,663.88 97.74% 19.10% 0 Others 972,899,845.68 4.03% 449,576,574.28 2.26% 116.40% Byproduct Liquor 22,913,294,724.7 94.84%19,183,149,960.51 96.31% 19.44% 6 Wine 273,607,424.24 1.13% 285,215,703.37 1.43% -4.07% Others 972,899,845.68 4.03% 449,576,574.28 2.26% 116.40% Bygeographicalsegment Jiangsu 12,326,360,162.7 51.02%10,630,640,220.89 53.37% 15.95% 3 Outside 11,833,441,831.9 48.98% 9,287,302,017.27 46.63% 27.42% Jiangsu 5 2.2.2.Businesssegment,productsorgeographicalsegments contributingover10%oftheoperatingrevenuesorprofits √Applicable?N/A WhethertheCompanyneedstocomplywithdisclosurerequirementsofspecialindustryNo Unit:CNY Operating GrossprofitYoYchangeofYoYchangeofYoYchange revenues Costofsales margin operating costofsales ofgross revenue profitmargin Bybusinesssegment Liquor 23,186,902,149.00 5,527,417,445.92 76.16% 19.10% -12.06% 8.45% Byproduct Liquor 22,913,294,724.76 5,392,639,632.08 76.47% 19.44% -12.35% 8.54% Bygeographicalsegment Jiangsu 11,612,135,696.98 2,984,613,499.51 74.30% 13.52% -13.71% 8.11% Outside 11,574,766,452.02 2,542,803,946.41 78.03% 25.28% -10.06% 8.63% Jiangsu UnderthecircumstancesthatthestatisticalstandardsfortheCompany’smainbusinessdataadjustedinthereportingperiod,theCompany’smainbusinessdatainthecurrentoneyeariscalculatedbasedonadjustedstatisticalstandardsattheendofthereportingperiod ?Applicable√N/A 2.2.3.Whetherrevenuefromphysicalsalesishigherthanservice revenue √Yes□No Bybusiness Item Unit 2018 2017 YoYChange segment Salevolume ton 214,051.34 215,950.8 -0.88% Liquor Outputvolume ton 211,606.75 220,136.14 -3.87% Stock ton 24,863.94 27,308.53 -8.95% Salevolume ton 5,288.96 5,212.34 1.47% Wine Outputvolume ton 6,315.57 5,283.01 19.54% Stock ton 1,360.62 334.01 307.36% Reasonforanyover30%YoYmovementsinthedataabove √Applicable?N/A Theincreaseof307.36%YoYininventoryofwinewasmainlyduetothewineimportedwithoriginalpackagingandstockinadvancebytheendofthisperiod. 2.2.4.Executionofsignificantsalescontractsinthereportingperiod ?Applicable√N/A 2.2.5.Breakdownofcostofsales Bybusinessandproductsegment Unit:CNY By 2018 2017 YoY business Item Amount Asapercentage Amount AsapercentageChange segment ofcostofsales ofcostofsales Liquor 5,527,417,445.92 87.00%6,285,763,095.97 94.08%-12.06% Unit:CNY 2018 2017 By Asa Asa YoY product Item Amount percentageof Amount percentage Change segment costofsales ofcostof sales Liquor Rawmaterials 4,397,294,002.46 69.21% 4,243,329,762.51 63.51% 3.63% Liquor Laborcosts 597,717,848.21 9.41% 541,519,432.79 8.11% 10.38% Liquor Fuelsand 246,871,521.50 3.89% 212,403,387.26 3.18% 16.23% energy Liquor manufacturing 280,144,635.22 4.41% 263,652,646.09 3.95% 6.26% overhead Liquor Consumption 5,389,438.53 0.08% 1,024,857,867.32 15.34%-99.47% taxand surcharges Note: ThechangeofconsumptiontaxpayingmethodfromwithholdingandremittingtaxbytrusteetodirectpaymentbytheCompanyrequiredbythegovernmenttookeffectfromSeptember1,2017.Inaddition,theaccountingmethodofconsumptiontaxchangedfromthecostofproductionofmanufacturingconsignmenttothetaxesandsurchargesgeneratedfromproducingandsellingliquorbythecompany.Itresultsinthattheconsumptiontaxandadditionalproportionofalcoholoperatingcostshavebeengreatlyreducedinthereportingperiod. 2.2.6.Changesinthescopeoftheconsolidatedfinancialstatementsforthereportingperiod √Yes?No Thesubsidiarynewlyconsolidatedincurrentyear Name Measureofacquisition JiangsuYangheInvestmentManagementCo.,Ltd. Newlyestablishment SuWineGroupNanjingOperationManagementCo.,Ltd. Newlyestablishment JiangsuZhongshijiWineIndustryCo.,Ltd. Newlyestablishment Thesubsidiarycorporationnolongerconsolidatedincurrentyear Name Reason SihongShuangtaiPackageCo.,Ltd. Liquidationandcancellation NanjingHuitengMediaTechnologyCo.,Ltd. Mergerandcancellation 2.2.7.Majorchangesinthebusiness,productsorservicesinthe reportingperiod ?Applicable√N/A 2.2.8.Maincustomersandsuppliers SalestomajorcustomersoftheCompany Totalsalesfromtopfivecustomers(CNY) 1,026,614,241.91 Totalsalesfromtopfivecustomersasapercentageof 4.24% thetotalsales Totalsalesfromrelatedpartiesamongtopfive 0.00% customersasapercentageofthetotalsales Informationontopfivecustomers No. Customer Salesamount(CNY) Asapercentageofthetotal salesfortheyear 1 CustomerA 372,603,918.77 1.54% 2 CustomerB 278,972,563.82 1.15% 3 CustomerC 147,781,342.09 0.61% 4 CustomerD 114,297,391.06 0.47% 5 CustomerE 112,959,026.17 0.47% Total -- 1,026,614,241.91 4.24% Otherinformationonmajorcustomers ?Applicable√N/A MajorsuppliersoftheCompany Totalpurchasefromtopfivesuppliers(CNY) 1,359,969,302.30 Totalpurchasefromtopfivesuppliersasapercentageofthe 32.37% totalsales Totalpurchasefromrelatedpartiesamongtopfivesuppliers 0.00% asapercentageofthetotalpurchase Informationontopfivesuppliers No. Supplier Purchases(CNY) Asapercentageofthetotal purchasefortheyear 1 SupplierA 480,481,683.60 11.44% 2 SupplierB 266,134,208.40 6.33% 3 SupplierC 254,419,918.30 6.06% 4 SupplierD 196,368,731.20 4.67% 5 SupplierE 162,564,760.80 3.87% Total -- 1,359,969,302.30 32.37% Otherinformationonmajorsuppliers ?Applicable√N/A 2.3.Expense Unit:CNY 2018 2017 YoYChange Reasonforany significantchange Sellingand distribution 2,561,401,628.222,387,447,107.05 7.29% expenses Generaland administrative 1,704,265,102.611,506,402,859.73 13.13% expenses Increasedcashand cashequivalents leadstoincreased Finance -65,138,636.76 -33,912,331.47 -92.08%interestincomeon expenses depositsinthe currentperiod,which makesfinance expensesdecline. R&Dexpenses 27,565,217.63 25,745,247.20 7.07% 2.4.R&Dinput √Applicable?N/A Duringthereportingperiod,theCompanyestablishedthemicrobiologicaldatabaseofbrewingmicroecologyinYangheregion,promotedthein-depthresearchonthehealthysubstancesofmellowliquor,optimizedtheproductionprocessparametersofrawliquor,establishedthenewselectionmethod,andrealizedthegreatimprovementoftheliquorbodyfullnessandmellowthickness.Atthesametime,intheaspectofintelligentbrewing,theCompanyhasmadetop-leveldesigninadvanceandestablishedsixstandardprocessmodulestopromotetheCompany'stransformationtointelligentmanufacturing.Duringthereportingperiod,theCompanywon6provincialscienceandtechnologyawardsand2inventionpatents.Twoscientificandtechnologicalachievements,suchas"Dream-bluehandcraftclasshealtheffectresearchandapplication",havepassedthenationalappraisal,andthetechnicallevelhasbeenhighlyevaluatedbyacademiciansandexperts,whichisofgreatsignificancetotheindustrydevelopmentandliquorhealthresearch. InformationaboutR&Dinput 2018 2017 YoYChange NumberofR&Dpersonnel 393 348 12.93% R&Dpersonnelasa percentageintotal 2.57% 2.32% 0.25% employees R&Dinput(CNY) 32,880,110.63 37,807,634.80 -13.03% R&Dinputasapercentage 0.14% 0.19% -0.05% inoperatingrevenues CapitalizedR&D 5,314,893.00 12,062,387.60 -55.94% input(CNY) CapitalizedR&Dinput(as a)percentageintotalR&D 16.16% 31.90% -15.74% input ReasonsforanysignificantYoYchangeinthepercentageoftheR&Dinputinthe operatingrevenues ?Applicable√N/A ReasonforanysharpvariationinthepercentageofthecapitalizedR&Dinputand rationale ?Applicable√N/A 2.5.Cashflows Unit:CNY Item 2018 2017 YoYChange Subtotalofcashinflows 29,598,814,116.5224,139,022,765.44 22.62% fromoperatingactivities Subtotalofcashoutflows 20,542,065,300.2417,255,852,966.13 19.04% fromoperatingactivities Netcashflowsfrom 9,056,748,816.28 6,883,169,799.31 31.58% operatingactivities Subtotalofcashinflows 35,262,332,061.4530,970,188,282.84 13.86% frominvestingactivities Subtotalofcashoutflows 38,611,674,185.8035,131,210,561.81 9.91% frominvestingactivities Netcashflowsfrom -3,349,342,124.35-4,161,022,278.97 19.51% investingactivities Subtotalofcashinflows 1,500,000.00 fromfinancingactivities Subtotalofcashoutflows 3,842,859,037.00 3,417,116,090.61 12.46% fromfinancingactivities Netcashflowsfrom -3,841,359,037.00-3,417,116,090.61 -12.42% financingactivities Netincreaseincashand 1,865,395,431.79 -706,674,482.79 363.97% cashequivalents Explanationofwhythedataabovevariedsignificantly √Applicable□N/A Theincreaseof31.58%YoYofnetcashflowsfromoperatingactivitieswasmainlyduetotheincreaseofsalesrevenueinthecurrentperiodwhichresultedintheincreaseofcashinflowsfromoperatingactivitiesismorethancashoutflowsfromoperatingactivities.Theincreaseof363.97%YoYofnetincreaseincashandcashequivalentwasmainlyduetotheincreaseofsalesrevenueinthecurrentperiodwhichresultedintheincreaseofnetcashflowsfromoperatingactivities,andthedecreaseofnetcashflowsfrominvestingactivitiescomparedtolastyear. Explanationofmainreasonsleadingtothematerialdifferencebetweennetcashflowsfromoperatingactivitiesduringthereportingperiodandnetprofitfortheyear ?Applicable√N/A 3.Analysisofnon-corebusiness √Applicable?N/A Unit:CNY Amount Asapercentage Formationreasons Sustainability oftotalprofits Mainlyduetothe Investment investmentincome income 918,292,794.49 8.47%generatedbyfinancial No managementandthe investmentincome generatedbythe holdinganddisposalof available-for-sale financialassets 4.Assetsandliabilities 4.1Significantchangesofassetitems Unit:CNY Asattheendof2018 Asattheendof2017 Explanati Asa Asa Changeinonabout Amount percentage Amount percentagepercentage any oftotal oftotal significant assets assets changes Cashandcash 3,615,348,307.97 7.29% 1,751,452,876.18 4.05% 3.24% equivalents Accounts 5,419,314.60 0.01% 8,485,382.83 0.02% -0.01% receivable Inventories 13,892,118,587.74 28.03%12,861,503,434.11 29.73% -1.70% Long-termequity 9,423,328.82 0.02% 1,980,046.94 0.00% 0.02% investments Fixedassets 7,833,665,282.19 15.81% 8,249,559,468.26 19.07% -3.26% Constructionin 154,535,104.82 0.31% 235,219,521.41 0.54% -0.23% progress Long-term 109,088.00 0.00% 145,452.00 0.00% 0.00% borrowings 4.2Assetsandliabilitiesmeasuredatfairvalue √Applicable□N/A Unit:CNY Changesin ChangesintheProvision Amou Item Opening fairvalue cumulativefair for Amountof ntof Closing balancerecognizedinvaluerecordedimpairme purchase sale balance profitorloss intoequity nt Financial Asset 3.Available- for-sale 0.00-140,593,969.30 -140,593,969.30 425,350,132.53 284,756,163.23 financial assets Subtotalof financial 0.00-140,593,969.30 -140,593,969.30 425,350,132.53 284,756,163.23 assets Total 0.00-140,593,969.30 -140,593,969.30 425,350,132.53 284,756,163.23 Financial 0.00 0.00 0.00 0.00 0.00 liabilities Whethermeasurementattributionofmainassetschangessignificantlyfortheyear ?Applicable√N/A 4.3Restrictedassetrightsasoftheendofthisreportingperiod No 5.Investment 5.1.Totalinvestment √Applicable?N/A Investmentmadeinthereporting Investmentmadeintheprior YoYChange period(CNY) year(CNY) 1,035,447,337.86 636,340,416.13 62.72% 5.2.Significantequityinvestmentmadeinthereportingperiod ?Applicable√N/A 5.3.Significantnon-equityinvestmentongoinginthereportingperiod ?Applicable√N/A 5.4.Financialassetsatafairvalue √Applicable?N/A Unit:CNY Changesinfair Changesinthe Accumulated Categoryof Initialinvestment valuerecognized cumulativefair Amountof Amountofsale investment Closinggbalance Capitalsource securities cost inprofitorloss valuerecorded purchase income intoequity Stock 425,350,132.53 -140,593,969.30 -140,593,969.30 425,350,132.53 0.00 16,308,806.79 284,756,163.23Ownedfund Total 425,350,132.53 -140,593,969.30 -140,593,969.30 425,350,132.53 0.00 16,308,806.79 284,756,163.23 -- 5.5.Useoffund-raising ?Applicable√N/A Nosuchcasesinthereportingperiod 6.SaleofmajorassetsandequityInterests 6.1.SaleofmajorAssets ?Applicable√N/A Nosuchcasesinthereportingperiod 6.2.SaleofmajorequityInterests ?Applicable√N/A 7.Analysisofmajorsubsidiaries √Applicable?N/A Mainsubsidiariesandjointcompanieswithanover10%influenceontheCompany’snetprofit Unit:CNY Companyname Company Businessscope Registered Totalassets Netassets OperatingrevenueOperatingprofit Netprofit type capital SuWineTradeGroup Wholesalingand LimitedbyShareLtd Subsidiaryretailingof 334,400,000.0020,919,000,581.476,304,466,480.1823,255,391,278.037,162,512,056.565,451,435,460.35 prepackagedfood JiangsuShuanggou SubsidiaryProductionandsales110,000,000.00 5,555,777,196.121,230,608,893.731,327,090,626.35 795,195,752.50 860,986,757.53 DistilleryStockCo.,Ltd. ofliquorandspirit JiangsuShuanggouLiquor Wholesalingand OperationCo.,Ltd Subsidiaryretailingof 5,000,000.00 3,936,234,566.37996,006,490.092,989,316,863.121,310,202,119.41 982,914,861.88 prepackagedfood Acquisitionanddisposalofsubsidiariesduringthereportingperiod √Applicable□N/A Subsidiaryname HowsubsidiarywasacquiredordisposedImpactonoveralloperationand duringthereportingperiod results(CNY) JiangsuYangheInvestmentManagementCo.,Ltd. Establishment Tiny SuWineGroupNanjingOperationManagementCo.,Ltd. Establishment Tiny JiangsuZhongshijiWineIndustryCo.,Ltd. Establishment Tiny SihongShuangtaiPackageCo.,Ltd. Liquidationandcancellation No NanjingHuitengMediaTechnologyCo.,Ltd. Mergerandcancellation No 8.StructuredentitiescontrolledbytheCompany ?Applicable√N/A 9.OutlookforthefuturedevelopmentoftheCompany 9.1.Analysisofindustrysituation First,theliquorindustryisdevelopingwell.In2018,benefitingfromtheexpansionandupgradingofconsumptionandthestructuraltransformation,theliquorindustryhasshownagooddevelopmenttrendofsteadyincreaseinproductionandmarketingwithimprovedefficiencyandoptimizedstructure.AccordingtothestatisticsreleasedbytheNationalBureauofStatistics,thetotaloutputofliquorenterprisesabovedesignatedsizewas8,712thousandliters,upby3.14%yearonyear.TheaccumulatedsalesrevenuereachedCNY536.3billion,up12.86%yearonyear.ThecumulativeprofitreachedCNY125billion,up29.98%yearonyear.Theliquorindustryhasenteredanewstageofsteadygrowthandfurtheroptimizeditsstructure. Second,thepatternofliquorindustrygraduallyformed.In2018,thecompetitionofliquorindustrymarketbecamemoreintensified.Famousliquorenterprisescontinuouslystrengtheneditscompetitiveadvantagesinaspectsofproduct,brand,channelandmarket.Whetheritishigh-end,secondaryhigh-end,middle-endorlow-end,theenterpriseshavegraduallyachievednationalization,orformedtherepresentativebrandsineachmainstreamofconsumptionlevel.Thedevelopmentofliquorindustrystructureandcompetitionsituationisgraduallyformed,anditwillbefurtherstrengthenedinfuturemarketcompetition. Third,thetrendofliquorindustryconcentrationisincreasedobviously.In2018,theMattheweffectofliquorindustrywashighlighted,andleadingliquorenterprisescontinuedtomaintainrapidgrowthwiththegrowthratesignificantlyhigherthantheaverageleveloftheindustry.Thetotaloperatingrevenueandprofitofthetopthreeleadingenterprisesaccountedfor25.70%and64.22%ofthetotaloperatingrevenueandprofitofliquorenterprisesabovethedesignatedsize,whichincreasedby2.9%and0.81%respectivelyin2017.Withtheincreasingconcentrationofliquorindustry,leadingenterprisesareexpectedtoseizemoresharesinthefuturemarketcompetition. 9.2.Futuredevelopmentstrategyandnextbusinessplan (1)Futuredevelopmentstrategy In2019,theCompanywillcontinuetoadheretothe"WuDuWuMi"strategy,aimingtobecomethemostknowledgeable,mostbrewing,mostsellingcompanies,themostdedicated,themostprofessionalandthemostfar-sightedliquorcompanyintheindustryThemorelong-termdevelopmentgoalistomaketheCompanybecomealeaderthatcontinuouslycrossesthelifecycleandhasalong-lastingsatisfactoryperformance. (2)2019businessplan In2019,facingthecomplexandchangeabledevelopmentsituation,theCompany'soverallworkingideaistobecomemorestableatthehelmandtogofarwithfullsail.Itfullyimplementsthe"1246project",andpromotesthehigh-quality,healthyandsustainabledevelopmentoftheenterprise. Theso-called"1246"project:"1"istofirmlyestablishastand.TheCompanyadherestothelawofbrandgrowthcycle,implementsofvariousstrategieswithinnovation,andpromotesbetterandfasterdevelopmentofthemarket. "2"referstogoingalloutfortwobiggoals.First,theCompanyaimtomakearevolutionarybreakthroughinthemellownessofliquor.Focusingonthein-depthapplicationofmellownessmechanism,theCompanycomprehensivelyimprovestheproductpersonalization,specializationandpost-drinkingcomfort,whichleadstheliquormarketconsumptiontrend,andcreatesthetouchingandpleasureofconsumers.Thesecondgoalistorealizea12%+yearonyearincreasein2019revenue. "4"referstothefourcoresofdeliberatetransformation.Thefirstisconsumptionupgrading.Inlinewiththedevelopmenttrendofconsumptionupgrading,theCompanythinksdeeplyandstudiestheconsumerpsychology,andaccuratelygraspsthedirectionofconsumptionupgrading.Thesecondisindustrydifferentiation.TheCompanyseizestheopportunityofindustrydifferentiation,grabstheterminalconsumers,andfurtherimprovesthemarketshare.Third,informationoverload.Inviewofthemediacharacteristicsintheinformationfloodingera,theCompanyconductsin-depthresearchandimprovesthecommunicationefficiency,andtellsagoodbrandandqualitystorycomprehensively.Fourthhigh-dimensionalcompetition.TheCompanyfindsandentersthehigh-dimensionalblueseaofcompetitionbymeansofadvantagereengineering,patterninnovationandecosphereconstruction. "6"referstothesixpowersofperseverance.Oneistoachievethebestproductforce.TheCompanystrivesforimprovementinquality,breakthroughsintechnology,andcharacteristiccreationinimage,coverageinlayout.TheCompanypromotestheapplicationofmellownessmechanism,andachievescontinuousimprovementinmellowquality.Secondistoformthedeeply-rootedbrandpower.Focusedonnewbrands,newmarketing,andnewcontent,theCompanyoptimizesthemodeofcommunicationandusesofefficientmediatocreateadeeply-rootedbrandpower,andhelpsthesteadydevelopmentofmarketing.Thirdistoshapebothoffensiveanddefensivechannelselaborately.TheCompanyadherestotakingupmoremarketshareinthelongrunbycreatingmoreincrementalamount,andactivelydoesagoodjobinthehigh-endbreakthrough.TheCompanypromotesthetransformationofchannelsandcreatescomprehensivechannelperfection.Fourthistoapprovethestrongandreliablesupportingforcescontinuously.TheCompanyestablishesamorescientificandreasonableassessmentsystemtopromoteaccuratemarketingassessment,deepenslong-termmanagement,andimprovesbasicmanagementlevelcomprehensively,soastoprovidestrongguaranteeforthefrontlineofmarketing;ThefifthistoenhanceinnovationabilitytopreparetheCompanyforthefuture.TheCompanyadherestoahighsenseofcrisisandadvancedplanning,withfocusingondigitaloperations,strategicresearch,capitalmanagement,supplychainmanagementandotherwork.Itcreatesanewdrivingforceforenterprisedevelopment.Sixthistoformhigh-spiritedstateofculturalpowerelaborately.TheCompanystrengthenstheheightofpoliticalstand,adherestothescientificandpragmaticattitude,andstimulatesthespiritofstrivingforthefirst.Theseworksaredoneforthewell-beingofthestaff,theinterestsofshareholders, the development of enterprises, making contributions to the society, and comprehensivelysublimatingtheculturalpowerofcommonprosperityandsharing. (3)Possiblerisks Firstistheriskofmacroeconomicuncertainty.Internationaleconomicenvironmentisunpredictable,anddomesticeconomicdownwardpressureisstill.AdjustmentandchangeofLiquorindustrypolicymayaffectthehealthygrowthofliquorenterprises. Secondistheriskofintensifiedmarketcompetition.Themaincompetitiveenterprisespaymoreattentionstomarketingwork,increaseinvestmentintensity,strengthenchannelconstruction,furtherdeveloptheterminal,whichmakesthemarketcompetitionmoreintense. Thirdistheriskofnewchannelimpact.Atpresent,theliquorcirculationenterprisesrepresentedby1919andliquorconveniencehavedevelopedrapidly,includingthedevelopmentofnewInternetretail,whichbringsuncertaintytothechannelconstructionofliquorenterprises. Fourthistheriskofconsumptionconceptchange.Consumerspaymoreattentiontotheconceptofhealthylife.Atthesametime,withtheadjustmentoftheagestructureofthedrinkingpopulation,theliquorconsumptionpreferenceindailylifehasdecreased,andtheliquorconsumptionshowsatrendofdiversifieddevelopment. 10.VisitspaidtotheCompanyforresearch,communication,interview,etc. 10.1Activityregisterinthereportingperiod √Applicable?N/A Dateofvisit Wayofvisit Typeofvisitor Indextomaininquiryinformation LogSheetofInvestorRelations Activitiesfor30January2018on 30January2018 Fieldsurvey Institution www.cninfo.com.cn(No:2018- 001) LogSheetofInvestorRelations Activitiesfor5March2018on 5March2018 Fieldsurvey Institution www.cninfo.com.cn(No:2018- 002) LogSheetofInvestorRelations Telephone Activitiesfor2May2018on 2May2018 communication Institution www.cninfo.com.cn(No:2018- 003) 7May2018 Other Other LogSheetofInvestorRelations Activitiesfor7May2018on Dateofvisit Wayofvisit Typeofvisitor Indextomaininquiryinformation www.cninfo.com.cn(No:2018- 004) LogSheetofInvestorRelations Telephone Activitiesfor15May2018on 15May2018 communication Institution www.cninfo.com.cn(No:2018- 005) LogSheetofInvestorRelations Activitiesfor23May2018on 23May2018 Fieldsurvey Other www.cninfo.com.cn(No:2018- 006) LogSheetofInvestorRelations Activitiesfor19July2018on 19July2018 Fieldsurvey Institution www.cninfo.com.cn(No:2018- 007) LogSheetofInvestorRelations Activitiesfor7September2018 7September2018 Fieldsurvey Institution onwww.cninfo.com.cn(No: 2018-008) LogSheetofInvestorRelations Activitiesfor13September2018 13September2018 Fieldsurvey Institution onwww.cninfo.com.cn(No: 2018-009) LogSheetofInvestorRelations Activitiesfor20September2018 20September2018 Fieldsurvey Institution onwww.cninfo.com.cn(No: 2018-010) LogSheetofInvestorRelations Activitiesfor7November2018on 7November2018 Fieldsurvey Institution www.cninfo.com.cn(No:2018- 011) SectionVSignificantEvents 1.Profitdistributionandconvertingcapitalreservesintosharecapitalforcommonshareholders Formulation,executionoradjustmentsofprofitdistributionpolicy,especiallycashdividendpolicy,forcommonshareholdersinthereportingperiod √Applicable?N/A On23May2018,theCompanyheld2017annualshareholders'meeting,andtheplanforprofitdistributionfor2017wasreviewedandapprovedbythismeeting.Planforprofitdistribution:Basedonitstotalof1,506.988millionsharesason31December2017,theCompanydistributedacashdividendofCNY25.5(taxinclusive)per10sharestoallshareholders.ThetotalcashdividendisCNY3,842.8194million(taxinclusive).Thebookclosuredaywas21June2018andtheex-right&ex-dividendday22June2018. Aspecialstatementofthepolicyofcashdividends Whetheritmeetstherequirementsofthearticles ofincorporationortheresolutionofshareholders' Yes meeting. WhetherthestandardandproportionofdividendsYes areclear. Whethertherelevantdecision-makingprocessandYes systemsarecomplete. Whethernon-executivedirectorsperformtheir Yes dutiesandplaytheirduerole. Whethertheminorityshareholdershavethe opportunitytofullyexpresstheiropinionsand Yes appealsandwhethertheirlegitimaterightsand interestshavebeenadequatelyprotected. Whethertheconditionsandproceduresare TheCompany'scashdividendpolicy compliantandtransparentitthecashdividend hasnotbeenadjustedorchanged.policyisadjustedorchanged. Plans(orpreliminaryplans)forprofitdistributionandconvertingcapitalreservesintosharecapitalforcommonshareholdersfortherecentthreeyears(includingthereportingperiod)areasfollowing: Preliminaryplanforprofitdistributionfor2018:Basedonitstotalof1,506.988millionsharesasat31December2018,theCompanyistodistributeacashdividendofCNY32(taxinclusive)per10sharestoallshareholders.ThetotalcashdividendisCNY4,822.3616million(taxinclusive). Planforprofitdistributionfor2017:Basedonitstotalof1,506.988millionsharesasat31December2017,theCompanyistodistributeacashdividendofCNY25.5(taxinclusive)per10sharestoallshareholders.ThetotalcashdividendisCNY3,842.8194million(taxinclusive).Thebookclosuredaywas6June2018andtheex-right&ex-dividenddaywas21June2018. Planforprofitdistributionfor2016:Basedonitstotalof1,506.988millionsharesasat31December2016,theCompanydistributedacashdividendofCNY21(taxinclusive)per10sharestoallshareholders.ThetotalcashdividendisCNY3,164.6748million(taxinclusive).Thebookclosuredaywas15June2017andtheex-right&ex-dividenddaywas16June2017. Cashdividenddistributionovertherecentthreeyears(includingthereportingperiod) Unit:CNY Ratiotonet Netprofit profit Ratioof attributableto attributable Cash Ratioof Totalcash cash Cash common tocommondividends cash dividends dividends Year dividends(tax shareholdersinshareholder inotherdividends(includingother(including inclusive) theconsolidated sinthe forms inother forms) other statementintheconsolidated forms forms) year statementin theyear 2018 4,822,361,600.00 8,115,189,794.69 59.42% 0.00 0.00%4,822,361,600.00 59.42% 2017 3,842,819,400.00 6,627,169,959.16 57.99% 0.00 0.00%3,842,819,400.00 57.99% 2016 3,164,674,800.00 5,827,168,870.88 54.31% 0.00 0.00%3,164,674,800.00 54.31% TheCompanymadeaprofitinthereportingperiodandtheprofitdistributedtocommonshareholdersoftheCompanywaspositive,butitdidnotputforwardapreliminaryplanforcashdividenddistributiontoitscommonshareholders. ?Applicable√N/A 2.Preliminaryplanforprofitdistributionandconvertingcapitalreservesintosharecapitalforthereportingperiod √Applicable?N/A Bonussharesforevery10shares 0 (share) Dividendforevery10shares(CNY)(tax 32.00 included) Additionalsharesconvertedfromcapital 0 reservesforevery10shares(share) Totalsharesasthebasisforthe preliminaryplanforprofitdistribution 1,506,988,000 (share) Totalcashdividends(CNY)(tax 4,822,361,600.00 inclusive) Cashdividendsinotherforms(e.g. 0.00 repurchaseshare) Totalcashdividends(CNY)(including 4,822,361,600 otherforms) Distributableprofit(CNY) 21,942,516,695.42 Percentageofcashdividendsinthe totaldistributedprofit(includingother 100% forms) Informationofthecashdividends ThedevelopmentstageoftheCompanyismatureandtheCompanyhasnomajorfundexpenditurearrangement.Whentheprofitdistributioniscarriedout,theproportionof cashdividendsinthisprofitdistributionshouldatleastreach80%. Detailsaboutthepreliminaryplanforprofitdistributionandconvertingcapitalreserves intosharecapital AsauditedbyJiangsuSuyaJinchengCPALLP,theCompanyrealizedanetprofitof CNY7,047,875,821.74for2018(consolidatedstatementsattributabletoshareholdersoftheparentcompanynetprofitofCNY8,115,189,794.69).ItprovidedCNY0asstatutorysurplusreserves.PlusundistributedprofitatthebeginningoftheyearofCNY 18,737,460,273.68andminusthedistributedprofitofCNY3,842,819,400,theactual distributableprofitwouldbeCNY21,942,516,695.42.Inlinewithboththelong-term developmentneedsoftheCompanyandtheprincipleofgivingappropriatereturnsto shareholders,basedonitstotalof150,6.99millionshares,theCompanyistodistributeacashdividendofCNY32(taxinclusive)per10sharestoallshareholders.Thetotal cashdividendisCNY17,120,155,095.42.Accountingfor59.42%ofthenetprofit attributabletotheparentcompany'sshareholders.TheremainingundistributedprofitofCNY17,120,155,095.42shallbecarriedforwardforfuturedistribution. 3.Performanceofundertakings 3.1.UndertakingsoftheCompany'sactualcontroller,shareholders,relatedpartiesandacquirer,aswellasthecompanyandothercommitmentmakersfulfilledinthereportingperiodorongoingattheperiod-end √Applicable?N/A Degree Undertaking UndertakingTypeof Detailsofundertaking UndertakiTerm of giver undertaking ngdate perfor mance Stockreform undertaking Undertakingmadein thereportofacquisition orchangeofinterest Undertakingmadein thereorganizationof assets 1.Thecommitmentto avoidhorizontalcompetitio n: (1)Atpresent,thecompany hasnotengagedinthe Horizontalcombusinessofcompetingwith Undertakingsgivenin Jiangsu petition,relatedthejointstockcompany. timeofIPOor YangheGrouptransactions Thecompanyiscommitted2009.08.26 Long-In refinancing Co.,Ltd. andcapital tomaintainingtheexisting term progress occupation businessstructureanddoes notdirectlyorindirectly operateanybusinessthat competeswiththeactual operationofthejointstock companyormayconstitute acompetition,ora Degree Undertaking UndertakingTypeof Detailsofundertaking UndertakiTerm of giver undertaking ngdate perfor mance subsidiaryorsubsidiary enterprisethatisengaged intheabovebusiness. (2)Ifthecompanyviolates theabovecommitments, thejointstockcompanyhas therighttorequirethe companytoimmediately terminateitsbusiness competitionandto compensateforthe economiclossescausedto thejointstockcompany.At thesametime,the companyshouldpay liquidateddamagestothe jointstockcompanyfor CNY10million. (3)Thecompanyhas committeditselftothe legitimaterightsand interestsofthe shareholdersofjoint-stock companies,other shareholdersofjoint-stock companiesandthe creditorsofjoint-stock companieswithouttheuse oftheirholdingshareholder statusinthejointstock company. (4)Thisundertakingshall enterintoforceonthedate ofsigning,andshallnotbe revokedwithouttheconsent ofthestockcompany. 2.Thecommitmentto reducetherelated transactions:thecompany willstrictlyfollowthe requirementsoftherelevant lawsasCorporationLaw, SecuritiesLawandCodeof CorporateGovernancefor ListedCompanies,and furtherreduceandstrictly standardizethevarious relatedtransactions betweenthecompanyand thejointstockcompanies, soastoensurethatthe controllingshareholders andtheactualcontrolare notused.Thestatusof makingapersondamages theinterestsofthe shareholdersofajointstock companyandother shareholdersanddoesnot occurinthecaseofnew shareholdingcompanies. JiangsuBlue HorizontalcomThecommitmenttoavoid Long-In AllianceJoint-petition,relatedhorizontalcompetition: 2017.11.23 term progress StockCo.,Ltd.transactions 1.Thecompanyismainly . Degree Undertaking UndertakingTypeof Detailsofundertaking UndertakiTerm of giver undertaking ngdate perfor mance andcapital engagedininvestment Blue occupation managementanddoesnot Alliance operatethesameor merged associatedbusinesswith BlueSky theissuer.Thecompany Trade willnotengageinthe andBlue businessofthesameor Ocean associatedbusinesswith Trade. theissuer,withoutprejudice Blue totheinterestsofthe Alliance issuer,norfromtheissuer carries forunfairinterests. on 2.Ifthecompanyviolates relevant theabovecommitment,the commitm issuerhastherighttoclaim ents compensationforthe economiclossresulting fromtheissuer,andtopay aliquidatedpenaltyofCNY 5million,andtherightto purchasethebusinessitem atthemarketpriceofthe businessitemorthe establishmentofacost price(whichistheprinciple ofthelowestvalue).3.This undertakingshallenterinto forceonthedateofsigning, andshallnotberevoked withouttheconsentofthe issuer. In progress ,Blue Alliance Afterayearoftradinginthe merged stockexchange,theshares BlueSky oftheissuerwillnotexceed Trade JiangsuBlue 25%ofthetotalnumberof Long-andBlue AllianceJoint-Sharereductionsharesheldbytheissuer, 2017.11.23 term Ocean StockCo.,Ltd. andtheissuer'ssharesand Trade. changesinthesharesare Blue declaredtotheissuerina Alliance timelymanner. Carries on relevant commitm ents ShareholdersofBlueSky Trade,asdirectors, supervisorsandsenior managers,madethe commitment: 1.Duringthetenureofthe issuer,BlueSkyTrade FengPantai, Other equitytransferredannually Long-In CongXuenianundertaking shallnotexceed25%ofthe2017.11.23 term progress totalnumberofsharesheld byBlueSkyTrade。 2.IfIleavetheissuer,Iwill nottransferthesharesof BlueSkyTradethatIhave heldwithinsixmonthsafter mydeparture. Degree Undertaking UndertakingTypeof Detailsofundertaking UndertakiTerm of giver undertaking ngdate perfor mance 3.IfIleavefromtheissuer, thenumberofBlueSky transferredsharestrade withintwelvemonthsafter sixmonthsofdeparture doesnotexceed50%ofthe totalshareofBlueSky Trade. ShareholdersofBlue OceanTrade,asdirectors, supervisorsandsenior managers,madethe commitment: 1.Duringthetenureofthe issuer,BlueOceanTrade equitytransferredannually shallnotexceed25%ofthe totalnumberofsharesheld byBlueOceanTrade ZhongYuye Other 2.IfIleavetheissuer,Iwill2017.11.23 2019.In undertaking nottransferthesharesof 03.23progress BlueOceanTradethatI haveheldwithinsixmonths aftermydeparture. 3.IfIleavefromtheissuer, thenumberofBlueOcean transferredsharestrade withintwelvemonthsafter sixmonthsofdeparture doesnotexceed50%ofthe totalshareofBlueOcean Trade. Equityincentive commitment Otherundertakingsto non-controlling shareholders WhethertheundertakingYes isfulfilledontime Specificreasonsfor failingtofulfillany None undertakingandplanfor thenextstep 3.2.WhereanyearningsforecastwasmadeforanyoftheCompany'sassetsorprojectsandthereportingperiodisstillwithintheforecastperiod,theCompanyshallexplainwhethertheperformanceoftheassetorprojectreachestheearningsforecastandwhy ?Applicable√N/A 4.Occupationofthecompany'scapitalbythecontrollingshareholderoritsrelatedpartiesfornon-operatingpurposes?Applicable√N/A? Nosuchcasesinthereportingperiod. 5.Explanationoftheboardofdirectors,thesupervisorycommitteeandnon-executivedirectors(ifany)regardingthe"non-standardauditopinion"forthereportingperiod ?Applicable√N/A 6.Reasonsforchangesinaccountingpolicies,accountingestimatesandaccountingmethodsascomparedtothefinancialreportfortheprioryear √Applicable?N/A AccordingtothenoticeoftheministryoffinanceontheRevisionandIssuanceoftheGeneralCorporateFinancialStatementFormatfor2018issuedonJune15,2018(CaiKuai[2018]No.15),theCompanyhasrevisedthefinancialstatementformatasfollows: 1.Balancesheet:mergetheoriginal"notesreceivables"and"accountsreceivables"itemsinto"notesandaccountsreceivables";Mergetheoriginalitemsof"interest receivables", "dividend receivables" and "other receivables" into "other receivables";Mergetheoriginal"fixedassets"and"fixedassetsliquidation"projectsinto"fixedassets";Mergetheoriginal"projectmaterials"and"constructioninprogress"into"constructioninprogress";Mergetheoriginal"notespayable"and"accountspayable"itemsinto"notesandaccountspayables";Mergetheoriginal"interestpayable","dividendspayable"and"otherpayables"into"otherpayables";Mergetheoriginal"long-termpayables"and"specialpayables"into"long-termpayables". 2.Incomestatement:separatethe"generalandadministrativeexpenses"projectintothe"generalandadministrativeexpenses"andthe"researchanddevelopmentexpenses";Add"interestexpenses"and"interestincome"under"financialexpenses"intheincomestatement. 3.Statementofchangesinowners'equity:addtheitem"changeindefinedbenefitplancarriedforwardretainedearnings". TheeventofchangesinAccountingPolicieshasbeenreviewedandapprovedbythesixthmeetingofthesixthboardofdirectors. Detailsoftheaffecteditemsinthefinancialstatementsatthebeginningandlastperiod(December31,2017/2017year)areasfollows: Beforetheadjustment Aftertheadjustment Item Amount(CNY) Item Amount(CNY) Notesreceivables 212,812,236.57 221,297,619.40 accountsreceivables 8,485,382.83Notesandaccountsreceivables Constructionin 234,431,457.83 235,219,521.41 progress Constructioninprogress Projectmaterials 788,063.58 Notespayables 8,200,000.00 1,119,603,574.47 Accountspayables 1,111,403,574.47Notesandaccountspayables Beforetheadjustment Aftertheadjustment Item Amount(CNY) Item Amount(CNY) Generaland 1,532,148,106.93Generalandadministrative 1,506,402,859.73 administrative expenses expenses Researchanddevelopment 25,745,247.20 expenses 7.Reasonsforretrospectiverestatementofmajoraccountingerrorsduringthereportingperiod ?Applicable√N/A? Nosuchcasesinthereportingperiod 8.Reasonsforchangesinscopeoftheconsolidatedfinancialstatementsascomparedtothefinancialreportfortheprioryear √Applicable?N/A 1.Establishmentofsubsidiaries InJune2018,theCompanyanditsownedsubsidiarySuWineGroupJiangsuWealth ManagementCo.,Ltd.respectivelysubscribedCNY150,000tosetupJiangsuYangheInvestmentManagementCo.,Ltd..Itwillbeincludedintheconsolidatedfinancial statementsfromJune2018. InMay2018,theownedsubsidiarySuWineGroupTradeCo.,Ltd.subscribedCNY 50,000tosetupSuWineGroupNanjingOperationManagementCo.,Ltd..Itwillbe includedintheconsolidatedfinancialstatementsfromMay2018. On7November2018,theownedsubsidiarySuWineGroupTradeCo.,Ltd.subscribedCNY10milliontosetupJiangsuZhongshijiWineIndustryCo.,Ltd..AsofDecember31,2018,ithasnotmadeanyactualinvestment.Itwillbeincludedintheconsolidated financialstatementsfromNovember2018. 2.Cancellationofsubsidiaries SihongShuangtaiPackageCo.,Ltd.,theownedsubsidiaryinthisperiod,conducted liquidationandcancellation.OnMay29,2018,itobtainedthenoticeofcompany approvalforcancellationregistrationissuedbySihongCountyMarketSupervisionandAdministrationBureau.Itwillnolongerbeincludedintheconsolidatedfinancial statementsfromJune2018. Theownedsubsidiary,SueWineGroupTradeCo.,Ltd.mergedNanjingHuitengMediaTechnologyCo.,Ltd..OnNovember7,2018,itobtainedthenoticeofcompanyapproval forcancellationregistrationissuedbyNanjingJianyeDistrictMarketSupervisionand AdministrationBureau. 9.EngagementanddisengagementofCPAsfirm CPAsfirmatpresent NameofthedomesticCPAsfirm JiangsuSuyajinchengCPALLP TheCompany’spaymentforthedomestic190.8 CPAsfirm(CNY’0,000) Consecutiveyearsoftheauditservice 12 providedbythedomesticCPAsfirm Namesofthecertifiedpublicaccountants XuXuzhen,KanBaoyong fromthedomesticCPAsfirm Consecutiveyearsoftheauditservice providedbythecertifiedpublic XuXuzhen(5years),KanBaoyong(2years) accountants WhethertheCPAsfirmwaschangedinthecurrentperiod? ?Yes√No? EngagementofanyCPAsfirmforinternalcontrolaudit,financialadviserorsponsor ?Applicable√N/A 10.Possibilityoflistingsuspensionandterminationafterdisclosureofthisannualreport ?Applicable√N/A 11.Bankruptcyandreorganization ?Applicable√N/A? Nosuchcasesinthereportingperiod. 12.Materiallitigationandarbitration ?Applicable√N/A? Nosuchcasesinthereportingperiod. 13.Punishmentsandrectifications ?Applicable√N/A? Nosuchcasesinthereportingperiod. 14.Creditconditionsofthecompanyaswellasitscontrollingshareholderandactualcontroller ?Applicable√N/A? 15.Implementationofanyequityincentiveplan,employeestockownershipplanorotherincentivemeasuresforemployees ?Applicable√N/A? 16.Significantrelated-partytransactions 16.1.Related-partytransactionsarisingfromroutineoperation ?Applicable√N/A? Nosuchcasesinthereportingperiod. 16.2.Related-partytransactionsregardingpurchaseorsalesofassetsorequityinterests ?Applicable√N/A? Nosuchcasesinthereportingperiod. 16.3.Related-partytransactionsarisingfromjointinvestmentsinexternalparties ?Applicable√N/A? Nosuchcasesinthereportingperiod. 16.4.Creditsandliabilitieswithrelatedparties √Applicable□N/A? Whethertherearenon-operationalrelatedcreditor'srightsanddebttransactions ?Applicable√N/A? Nosuchcasesinthereportingperiod. 16.5.Othersignificantrelated-partytransactions ?Applicable√N/A? Nosuchcasesinthereportingperiod. 17.Significantcontractsandtheirexecution 17.1.Trusteeship,contractingandleasing 17.1.1.Trusteeship ?Applicable√N/A Nosuchcasesinthereportingperiod. 17.1.2.Contracting ?Applicable√N/A Nosuchcasesinthereportingperiod. 17.1.3.Leasing ?Applicable√N/A Nosuchcasesinthereportingperiod. 17.2.Majorguarantees ?Applicable√N/A Nosuchcasesinthereportingperiod. 17.3.Entrustedcashassetmanagement 17.3.1.Entrustassetsmanagement √Applicable?N/A Entrustassetsinthereportingperiod. Unit:CNY10,000 Sourceof Undueamount Overdue Producttype entrustedassets Amount attheendof outstanding 2017 amount Bankfinance OwnedFund 1,004,000 888,864.99 0 Trustfinance OwnedFund 856,710.36 856,710.36 0 Brokerfinance OwnedFund 90,000 0 0 Other OwnedFund 45,000 45,000 0 Total 1,995,710.36 1,790,575.35 0 Informationaboutsignificantamountofindividualentrustfinanceorhigh-riskentrustfinancewithprinciplenonguaranteedandpoorliquidity. √Applicable?N/A Unit:CNY10,000 Actual Whether Summary Referenc Actual principal Amount Whetherit therewill and Methodof prospective reservedfor reference Nameof TrusteeProducttype Amount Sourceof CommenceTerminati Funds Remunerat ed earnings(if profit& amount impairmentgothroughbeentrust trustee type funding mentdate ondate allocation annualize lossfortherecovered statutory finance (if ion dreturn applicable) period forthe (if procedures plansin applicable period applicable) thefuture ) Zhongrong Zhongrong- Usedfor Internation Assistant 23June 23June subscribing alTrust Trust FundNo.190 15,000Ownedfund2017 2019 financial Cash 7.40% 2,220 1,106.96 0 0 Yes Yes Co.,Ltd. Trust investment products CNY 12.8282 millionwas usedfor gaining 49%equity of Dasheng Group Shandong Zhongrong Zhongrong Property Internation Trust-The 30June 30June Co.,Ltd.. alTrust Trust Gloryofthe 10,000Ownedfund2017 2019 The Cash 7.60% 1,520 757.92 760 0 Yes Yes Co.,Ltd. WorldNo.26 surplus Trust funds deducting related expenses andcredit insurance fund flowedinto project company asa Actual Whether Summary Referenc Actual principal Amount Whetherit therewill and Methodof prospective reservedfor reference Nameof TrusteeProducttype Amount Sourceof CommenceTerminati Funds Remunerat ed earnings(if profit& amount impairmentgothroughbeentrust trustee type funding mentdate ondate allocation annualize lossfortherecovered statutory finance (if ion dreturn applicable) period forthe (if procedures plansin applicable period applicable) thefuture ) shareholde rloan Western Usedfor Trust- capital Evergrande increasein Western EnpingEquity 5OctoberEvergrand Trust Trust Investment 10,000Ownedfund5July20172019 eReal Cash 7.40% 1,666.52 737.97 716.59 0 Yes Yes Co.,Ltd. Collective Estate FundTrust Group Plan Enping Co.,Ltd. Usedfor developme ntand constructio nof Qujiangxia Western ngduBlock Trust- CProject Western Tiandiyuan 11 11 byXi’an Trust Trust (PhaseV) 12,000OwnedfundSeptemberSeptembTiandiyuanCash 6.80% 1,632 813.76 797.55 0 Yes Yes Co.,Ltd. Collective 2017 er2019 Real FundTrust Estate Plan Developme ntCo.,Ltd. and replaceme ntof external financing Shanxi Shanxi 27 27 Usedfor InternationTrust International 10,000OwnedfundSeptemberSeptembdevelopmeCash 7.60% 1,520 757.92 745.45 0 Yes Yes alTrust Trust·Wuxi 2017 er2019 ntand Co.,Ltd. Railway constructio Actual Whether Summary Referenc Actual principal Amount Whetherit therewill and Methodof prospective reservedfor reference Nameof TrusteeProducttype Amount Sourceof CommenceTerminati Funds Remunerat ed earnings(if profit& amount impairmentgothroughbeentrust trustee type funding mentdate ondate allocation annualize lossfortherecovered statutory finance (if ion dreturn applicable) period forthe (if procedures plansin applicable period applicable) thefuture ) StationNorth nofTainyu SquareA Garden BlockProject Residential Loan Project Collective PhaseI FundTrust andPhase Plan II3-7# Buildingin Wuxi Railway Station North SquareA Blockin Liangxi Direct, WuxiCity byWuxi Shimao Real Estate Developme ntand Constructio nCo.,Ltd Shanxi Usedfor International working Shanxi Trust·Green capital Internation Source 31October31 supplemen alTrust Trust Farmers 10,000Ownedfund2017 October tof Cash 7.70% 1,540 767.89 373.33 0 Yes Yes Co.,Ltd. MarketTrust 2019 offering Loan trustloans Collective toGreen FundTrust Source Actual Whether Summary Referenc Actual principal Amount Whetherit therewill and Methodof prospective reservedfor reference Nameof TrusteeProducttype Amount Sourceof CommenceTerminati Funds Remunerat ed earnings(if profit& amount impairmentgothroughbeentrust trustee type funding mentdate ondate allocation annualize lossfortherecovered statutory finance (if ion dreturn applicable) period forthe (if procedures plansin applicable period applicable) thefuture ) Plan Farmers Market Co.,Ltd. Usedfor developme ntand Shanghai constructio Xintuo- nofYunhai Shanghai Oceanwide Garden Internation Wuhan 9 9May Project alXintuo Trust Yunhai 10,000OwnedfundNovember2019 (Block24-Cash 6.50% 972.33 648.22 0 0 Yes Yes Trade Garden 2017 1)by Company Collective Wuhan Trust CBD Investment &Develop ment Co.,Ltd. Shanghai Jiangnan (Group) Co.,Ltd. usedthe fundsto Zhongrong Zhongrong- 15 15 repay InternationTrust JunzunNo.1 15,000OwnedfundDecemberDecembeexisting Cash 8.00% 2,400 1,196.71 1176.99 0 Yes Yes alTrust Trust 2017 r2019 debtsand Co.,Ltd. acquire equity sharesof Sichuan Tengdun Technolog yCo.,Ltd. Actual Whether Summary Referenc Actual principal Amount Whetherit therewill and Methodof prospective reservedfor reference Nameof TrusteeProducttype Amount Sourceof CommenceTerminati Funds Remunerat ed earnings(if profit& amount impairmentgothroughbeentrust trustee type funding mentdate ondate allocation annualize lossfortherecovered statutory finance (if ion dreturn applicable) period forthe (if procedures plansin applicable period applicable) thefuture ) andits operation service company Usedfor the developme ntand constructio Huarong- nofthe Lianyungang "Lianyunga Huarong Tongke 1 ng InternationTrust Equity 2,000Ownedfund1March March202ExcellenceCash 9.00% 360.49 150.41 144.27 0 Yes Yes alTrust Investment 2018 0 BlueCoast Co.,Ltd, Collective "projectof TrustPlan Tianqian Real Estate Company under Tongke Group Usedfor theXiamen Rongxin·R Western ongxinBow Western Trust·Rongxi anproject Trust Trust nBowan 10,000Ownedfund27 27June developmeCash 8.80% 1,101.81 672.66 636.11 0 Yes Yes Co.,Ltd. Collection March20182019 ntof FundTrust rongxin Plan newfield (Xiamen) Real Estate Actual Whether Summary Referenc Actual principal Amount Whetherit therewill and Methodof prospective reservedfor reference Nameof TrusteeProducttype Amount Sourceof CommenceTerminati Funds Remunerat ed earnings(if profit& amount impairmentgothroughbeentrust trustee type funding mentdate ondate allocation annualize lossfortherecovered statutory finance (if ion dreturn applicable) period forthe (if procedures plansin applicable period applicable) thefuture ) Developme ntCo.,Ltd. Usedfor stock AvicTrust pledgeof [2018]No.92C the entury outstandin AvicTrust Trust Huatong 15,000Ownedfund14May 14May gsharesofCash 8.40% 1,260 797.42 0 0 Yes Yes Co.,Ltd. StockPledge 2018 2019 Century FundTrust Huatong Plan (SZ. 002602),a listed company. Usedfor thetransfer oftheright tospecific Shanxi assetsof International Qidong Shanxi Trust-Qidong HengdaOff InternationTrust HengdaOffsh 15,000Ownedfund25May 25May shore Cash 8.60% 1,290 777.53 738.66 0 Yes Yes alTrust oreVenice 2018 2019 Venice4-3 Co.,Ltd. Collection parcel FundTrust project Plan legallyheld byQidong Qinsheng realestate Co.,Ltd. Minmetals Minmetals Usedfor InternationTrust International 15,000Ownedfund27June 27June the Cash 8.50% 1,275 614.79 614.79 0 Yes Yes alTrust Trust-Unitrust 2018 2019 developme Co.,Ltd. No.32- ntand Actual Whether Summary Referenc Actual principal Amount Whetherit therewill and Methodof prospective reservedfor reference Nameof TrusteeProducttype Amount Sourceof CommenceTerminati Funds Remunerat ed earnings(if profit& amount impairmentgothroughbeentrust trustee type funding mentdate ondate allocation annualize lossfortherecovered statutory finance (if ion dreturn applicable) period forthe (if procedures plansin applicable period applicable) thefuture ) Changli constructio Wenzeng nof No.66 Nanjing Collection Pukou Fundtrust Pujiang Plan StreetG24 plotunder thename ofNanjing Shirong Real EstateCo., Ltd. Toinvest inthe special creditor's rightsof Wuxi Shanghai Huajun Shanghai International Real Internation Xintuo-Wuxi 27 26 Estate alXintuo Trust HuajunBond 5,000OwnedfundSeptemberSeptembDevelopmeCash 7.20% 360 0 0 0 Yes Yes Trade Investment 2018 er2019 ntCo., Company FundTrust Ltd.,a Plan subsidiary ofzhuhai Huafa Industrial Co.,Ltd., asthe debtor AvicTrust Trust Avic 10,000Ownedfund28 27 Usedfor Cash 9.00% 900 204.66 204.66 0 Yes Yes Co.,Ltd. Trust.Apocaly SeptemberSeptembgranting Actual Whether Summary Referenc Actual principal Amount Whetherit therewill and Methodof prospective reservedfor reference Nameof TrusteeProducttype Amount Sourceof CommenceTerminati Funds Remunerat ed earnings(if profit& amount impairmentgothroughbeentrust trustee type funding mentdate ondate allocation annualize lossfortherecovered statutory finance (if ion dreturn applicable) period forthe (if procedures plansin applicable period applicable) thefuture ) pse[2017] 2018 er2019 trustloans No.675 toYunnan Kunming Kaimou Longxi Real HuatingTrust Estate Loan Developme Collection ntCo., FundTrust Ltd., Plan specifically forthe "Evergrand eLongxi Huating" projectin themain urbanarea ofKunming Usedfor subscribing financial investment productsor Avic other Trust.Apocaly projects AvicTrust pse 19 19June and Co.,Ltd. Trust No.556Tianch 40,000OwnedfundDecember2019 products Cash 7.80% 1,555.73 102.58 0 0 Yes Yes engjufu 2018 permitted Investment bythelaws Fund and regulations suchas depositin bank, money Actual Whether Summary Referenc Actual principal Amount Whetherit therewill and Methodof prospective reservedfor reference Nameof TrusteeProducttype Amount Sourceof CommenceTerminati Funds Remunerat ed earnings(if profit& amount impairmentgothroughbeentrust trustee type funding mentdate ondate allocation annualize lossfortherecovered statutory finance (if ion dreturn applicable) period forthe (if procedures plansin applicable period applicable) thefuture ) market fundand corporate bonds Total -- 204,000 -- -- -- -- -- -- 21,573.8810,107.40 -- 0 -- -- -- Entrustfinanceexpectedtobefailedtorecoverprincipleorothersituationleadingtoimpairment ?Applicable√N/A 17.3.2Entrustloans ?Applicable√N/A Nosuchcasesinthereportingperiod. 17.4Othersignificantcontracts ?Applicable√N/A Nosuchcasesinthereportingperiod. 18.Socialresponsibilities 18.1Informationabouttakingsocialresponsibilities Theinformationabouttakingsocialresponsibilitiesdisclosedin2018AnnualSocialResponsibilitiesReportindetailonwww.cninfo.com.cnon30April2019. 18.2Informationabouttargetedpovertyalleviation 18.2.1Targetedpovertyalleviationplan AccordingtotheoverallarrangementoftheSuqianmunicipalpartycommitteeandthemunicipalgovernmentonpovertyalleviationandbuildingawell-offsocietywiththeworkof"guancunbaohu"and"threeintothreehelp",theCompanyactivelyrespondedtothecallandquicklyimplementedtherelevantrequirementswithpracticalactionstopracticethespiritofenterpriseandtakebravelysocialresponsibility. In2018,theCompanyearnestlyimplementthespiritofthe19thNationalCongressoftheCommunistPartyofChinawithprecisioninpovertyalleviationandspeedinguppovertyasownduty,aroundsupportmissionsupportplancarefully.TheCompanyestablishedvillagecollectiveproject-cattlefarmforQiuzhaungvillage.Oneachquarter,theCompanyvisited200farmersfromTaipingvillageandDagouvillageindepthsoastocollectinformationontheapplicationcalledSunnyPovertyAlleviationandensurethatthe"gucunbaohu"workwithhighqualityandefficiency.Itpromotestheruraldevelopment,andenhancesthefarmers'income,strengthenstherelationshipbetweencadresandmasses,andmakesduecontributionsto“liangjuyigao”work. 18.2.2Summaryofannualtargetedpovertyalleviation Accordingtotherequirementsofthemunicipalpovertyreliefofficeandsunshineoffice,theCompanyhasdoneagoodjobin"guancunbaohu"work.TheCompanyhaslinkedupwithQiuzhuangvillageinYangheNewDistrict,andeachbranchisresponsiblefortheassistanceworkfor200low-incomehouseholdsinDaguovillageandTaipingvillage,amongwhich99householdsareinTaipingvillageand101inDaguovillage.Afterthreeconsecutiveyearsofassistance,bytheendof2018,thetasksofpairingassistancewerecompletedaccordingtotheschedule.ThecollectiveeconomicincomeofQiuzhuangvillagewasCNY240,000in2018,exceedingtheannualtaskrequirement.Atthesametime,theCompanyorganizedandcarriedoutspecialpovertyalleviationactivities,suchas"takingthegrassrootslevel,emphasizingpolicies,adjustingstructures,helpingthethreesummers",andconsolingwithpartymembersindifficultiesorbeingill. 18.2.3Povertyalleviationachievement Indicator Unit Amount/ImplementationSituation A.Overallsituation —— —— Including:1.Fund CNY10,000 479.5 2.Goodsconvertedinto CNY10,000 7.13 cash 3.Establishingcardfor Person 201 archivesofpoorpeopleoutofpoverty B.Inputbyproject —— —— 1.Industrialdevelopment —— —— Including:1.1Typesofpoverty Povertyalleviationthrough alleviationprojectsforindustrial —— agricultureandforestry development 1.2Numberofpoverty alleviationprojectsforindustrial Item 1 development 1.3Amountinvestedin povertyalleviationprojectsfor CNY10,000 15 industrialdevelopment 2.Transferandemployment —— —— 3.Removalandrelocation —— —— 4.Educationalpovertyalleviation —— —— 5.Healthpovertyalleviation —— —— 6.Ecologicalprotection —— —— 7.Basicguarantee —— —— 8.Socialpovertyalleviation —— —— 9.Otherproject —— —— Including:9.1.Item Item 5 9.2.Inputamount CNY10,000 471.63 C.Awards(contentandlevel) —— —— 18.2.4Follow-uppovertyalleviationplan a.Keyfollow-uptheguacunwork.Theprojecthelpspromote"hematopoietic"povertyalleviation.ItmainlyfollowsupthecollectiveeconomicassistanceprojectofQiuzhuangvillageinthelinkedvillage--thecontractedoperationprojectofcattlefarm,andstrivestoachievetheexpectedresults.Taking"Partymemberactivityday"and"Nationalpovertyalleviationday"asthestartingpoint,theCompanygivesfullplaytotheleadingroleofpartymembersandcadres,andtimelyprovidestechnicalandoperationalsupportforthecattlefarmproject.Withthevillagecommittees,theCompanywillcombthevillageeconomicdevelopmentprojectsinnewyear,revitalizetheexistingvillagecollectiveassets,mobilizetheenthusiasmofeveryvillager.Inaddition,itplanstoinvestCNY200,000tohelpQiuzhuangvillagetransfer200muofcollectiveland,andestablishcollectiveestateandcreatenewcollectiveeconomicgrowthpoint. b.Carryoutthe“Baohu”workindepth.In2019,theCompanywillcontinuetocarryoutthepairingsupportwork.Intheprocess,theCompanywillstrengthenorganizationalleadership,clearworktask,adheretocarryingoutthetaskandtakingtheresponsibilitywithpovertyalleviationfunds,andseriouslyimplementthesupportwork.TheCompanywillmobilizethepersoninchargeofeachbranchtoconductadetailedinvestigationintobasicinformationofpairingfamilies,childrenofunemploymentsituation,theirchildrentoschool,thecausesfortheextremelypoorfarmerspovertyandincomesituationthroughholdingseminarsandvisitingthemasses,whichhelpssolvetheirdifficultiesinproductionandliving. c.Createprofileanddynamictracking.WiththeapplicationcalledSunnyPovertyAlleviation,theCompanywillestablishabasicinformationdatabaseforhelpingandsupportinghouseholds,whichformsadynamicinformationfeedbackmechanismwithtimelyfollow-upandupgrade.Accordingtothedynamictrackingofinformationobtainedbyeachvisitingsuchasbasicinformationofpairingfamilies,childrenofunemploymentsituation,theirchildrentoschool,thecausesforthepovertyofextremelypoorfarmers,theCompanydeeplyunderstandsthenumberofdifficultfarmers,thecauseforpoverty,difficultylevel,farmers’specialtyandemploymentdemand.Accordingtothedifferentsituationofeachpairatdifferenttimes,theCompanymakesmorereasonableandeffectivesupportmeasuresintime,andtimelyimplementrelevantpoliciesinsupportingthesehouseholds. d.Responsibilitytopersonandlong-termmanagement.Pairing-inrelationshipisrelativelystable.Inprinciple,theCompanyholdsonstraighttotheendforpovertyalleviation.Atthesametime,thesupervision,inspectionandassessmentofthepersonresponsibleforhelpingthepoorshouldbestrengthened,andthepovertyalleviationworkshouldbeincludedinthecompany's"Goldpartybranch"assessment.Partymembersorbranchesthathaveachievedremarkableresultsinhelpingthepoorandcanplayanexemplaryroleinthebranchshouldbecommended,soastomobilizetheenthusiasmofthebranchinhelpingthepoorandensurethehigh-qualityandefficient"one-to-onehelp".Atthesametime,"tracemanagement"isimplementedtohelpestablishtheworkledger.Itisrequiredthatthepersonresponsiblefortheassistanceshouldfillintheinterviewrecordandotherrelevantinformationinthepovertyalleviationmanualandotherrelevantmaterialsforlaterinspectionwhentheycarryoutthevisitandinvestigation.Theparty committeeoftheCompanyshallconductrandominspectiononthevisitsofthepersonsresponsiblefortheassistanceeveryquarter,collectandlistentothecommentsonthepersonsinchargebypoorvillagers,andchecktheworkledgeroftheassistance. e.Targetedpoliciesandtargetedpovertyalleviation.Accordingtodifficultiesofovercomingpovertyandurgentmeasures,theCompanydevelopsafeasibleplanagainstpovertyandanalyzesthepovertyalleviationsituationintheprocess.For"one-to-one"assistance,theresponsiblepersonsforassistancearemobilizedtoconductin-depthcommunicationinthehomesofpairedfamiliestotrulyunderstandwherepovertyiscaused,andtheresponsiblepersonsforassistanceareurgedtomaketargetedpoliciesaccordingtotheactualsituationoftheobjectsofassistance.Inlinewiththeprincipleof"whatyoulackandwhatissupplied,whatyouneedandwhatishelped",theCompanyexploreswaystoaddressbothsymptomsandrootcauses,comprehensivelydevelopnewapproaches,broadenthethinkingandprovideaccuratehelp. 18.3Informationaboutenvironmentprotection Whetherthelistedcompanyanditssubsidiariesbelongtoheavypollutingindustriesprescribedbytheenvironmentalprotectiondepartments Yes Nameofmain Amountof Distribution Company pollutantand Discharge dischargeofdischarge Emission Pollutiondischarge Totalemission Approvedtotal Excessive name particular type outlet outlet concentration standard emission discharge pollutant COD:107mg/L;AmmCOD:400mg/L;AmmCOD:260.72ton; COD:293tonper Jiangsu COD onia onia Ammonia year;Ammonia Yanghe Ammonia nitrogen:5.8mg/L;Totnitrogen:30mg/L;Totnitrogen:15.38ton;Tnitrogen:17.2tons Brewery nitrogenTotal Indirectdischarge 1 Withinsite al al otalnitrogen:69.42 peryear;Total No Joint-Stock nitrogenTotal nitrogen:24.3mg/L;Tnitrogen:50mg/L;Tottons;Total nitrogen:78tonsper Co.,Ltd. phosphorus otalphosphorus: al phosphorus:5.76 year;Total phosphorus:3mg/L phosphorus:6.62 2.1mg/L tons(2018) tonsperyear Jiangsu COD:67.34tons; COD:540.61tonsper Shuanggou COD NewandoldCOD:130mg/L;AmmCOD:400mg/L;AmmAmmonia year;Ammonia Distillery Ammonia Indirectdischarge 2 factoryareaonianitrogen:5mg/Lonia nitrogen:2.59tons nitrogen:56.31tons No Stock nitrogen nitrogen:35mg/L (2018) peryear Co.,ltd. COD:118.2 Jiangsu COD:160mg/L;AmmCOD:400mg/L;Ammtons;Ammonia Yanghe COD onia onia nitrogen:12.56 COD:672tonsper Brewery Ammonia nitrogen:9mg/L;Totanitrogen:30mg/L;Tottons;Total year;Ammonia Joint-Stock nitrogenTotal Indirectdischarge 1 Withinsite l al nitrogen:29.56 nitrogen:42tonsper No Co.,Ltd. nitrogenTotal nitrogen:35mg/L;Totnitrogen:40mg/L;Tottons;Total year Siyang phosphorus al al phosphorus:2.21 Branch phosphorus:1.5mg/Lphosphorus:3mg/L tons(2018) Guizhou COD Directdischarge COD: COD;100mg/L;AmmCOD:1.6 COD:2.06tonsper Guijiu Ammonia aftertreatmentup 1 Withinsite onia tons;Ammonia year;Ammonia No nitrogenSulfur 21mg/L;Ammonia nitrogen:15mg/L;Sulfnitrogen:0.05 nitrogen:0.31tonsper Co.,Ltd. dioxide tothestandards nitrogen:0.64mg/L;Sur tons;Sulfur year;Sulfur Nameofmain Amountof Distribution Company pollutantand Discharge dischargeofdischarge Emission Pollutiondischarge Totalemission Approvedtotal Excessive name particular type outlet outlet concentration standard emission discharge pollutant Nitrogenoxide ulfur dioxide:550mg/L;Nitdioxide:0.001tons; dioxide:52.5tonsper dioxide:0.1mg/L;Nitrrogen Nitrogenoxide:3.28year;Nitrogen ogen oxide:400mg/L tons(2018) oxide:17.2tonsper oxide:88.5mg/L year Hubei COD:0.492 COD:14.2tonper Lihuacun COD COD:132mg/L;AmmCOD:400mg/L;Ammton;Ammonia year;Ammonia Liquor Ammonia Indirectdischarge 1 Withinsite onia onia nitrogen:0.0525tonnitrogen:1.42tons No Industry nitrogen nitrogen:14.1mg/L nitrogen:30mg/L (2018) peryear Co.,Ltd. Constructionandoperationofpollutionpreventionandcontrolfacilities a.Thesewagetreatmentstation’sdesignedcapacityis10,000tonsperday.TheprojecttotalinvestmentisCNY96millionanditcoversanareaof19,000squaremeters.Thesewagetreatmentadoptsphysicaltreatmentmethod,chemicaltreatmentmethodandanaerobicbiologicaltreatmentmethod,aerobicbiologicaltreatmentmethod,goodoxygentreatmentmethod,whichachievesthetreatmentofhigh-concentrationwastewaterof250tonsperhour.Itimplementsthe"FermentationAlcoholandLiquorIndustrialPollutantsEmissionStandardsCB27631-2011"IndirectEmissionsStandards.In2018,thesewagetreatmentstationimplementsefficientinvestmentitemupgradeproject,mainlyincludinganaerobicmaintenance,coolingofbiochemicalpool,upgradeofintelligentparametermonitoringandtotalnitrogenetc.ThetotalinvestmentisCNY10.871million.Aftertheimplementation,theanaerobictreatmentunitofthesewagetreatmentstationcanproduce4.417millionsterebiogasperyear.Thesteamproductioncanreach60,900tons.TheannualeconomicbenefitfromsteamproductionisCNY12million.Theannualamountofbiogasincreased36.82%yearonyearandsteamproductionincreased37.22%yearonyear. b.ThesewagetreatmentstationinShuanggouDistilleryNewAreawascompletedandputintouseattheendofSeptember2013,withatotalinvestmentofCNY42.5millionandanannualoperatingcostofCNY13million.ThesewagetreatmentstationinletCODandammonianitrogenconcentrationareabout10000mg/land130mg/lrespectively.TheeffluentCODandammonianitrogenconcentrationareabout130mg/l(thedischargestandardis400mg/l)and5mg/l(thedischargestandardis35mg/l),withimplementationof"Shuanggoutownsewagetreatmentplanttakeoverstandards".Inthepastthreeyears,therehavebeennoenvironmentalpollutionaccidentsorpenaltiesbyenvironmentalprotectiondepartmentsinShuanggouDistillery.ShuanggouDistilleryhassetupahazardouswastewarehousetocollecthazardouswastegeneratedin productionandliving.Thewarehouseisdividedinto:wastebattery,desulfurizer,solidwasteagent,liquidwasteagent,daylightlamptube,desulfurizerandotherareasforclassifiedstoragesoastopreventcross-contamination.ShuanggouDistilleryshallalsodeclarethehazardouswasteinformationthroughthedynamicmanagementsystemofhazardouswasteinJiangsuprovince,andregularlysubmitthehazardouswastetoqualifiedcompaniesforlegaldisposal. c.ThesewagetreatmentstationofSiyangBranchoftheCompanycoversanareaofabout15,000squaremeters,withatotalinvestmentofCNY50million.TheconstructionstartedinApril2014andwascompletedinJune2015.OnDecember28,2015,itwasofficiallyacceptedbytheenvironmentalprotectiondepartment.Thedesignedtreatmentcapacityis6000tonsperday.Intermsofprocesstreatment,EGSB+AAO+deeptreatmenttechnologyisadopted.Thehigh-concentrationwastewatercanbetreatedupto250tonsperhour.Aftertreatment,allindicatorsreachedtheindirectemissionstandardof"FermentedAlcoholandLiquorIndustrialPollutantEmissionStandardCB27631-2011".In2018,Siyangsewagetreatmentstationimplementsefficientinvestmentitemupgradeproject,mainlyincludinganaerobicmaintenance,coolingofbiochemicalpool,upgradeofintelligentparametermonitoringandtotalnitrogenetc..Aftertheimplementation,theanaerobictreatmentunitofthesewagetreatmentstationcanproduce4.67millionsterebiogasperyear.Thesteamproductioncanreach63,000tons.TheannualeconomicbenefitsfromsteamproductionisCNY12.7468million.Theannualamountofbiogasincreased24.5%yearonyearandsteamproductionincreased24.5%yearonyear.d.ThesewagetreatmentsystemofGuijiuCompanyhasatreatmentcapacityof250tonsperday.ThedischargeofwastewatershallbeinaccordancewiththeDischargeStandardsforWaterPollutantsinFermentedAlcoholandLiquorIndustryGB27631-2011Table2EmissionStandards.Atthesametime,anonlinedetectionsystemisinstalledandthefacilitiesareingoodcondition.Theboileroperateswithnaturalgas,andthewastegasisdischargeddirectly.Theexhaustgasemissionshallbeinaccordancewiththe"BoilerAirPollutantEmissionStandard"(GB13271-2014)Table2GasBoilerLimitedDischargeStandard.Thesolidwaste(distillers'grains)generatedintheproductionisallprocessedbyathird-partyqualifiedcompany,andthetreatmentmethodisintegratedutilizationfortheproductionoffertilizer.NoiseismainlyduetoQuyaocrusher,boilerroomfan,packagingworkshop,powerdistribution.Theequipmentisinstalledwithabsorptiontreatmentorsoundinsulationintheroomtoreducetheimpactofnoise.Atthesametime,theplantingaroundthehigh-noisebuildingsisstrengthenedtoachievethegoalofnoisereduction.TheCompanyusesanaerobicUASB/goodoxygen(contactoxidation)totreatmixedsewageinproductionandliving.Atthesametime,theCompanyinstalledCOD,ammonianitrogen,PH,andflowmeterautomaticmonitoringinstrument,andpreparedledgersforalloperatingfacilitiesandequipment;Theequipmentisingoodcondition. e.ThewastewaterofLihuacunLiquorIndustryistreatedbycombinedprocess;Eachworkshopisequippedwithmufflersandindependentmachineroomwiththeindependentfoundationandsoundabsorptionmaterialandsoundinsulationmaterialforreducingthenoise;Solidwasteistreatedbycomprehensivetreatmentmethod. Environmentalimpactassessmentofconstructionprojectsandotheradministrativepermitsforenvironmentalprotection TheCompanyandeachsubsidiary’sconstructionprojectenvironmentalimpactreportsand"threeatthesametime"acceptancematerials,pollutantdischargepermitandothermaterialsarecomplete. Emergencyplanforenvironmentalemergencies TheCompanyanditssubsidiarieshavemadeemergencyplansforenvironmentalemergencies,amongwhichtheCompany,ShuanggouDistilleryandSiyangBranchoftheCompanyhavefiledwithJiangsuProvinceEnvironmentalProtectionDepartment.Thefilenumbersare32000020140595,32000020140604and32000020140594respectively.TheemergencyplanofenvironmentalemergenciesofGuijiuCompanyshallbeputonrecordintheenvironmentalsupervisionbrigadeofXiuwenCountyandmanagedbyGuizhouProvinceEnvironmentalEmergenciesCenter.LihuacunLiquorIndustryhasformulatedtheemergencyplanforenvironmentalpollutionaccidents,whichwillbefiledwithYunyangDistrictEnvironmentalProtectionBureauonSeptember2018.Environmentalself-monitoringprogramme TheCompany,ShuanggouDistillery,SiyangBranchoftheCompanyandGuijiuCompanyhavealldevelopedtheirownenvironmentalmonitoringprogramsandfiledthemwiththecompetentauthorities;LihuacunLiquorIndustryfailedtomeettheminimumstandardsofthelocalenvironmentalprotectiondepartment(YunyangDistrictEnvironmentalProtectionBureau)intermsofthescaleofwaterusedforproduction,andfailedtodevelopanenvironmentalself-monitoringplan. Otherenvironmentalinformationthatshouldbemadepublic N/A Otherenvironmentalrelatedinformation a.Duetotheonlinedetectioninstrumentfailureofchemicaloxygendemand(COD),theCompanyhasfourexcessCODdatainthemonitoringplatformoftheenvironmentalprotectiondepartment,namelythreeonMarch19,2018andoneonMay5,2018,whichhavebeenreportedtotheSuqianEnvironmentalProtectionBureaubythethird-partymaintenanceunit. b.OnNovember152017,JiangsuProvinceEnvironmentalProtectionBureauinspectedthesludgedisposalandtransferinSiyangBranchoftheCompanyaccordingto“Theproductionanduseofindustrialsludgedisposalunitchecklist(tryout)".OnFebruary23,2018,thebureaureleasedThesituationoftheprovinceofhazardouswastestandardizationmanagementexaminationin2017bulletin(SuHuanBan(2018)No.58),whichmentionedthetheproblemofnonstandardparameterrecordsofsludgeinSiyangBranchoftheCompany.TheEnvironmentalProtectionDepartmentofJiangsuProvincerequiredthelocalenvironmentalprotectiondepartmenttourgetheenterprisestomakerectification.TheSiyangBranchoftheCompanyquicklymadetherectificationplanandcompletedtherectificationonMay302018.TherectificationsituationwastimelyreportedtotheSiyangCountyEnvironmentalProtectionBureau,andtherectificationmeasuresandresultsmettherequirementsofthebureau. c.InJanuary2018,theCompanyandJiangsuShuanggouDistilleryStockCo.,Ltd.wereawardedthehonorarytitleofSuqianGreenDemonstrationEnterprise.InDecember2018,theCompanywasawardedthetitleof“JiangsuProvinceWater-SavingEnterprise”again.19.Othersignificantevents √Applicable?N/A 1.TheCompanyindirectlyheldpartnershipshareofJiangsuJiequanEmergingIndustryDevelopmentFund(LimitedPartnership)viaJiangsuXingheInvestmentManagementCo.,Ltd.andNanjingXingnaheVentureCapitalInvestmentpartnership(Limited Partnership). Jiangsu Jiequan Emerging Industry Development Fund (Limited Partnership)completedfund-raisingandputinrecordinAMAC.TherecordnumbersareSCF515andSCL005.ItwasdisclosedindetailontheAnnouncementofcooperativeinvestmentwithprofessionalinvestmentinstitutions(No:2017-021)on30December2017andtheAnnouncementofprogressofcooperativeinvestmentwithprofessionalinvestmentinstitutions(No:2018-011)on12April2018. 2.SuWineWealthManagementCo.,Ltd.,awholly-ownedsubsidiaryoftheCompany,hassubscribedthepartnershipsharesofSuzhouDanqingPhaseIIInnovativePharmaceuticalIndustryInvestmentPartnership(limitedpartnership).Fordetails,pleaserefertotheAnnouncementoncooperationandinvestmentwithprofessionalinvestmentinstitutions(AnnouncementNo:2018-021)andAnnouncementoncooperationandinvestmentwithprofessionalinvestmentinstitutions(AnnouncementNo: 2018-030)disclosedbytheCompanyonApril282018andNovember162018. 3.JiangsuYangheInvestmentManagementCo.,Ltd.willsubscribedthepartnershipsharesofPanmao(Shanghai)InvestmentCenter(limitedpartnership).Fordetails,pleaserefertotheannouncementoncooperationandinvestmentwithprofessionalinvestmentinstitutions(AnnouncementNo:2018-025)disclosedbytheCompanyonJune222018. 20.Significanteventsofsubsidiaries ?Applicable√N/A SectionVIChangesinSharesandInformationaboutShareholders 1.Changesinshares 1.1Changesinshares Unit:Share Before Changesinthisyear(+,-) After Number Proportion Issuanceof Bonus Capitalizationof Other Subtotal Number Proportion newshares shares capitalreserves I.Restrictedshares 264,793,987 17.57% 0 0 0 -6,291,811 -6,291,811 258,502,176 17.15% 1.Sharesheldbythestate 0 0.00% 0 0 0 0 0 0 0.00% 2.Sharesheldbystate-owned 0 0.00% 0 0 0 0 0 0 0.00% corporations 3.Sharesheldbyotherdomestic 264,793,987 17.57% 0 0 0 -6,291,811 -6,291,811 258,502,176 17.15% investors Amongwhich:Sharesheldby 249,480,000 16.55% 0 0 0 0 0 249,480,000 16.55% domesticcorporations Sharesheldbydomesticindividuals 15,313,987 1.02% 0 0 0 -6,291,811 -6,291,811 9,022,176 0.60% 4.Sharesheldbyforeigninvestors 0 0.00% 0 0 0 0 0 0 0.00% Amongwhich:Sharesheldbyforeign 0 0.00% 0 0 0 0 0 0 0.00% corporations Sharesheldbyforeignindividuals 0 0.00% 0 0 0 0 0 0 0.00% II.Non-restrictedshares 1,242,194,013 82.43% 0 0 0 6,291,811 6,291,811 1,248,485,824 82.85% 1.CNYcommonshares 1,242,194,013 82.43% 0 0 0 6,291,811 6,291,811 1,248,485,824 82.85% 2.Domesticallylistedforeignshares 0 0.00% 0 0 0 0 0 0 0.00% 3.Overseaslistedforeignshares 0 0.00% 0 0 0 0 0 0 0.00% 4.Others 0 0.00% 0 0 0 0 0 0 0.00% III.Totalshares 1,506,988,000 100.00% 0 0 0 0 0 1,506,988,000 100.00% Reasonsforthechangeinshares √Applicable?N/A ThereasonsforthechangeoftheCompany'ssharesaremainlycausedbytheunlockedsharesheldbytheCompany'sdirectorswholeftandthelockchangesofsharesheldbysomeofcurrentdirectorsandexecutivesduringthereportingperiodafterthereductionoftheirshares. Approvalofsharechanges ?Applicable√N/A Transferofshareownership ?Applicable√N/A Implementationprogressofsharerepurchases ?Applicable√N/A Implementationprogressofsharebuybackreductionthroughcentralizedbidding ?Applicable√N/A EffectsofchangesinsharesonthebasicEPS,dilutedEPS,netassetspershare attributabletocommonshareholdersoftheCompanyandotherfinancialindexesover thelastyearandthelastreportingperiod ?Applicable√N/A OthercontentsthattheCompanyconsidersnecessaryorisrequiredbythesecurities regulatoryauthoritiestodisclose ?Applicable√N/A 2.Changesinrestrictedshares √Applicable?N/A Unit:Share Nameof Opening UnlockedinthisIncreased Closing Dateof shareholder restricted period inthis restricted Reasonforchange unlocking shares period shares ZhouXinhu 2,533,718 -375,000 0 2,158,718Lockedupdueto N/A currentdirectorposition Lockedupdueto ZhenBujun 53,550 -4,800 0 48,750currentsenior N/A managementposition Unlockeddueto ZhongYuye 5,912,011 -5,912,011 0 0leavethedirector 2018-8-9 position Total 8,499,279 -6,291,811 0 2,207,468 -- -- 2.Issuanceandlistingofsecurities 2.1Securities(excludingpreferenceshares)issuedinthereportingperiod ?Applicable√N/A 2.2Changesintotalsharesofthecompanyandtheshareholderstructure,aswellastheassetandliabilitystructure ?Applicable√N/A 2.3Existingstaff-heldshares ?Applicable√N/A 3.Shareholdersandactualcontroller 3.1Totalnumberofshareholdersandtheirshareholdings Unit:share Totalnumberof Totalnumberofcommon Totalnumberofpreference preference Totalnumberofcommonshareholdersat shareholdersattheprior shareholderswithresumed shareholders theendofthereportingperiod 36,382month-endbeforethe 33,267votingrightsattheperiod- 0withresumed 0 disclosuredateoftheannual end(ifany)(seenote8) votingrightsat report theperiod-end(if any)(seenote8) Shareholdingsofshareholderswithashareholdingpercentageover5%orthetop10shareholders Totalshares Increase/decr Numberof Numberof Pledgedorfrozenshares Nameofshareholder NatureofshareholderShareholding heldatthe easeduring restricted non-restricted Statusof Numberof percentage period-end thereporting sharesheld sharesheld shares shares period JiangsuYangheGroupCo.,Ltd. State-owned 34.16% 514,858,939 0 0 514,858,939Frozen 403,100 corporation JiangsuBlueAllianceJoint-StockCo.,Ltd. Domesticnon-state- 21.44% 323,138,626 0 249,480,000 73,658,626 ownedcorporation ShanghaiHaiyanLogisticsDevelopment State-owned 9.67% 145,708,137 0 0 145,708,137 Co.,Ltd. corporation HongKongSecuritiesClearingCompany Outboundcorporation 6.51% 98,137,423 36,193,800 0 98,137,423 Ltd.(HKSCC) ShanghaiJieqiangTobaccoSugar State-owned 4.08% 61,455,475 -4,371,672 0 61,455,475 &Wine(Group)Co.,Ltd corporation ChinaSecuritiesFinanceCorporationlimitedDomesticnon-state- 0.92% 13,790,044 53,474 0 13,790,044 ownedcorporation CentralHuijinAssetManagementCo.,Ltd. State-owned 0.85% 12,766,400 0 0 12,766,400 corporation XingyuanAssetManagementCo.,Ltd.- Outboundcorporation 0.66% 9,966,102 -1,153,196 0 9,966,102 clients'capital BankofChinaCo.,Ltd.–Liquorindex Other 0.61% 9,234,299 2,489,116 0 9,234,299 classificationsecuritiesinvestmentfundby ChinaMerchantsFund PlatinumInvestmentManagementCo.,Ltd. Outboundcorporation 0.56% 8,419,532 -997,268 0 8,419,532 Strategicinvestorsorgeneralcorporationsbecomingtop-ten N/A shareholdersduetoplacingofnewshares(ifany)(seenote3) Related-partiesoracting-in-concert N/A Shareholdingsofthetop10non-restrictedshareholders Nameofshareholder Numberofnon-restrictedsharesheldin Typeofshares theperiodend Type Number JiangsuYangheGroupCo.,Ltd. 514,858,939 CNYcommonshares 514,858,939 ShanghaiHaiyanLogisticsDevelopmentCo.,Ltd. 145,708,137 CNYcommonshares 145,708,137 HongKongSecuritiesClearingCompanyLtd.(HKSCC) 98,137,423 CNYcommonshares 98,137,423 JiangsuBlueAllianceJoint-StockCo.,Ltd. 73,658,626 CNYcommonshares 73,658,626 ShanghaiJieqiangTobaccoSugar&Wine(Group)Co.,Ltd 61,455,475 CNYcommonshares 61,455,475 ChinaSecuritiesFinanceCorporationLimited 13,790,044 CNYcommonshares 13,790,044 CentralHuijinAssetManagementCo.,Ltd. 12,766,400 CNYcommonshares 12,766,400 XingyuanAssetManagementCo.,Ltd.-clients'capital 9,966,102 CNYcommonshares 9,966,102 BankofChinaCo.,Ltd.–Liquorindexclassificationsecurities 9,234,299 CNYcommonshares 9,234,299 investmentfundbyChinaMerchantsFund PlatinumInvestmentManagementCo.,Ltd. 8,419,532 CNYcommonshares 8,419,532 Strategicinvestorsorgeneralcorporationsbecomingtop-ten N/A shareholdersduetoplacingofnewshares(ifany)(seenotes3) Explanationonthetop10commonshareholdersparticipatingintheN/A securitiesmargintrading(ifany)(seenotes4) Didanyofthetop10commonshareholdersorthetopnon-restrictedcommonshareholdersoftheCompanyconductanypromissoryrepurchase duringthereportingperiod. ?Yes√No Thetop10non-restrictedcommonshareholders,thetop10commonshareholdersdidnotconductanypromissoryrepurchaseduringthereporting period. 3.2Controllingshareholder Natureofcontrollingshareholder:Localstate-owned Typeofcontrollingshareholder:Corporation Nameof Legal controlling representative/ Dateof Credibility Mainbusinessscope shareholder Company establishment code principal Salesofbrewingmechanical equipment,LiquorExport,Import ofvariousrawandauxiliary JiangsuYanghe 91321300142materialusedforproduction, GroupCo.,Ltd. HanFeng 1997-05-08 334989Y equipmentandaccessories, Industrialinvestment;municipal publicengineering,building engineering,tourismcultural industryinvestment. Shareholdingsof thecontrolling shareholderin othercontrolledor non-controlled N/A listedcompaniesat homeorabroad duringthe reportingperiod Changeofthecontrollingshareholderduringthereportingperiod ?Applicable√N/A Nosuchcasesinthereportingperiod 3.3Actualcontrolleranditspersonsactinginconcert Natureofactualcontroller:LocalState-ownedAssetsSupervisionandAdministrationCommission Typeofactualcontroller:Corporation Legal Nameofactual representativ Dateof Credibilitycode Mainbusinessscope controller e/Company establishment principal Executionofdutyofstate- State-ownedAssets ownedenterprise'sinvestoron Supervisionand behalfofthePeople's Administration ZhaoXiaoli 2005-10-22 N/A GovernmentofSuqianand Commissionof implementationofSupervision Suqian andAdministrationofState- ownedAssetsandState- ownedEnterprises. Shareholdingsof thecontrolling shareholderinotherN/A controlledornon- controlledlisted companiesathome orabroadduringthe reportingperiod. Changeoftheactualcontrollerduringthereportingperiod ?Applicable√N/A Nosuchcasesinthereportingperiod. OwnershipandcontrolrelationsbetweentheactualcontrollerandtheCompany State-ownedAssetsSupervisionandAdministrationCommissionofSuqian 100% JiangsuYangheGroupCo.,Ltd. 34.16% JiangsuYangheBreweryJoint-StockCo.,Ltd. Theactualcontrollercontrolthecompanyviatrustorotherwaysofassetsmanagement?Applicable√N/A 3.4Othercorporateshareholderswithashareholdingproportionover10% √Applicable?N/A Legal Nameofactualcontroller representative/ Dateof Registeredcapital Mainbusinessscope Company establishment principal Salesofdaily products,research anddevelopmentof biologytechnology, JiangsuBlueAlliance furnitureproduction, Joint-StockCo.,Ltd. ZhangYubai 2016-07-28CNY105,600,000.00Business management consultingservice, fruittreeplanting, Salesof prepackagingfood. 3.5LimitsontheCompany’ssharesheldbyitscontrollingshareholder,actualcontroller,restructuringpartyandothercommitmententities. ?Applicable√N/A SectionVIIPreferenceShares ?Applicable√N/A Nosuchcasesinthereportingperiod SectionVIIIProfilesofDirectors,Supervisory,SeniorManagementandEmployees 1.Changeinsharesownedbydirectors,membersofsupervisorycommittee,seniormanagementand employees Shares Shares Shares Other Shares Incumbent Periodof heldatthe increasedatthe decreasedat increase/ heldatthe Name Officetitle /Former Gender Age service period- reportingperiod thereporting decrease period-end begin (share) period(share) (share) (share) (share) WangYao Chairmanoftheboard Incumbent Male 54 2015.2.10-2021.1.29 30,002 0 0 0 30,002 ZhongYu Deputychairmanofthe Incumbent Male 55 2015.2.10-2021.1.29 0 0 0 0 0 board,President HanFeng Director Incumbent Male 57 2015.2.10-2021.1.29 0 0 0 0 0 Cong Director,Vice Xuenian president,Secretaryof Incumbent Male 53 2015.2.10-2021.1.29 3,378,291 0 600,000 0 2,778,291 theboard,CFO Director,Vice ZhouXinhu president,Chief Incumbent Male 57 2015.2.10-2021.1.29 2,878,291 0 0 0 2,878,291 engineer Liu Director Incumbent Male 49 2018.1.29-2021.1.29 0 0 0 0 0 Huashuang WangKai Director Incumbent Male 42 2017.5.19-2021.1.29 0 0 0 0 0 XuZhijian Non-executivedirector Incumbent Male 55 2015.2.10-2021.1.29 0 0 0 0 0 CaiYunqing Non-executivedirector Incumbent Female 67 2015.2.10-2021.1.29 0 0 0 0 0 JiXueqing Non-executivedirector Incumbent Male 48 2015.2.10-2021.1.29 0 0 0 0 0 Chen Non-executivedirector Incumbent Male 53 2015.2.10-2021.1.29 0 0 0 0 0 Tongguang FengPantai Chairmanof Incumbent Male 59 2015.2.10-2021.1.29 5,677,986 0 0 0 5,677,986 supervisorycommittee ChenYiqin Supervisor Former Male 58 2015.2.10-2019.4.11 0 0 0 0 0 Chen Supervisor Incumbent Male 54 2015.2.10-2021.1.29 0 0 0 0 0 Taiqing Chen Supervisor Incumbent Male 51 2015.2.10-2021.1.29 0 0 0 0 0 Taisong ZhouWenqi Supervisor Incumbent Female 53 2015.2.10-2021.1.29 0 0 0 0 0 Shares Shares Shares Other Shares Incumbent Periodof heldatthe increasedatthe decreasedat increase/ heldatthe Name Officetitle /Former Gender Age service period- reportingperiod thereporting decrease period-end begin (share) period(share) (share) (share) (share) LinQing Vicepresident Incumbent Female 44 2015.2.10-2021.1.29 0 0 0 0 0 ZhenBujun Vicepresident Incumbent Male 52 2015.2.10-2021.1.29 65,000 0 5,000 0 60,000 ZhuWei Vicepresident Incumbent Male 42 2015.2.10-2021.1.29 0 0 0 0 0 Total 12,029,57 0 605,000 0 11,424,570 0 2.Changesindirectors,supervisors,seniormanagementandemployees ?Applicable√N/A 3.Employmentinformation Professionalbackground,workexperienceandmajordutiesofdirectors,supervisorsandseniormanagement 3.1Directors Mr.WangYao,borninDecember1965,MasterofEngineeringofJiangnanUniversity,MBAofNanjingUniversity,Researcher-levelSeniorEngineer,representativeofthe19thNationalCongressoftheCommunistPartyofChina,craftmasterofChineseliquor.HeusedtoserveassecretaryofthepartybranchandDirectorofcrushingandqu-makingworkshopofJiangsuYangheBrewery,chairmanoftheboard,generalmanagerandsecretaryofthepartycommitteeofJiangsuYangheGroupColorPrintingCo.,Ltd.,deputygeneralmanager,deputysecretaryofpartycommittee,secretaryofthedisciplineinspectioncommissionofShuanggouDistillery,deputygeneralmanager,vicesecretaryofpartycommitteeandpresidentassistantofJiangsuSuWineindustryCo.,Ltd.,generalmanagerandvicepresidentofShuanggouDistillery,chairmanoftheboardandsecretaryofthethepartycommitteeofSuWineTradingCo.,Ltd..HeischairmanoftheboardandsecretaryofthethepartycommitteeoftheCompany,chairmanoftheboardofSuWineTradingCo.,Ltd.,DirectorofBlueAlliancecurrently. Mr.ZhongYu,borninMay1964,Masterdegree,SeniorEngineerandMasterofChineseliquor.HewasthedirectoroftechnologyandenvironmentalprotectiondepartmentinShuanggouDistillery;vicechiefengineer,presidentassistantanddirectorofproductionandtechnologycenterofShuanggouDistillery,deputygeneralmanagerofYangheBranchoftheCompany,brewingdirector,presidentassistant,vicepresidentoftheCompany,generalmanagerofSiyangBranchoftheCompany.Currently,Heisdeputychairmanoftheboard,president,vicesecretaryofthethepartycommitteeofYanghe,generalmanagerofYangheBranchoftheCompanyandchairmanoftheboardofShuanggouDistillery. Mr.HanFeng,borninOctober1962,Masterdegree.HeservedasdeputyheadofSiyangCountyinJiangsuprovince,memberofthepartycommittee,memberofstandingcommitteeofSiyang,chairmanoftheboardofYangheGroup,andShuanggouGroup.Atpresent,heisdirectoroftheCompany,chairmanoftheboardandsecretaryofthethepartycommitteeofSuqianIndustryDevelopmentGroupCo.,Ltd.,chairmanoftheboard,generalmanagerofYangheGroupandShuanggouGroup. Mr.WangKaiwasbornonAugust1977,BachelorDegree,IntermediateEconomist.HewasmanagerofbranddepartmentinmarketingcenterofShanghaiTobaccoGroupCo.,Ltd.,presidentassistantofShanghaiHaiyanLogisticsDevelopmentCo.,Ltd.HeisdirectoroftheCompanyanddeputygeneralmanagerofShanghaiHaiyanLogisticsDevelopmentCo.,Ltd. Mr.CongXuenian,borninJanuary1966,Masterdegree,SeniorEconomist.HeservedaschiefaccountantandfinancedirectorofYangheBrewery,financeministerofYangheGroup,secretaryoftheboard,financialadministrator,directorandvicepresidentoftheCompany.Atpresent,heissecretaryoftheboard,financialadministrator,Director,andVicePresidentoftheCompany,chairmanoftheboardofSuWineFortuneManagementCo.,Ltd.anddirectorofBlueAlliance. Mr.ZhouXinhu,borninAugust1962,MasterDegree,SeniorEngineer,MemberoftheexpertgroupofliquorprofessionalcommitteeofChinaFoodIndustryAssociation,ChiefliquortasterofChinaandMasterofChineseliquorcritic.HewastechnicianofYangheGroup,directorofqualityinspectiondepartmentandblendingandstoragedepartment,deputygeneralmanagerofYangheBrewing,vicechiefengineer,chiefengineerandvicepresidentofCompany.Atpresent,heisdirector,vicepresidentandchiefengineerofCompany. Mr.LiuHuashuang,borninDecember1970,MBAofFudanUniversity,Accountant.HewasthedirectorofmarketingdepartmentanddeputygeneralmanagerofYangheBrewing,generalmanagerofYangheBlueClassic,generalmanagerofYangheBrewing,memberofthestandingpartycommitteeofCompany,deputygeneralmanagerandvicesecretaryofpartycommitteeofJiangsuSuwineindustrialCo.,Ltd.,vicechairmanoftheboardofSuWineTradeGroup.Atpresent,heisthememberofthestandingpartycommitteeoftheCompanyanddirectorofstrategicstudies,secretaryofthepartycommitteeandvicechairmanofSuWineTradeGroup. Mr.XuZhijian,borninMarch1964,MasterandDoctordegree,professor.HewasdirectorofChinaNetherlandsBusinessAdministrationEducationCenterofNanjingUniversity,directorofEMBAProgramofNanjingUniversity&CornellUniversity,directorofInternationalBusinessAdministrationEducationCenterofNanjingUniversity,AssistantDeanofBusinessCollegeofNanjingUniversity,DirectoroftheDepartmentofBusinessAdministrationofNanjingUniversity.Atpresent,heisnon-executivedirectorofYanghe,NanjingPortCo.,Ltd.,JiangsuMaystaChemicalCo.,Ltd.andGlarunTechnologyCo.,Ltd.,ProfessorofBusinessCollegeofNanjingUniversity. Ms.CaiYunqing,borninDecember1952,DoctorofMedicine,professoranddoctoralsupervisor.Shewasdirectorandstation-masterassistantoffoodhealthdepartmentofsanitationandantiepidemicstationofJiangsuprovince,directorofdepartmentofnutritionandfoodhygiene,schoolofpublichealth,NanjingMedicalUniversity,directorofInstituteofNutritionandFoodScience.Atpresent,sheisnon-executivedirectoroftheCompany,supervisorofChineseNutritionSociety,honorarypresidentofNutritionSocietyofJiangsuProvince,vicepresidentofJiangsuIntelligentAgedResearchAssociationandhealthfoodevaluationexpertofNationalFoodandDrugAdministration. Mr.JiXueqing,borninJuly1971,Masterdegree.HeusedtobetheProjectManagerofChinaChuangyeInvestmentGroupLimited,chairmanoftheboardandpresidentofNanjingQingheInvestmentGroupCo.,Ltd.,executivedirectorofNanjingShuijinshiInvestmentGroupCo.,Ltd.,seniorvicepresidentofYonyouNetworkTechnologyCo.,Ltd.Atpresent,heisnon-executivedirectorofYanghe,non-executivedirectorofNanjingBalanceNetworkTechnologyCo.,Ltd.,chairmanoftheboardofNanjingSuheVentureCapitalCenter,directorofNanjingLiHengInvestmentLimitedPartnership,supervisorofXuzhouZm-BestaHeavySteelStructureCo.,Ltd.,supervisorofJiangsuEffulScienceandTechnologyCo.,Ltd.,partnerofChinasoftInvestmentGroup. Mr.ChenTongguang,borninApril1966,Bachelordegree.HewasaccountantofJiangsuHuaiyinElectricCompany,vicedirectoroffinancedepartmentofJiangsuAgriculturalCollege,vicedirectorofAccountingCenterandFinancedepartmentofYangzhouUniversity,viceandgeneralmanagerofYangdacompanyofYangzhouUniversityAssetOperationCo.,Ltd.Atpresent,heisnon-executivedirectorofYanghe,generalmanagerofYangdacompanyofYangzhouUniversityAssetOperationCo.,Ltd.andnon-executivedirectorofYangzhouYangjieElectronicTechnologyCo.,Ltd. 3.2Supervisors Mr.FengPantai,borninOctober1960,Collegedegree,SeniorEconomist.HewasdeputydirectorofSihongCountyFoodBureau,deputygeneralmanagerofYangheGroup,DirectorandvicepresidentofCompany.Atpresent,heischairmanofthesupervisorycommittee,memberofstandingcommittee,chairmanoflaborunion,directorofBlueAlliance. Mr.ChenTaiqing,borninMay1965,Masterdegree,SeniorPoliticalEngineer,memberofcommunistpartyofChina.HewasmemberofthepartycommitteeofYangheGroup, directorofexecutiveoffice,memberoftheCompany’spartycommittee,directorofhumanresourcedepartment,directorofintegrateddepartment,presidentassistant,deputygeneralmanagerofYangheBranchoftheCompanyandsecretaryofdisciplineinspectioncommitteeofYanghe.Atpresent,heissupervisor,vicesecretaryofthepartycommittee,generalmanagerandsecretaryofthepartycommitteeofShuanggouDistillery. Ms.ZhouWenqi,borninApril1966,Collegedegree,SeniorAccountant.ShewasfinancialdirectorofShanghaiJieqiangNo.3andNo.4distributioncenter,financialassistant,deputymanager,managerofShanghaiJieqiangTobaccoSugar&Wine(Group)Co.,Ltd.SheisSupervisorofYangheandCFOofShanghaiJieqiangTobaccoSugar&Wine(Group)Co.,Ltd.currently. Mr.ChenTaisong,borninJanuary1968,Masterdegree.Hewasmember,secretaryofSiyangLegalBureau,andsecretary,deputysectionchief,sectionchief,directorassistant,deputydirectorofSiyangGovernmentOffice,alcaldeandsecretaryofthepartycommitteeofChuanchengTowninSiyangCountry,vicesecretaryofthepartycommitteeandsecretaryofdisciplineinspectioncommissionandchairmanofthesupervisorycommitteeofSuWineIndustrialCo.,Ltd.,vicesecretaryofdisciplineinspectioncommitteeofYanghe.Atpresent,heissupervisor,memberofstandingcommittee,directoroforganizationdepartmentoftheCompany,vicesecretaryofthepartycommitteeandsecretaryofdisciplineinspectioncommitteeandchairmanofthesupervisorycommitteeofSuWineTradeGroup. 3.3Seniormanagement Mr.ZhongLi,PresidentoftheCompany,resumeasabove. Mr.CongXuenian,vicepresidentoftheCompany,resumeasabove. Mr.ZhouXinhu,vicepresidentoftheCompany,resumeasabove. Ms.LinQing,borninMay1975,Masterdegree,SeniorAccountant,CertifiedPublicAccountant.ShewasdeputydirectorofenterprisedepartmentofSuqianFinanceBureau,directorassistantofSuqianPriceBureau,memberandvicedirectorofthepartycommitteeofNationalDevelopmentandReformCommission,memberofthestandingcommitteeofYanghe,vicepresidentoftheCompany.Atpresent,sheismemberofthestandingcommitteeofYangheandvicepresidentoftheCompany. Mr.ZhenBujun,borninJanuary1967,MBA,SeniorEngineer.HewasgeneralManagerofYangheGroup,generalmanagerofSuqianState-ownedInvestmentCo.,Ltd.,deputygeneralmanagerofShuanggouDistillery,logisticsandpurchasingdirectorandpresidentassistantofYanghe.Atpresent,heisvicepresident,memberofthestandingcommitteeoftheCompany,generalmanagerandsecretaryofthepartycommitteeofSiyangBranchoftheCompany. Mr.ZhuWei,borninMay1977,MasterofNanjingUniversity.HewasdirectorofhumanresourcedepartmentoftheCompany,directorofmarketingdepartment,chiefmarketing officeranddeputygeneralmanagerofSuWineTradeGroup,directorofstrategystudies,deputygeneralmanagerofSuWineTradeGroup.Atpresent,heisvicepresidentofYangheandgeneralmanagerofSuWineTradeGroup. PositioninShareholder-HoldingCompanies √Applicable?N/A NameofShareholder- Positionin Beginning EndingDate Anyremunerationsrec Name HoldingCompanies ShareholderHoldin Dateof ofoffice eivedfromShareholder gCompanies officeterm term -HoldingCompanies HanFeng JiangsuYangheGroup Chairmanofthe 2012.03.08 NO Co.,Ltd. board,general manager Zhou ShangHaijieqiangTobacco CFO 2013.07.01 YES Wenqi Sugar&Wine(Group) Co.,Ltd. WangKai ShanghaiHaiyanLogistics Deputygeneral 2017.03.01 YES DevelopmentCo.,Ltd. manager Wang JiangsuBlueAllianceJoint- Director 2016.07.26 NO Yao StockCo.,Ltd. Feng JiangsuBlueAllianceJoint- Director 2016.07.26 NO Pantai StockCo.,Ltd. Cong JiangsuBlueAllianceJoint- Director 2016.07.26 NO Xuenian StockCo.,Ltd. PositioninOtherCompanies √Applicable?N/A PositioninOther Beginning Ending Anyremunerations Name NameofOtherCompanies Companies Date Date receivedfrom OtherCompanies Han SuqianIndustryDevelopment Chairmanoftheboard, Feng GroupCo.,Ltd. secretaryofthetheparty 2011.09.05 YES committee Han JiangsuYangheGroup Chairmanofthe 2012.03.08 NO Feng Co.,Ltd. board,generalmanager Han JiangsuShuanggouGroup Chairmanofthe 2012.03.08 NO Feng Co.,Ltd. board,GeneralManager Xu NanjingUniversity Professor 2003.11.11 YES Zhijian Xu NanjingPortCo.,Ltd. Non-executivedirector 2016.03.30 YES Zhijian Xu JiangsuMaystaChemicalCo., Non-executivedirector 2015.12.04 YES Zhijian Ltd. Xu GlarunTechnologyCo.,Ltd. Non-executivedirector 2017.05.12 YES Zhijian Xu YangzhouRixingBio-Tech Non-executivedirector 2019.02.12 YES Zhijian Co.,Ltd. Cai ChineseNutritionSociety Supervisor 2017.05.01 NO Yunqing Cai JiangsuIntelligentAged Vicepresident 2017.03.01 NO Yunqing ResearchAssociation Cai ChineseNutritionSociety Honorarypresident 2015.04.01 NO Yunqing Cai StateFoodandDrug Evaluationexpertsof 2008.08.01 NO Yunqing Administration healthfood Ji NanjingSuheVentureCapital Chairmanoftheboard 2017.01.01 NO Xueqing Center(LimitedPartnership) Ji XuzhouZm-BestaHeavy Supervisor 2017.03.01 NO Xueqing SteelStructureCo.,Ltd Ji ChinaSoftInvestmentGroup Partner 2017.01.01 NO Xueqing Ji NanjingBalanceNetwork Non-executivedirector 2017.10.01 YES Xueqing TechnologyCo.,Ltd. Ji NanjingLiHengInvestment Director 2017.01.01 NO PositioninOther Beginning Ending Anyremunerations Name NameofOtherCompanies Companies Date Date receivedfrom OtherCompanies Xueqing LimitedPartnership Ji JiangsuEffulScienceand Supervisor 2018.03.01 NO Xueqing TechnologyCo.,Ltd Ji ChinaUniversityInnovation Xueqing andEntrepreneurship Vicepresident 2018.07.01 NO IncubatorAlliance Chen YangzhouUniversityYangda Tonggua Branch Generalmanager 2013.10.01 YES ng Chen YangzhouYangjieElectronic Tonggua TechnologyCo.,Ltd. Non-executivedirector 2017.06.19 YES ng Punishmentsimposedintherecentthreeyearsbythesecuritiesregulatorsonthe incumbentdirectors,supervisorsandseniormanagementaswellasthosewholeftinthereportingperiod ?Applicable√N/A 4.Remunerationofdirectors,supervisorsandsenior management Thedecision-makingprocedures,decisionbasisandactualremunerationpaymentofdirectors,supervisorsandseniormanagement. Decision-makingprocedures:Implementationisbasedonthe"TrialImplementationMeasuresfortheAnnualSalaryofGeneralManager(Revision)”approvedbythe9thmeetingofthesecondboardofdirectorson29December2008and"TrialImplementationMeasuresfortheAnnualSalaryofChairmanoftheBoard(Revision)”approvedbythefirstextraordinarygeneralmeetingofshareholderson18January2009.Decisionbasis:BasedontheCompany'soperatingconditionsandconsideringthestandardofregionaleconomic,industryandmarket. Actualremunerationpayment:Basedontheperformanceandpaymentontimeaccordingtothesalarysystem. Remunerationofdirectors,supervisorsandseniormanagementduringthereportingperiod Unit:0,000CNY Totalbefore-tax Remuneration Name Position Gender Age Incumbent/ remuneration from related Former from the partiesofthe Company Company Wang Chairmanofthe Male 54 Incumbent 142.62 No Yao board Zhong Deputy Chairman Yu of the board, Male 55 Incumbent 145.89 No president Han Director Male 57 Incumbent 0 Yes Feng Wang Director Male 42 Incumbent 0 Yes Kai Cong Director,vice Male 53 Incumbent 109.52 No Totalbefore-tax Remuneration Name Position Gender Age Incumbent/ remuneration from related Former from the partiesofthe Company Company Xuenian president,secretary oftheboard,CFO Zhou Director,vice Xinhu president,chief Male 57 Incumbent 109.36 No engineer Liu Huashua director Male 49 Incumbent 110.52 No ng Xu Non-executive Male 55 Incumbent 6 No Zhijian director Cai Non-executive Female 67 Incumbent 6 No Yunqing director Ji Non-executive Male 48 Incumbent 6 No Xueqing director Chen Non-executive Guangto director Male 53 Incumbent 6 No ng Feng Chairmanof Pantai supervisory Male 59 Incumbent 107.06 No committee Chen Supervisor Male 54 Incumbent 104.6 No Taiqing Chen Supervisor Male 58 Former 0 Yes Yiqin Zhou Supervisor Female 53 Incumbent 0 Yes Wenqi Chen Supervisor Male 51 Incumbent 108.22 No Taisong LinQing Vicepresident Female 44 Incumbent 102.05 No Zhen Vicepresident Male 52 Incumbent 107.36 No Bujun ZhuWei Vicepresident Male 42 Incumbent 109.54 No Total 1,280.74 Shareincentivesfordirectors,supervisorsandseniorexecutivesinthereportingperiod√Applicable?N/A 5.StaffintheCompany 5.1Number,functionsandeducationalbackgroundsofthestaff Numberofin-servicestaffoftheCompany 7,081 Numberofin-servicestaffofmainsubsidiaries 8,209 Totalnumberofin-servicestaff 15,290 Totalnumberofstaffwithremunerationintheperiod 15,290 NumberofretireestowhomtheCompanyorits 0 mainsubsidiariesneedtopayretirementpension Functions Functionbycategory Numberofstaff Production 5,957 Sales 5,259 R&D 1,861 Financial 221 Administrative 1,661 InnerRetired 331 Total 15,290 Educationalbackgrounds Educationalbackgroundbycategory Numberofstaff Master 260 Bachelor 3,605 Juniorcollege 4,079 Seniorhighschool 3,476 Juniorhighschoolandbelow 3,870 Total 15,290 5.2Staffremunerationpolicy Theremunerationconsistsofbasicpayments,performance-relatedpaymentsandbenefitfloataward.TheCompanyimplementedthemechanismofpositionself-promotion,andpreparedtheManagementMeasuresforPositionSelf-promotion.Accordingtothethepositionsandduties,majorworkofthedepartment,andinrespectofquantity,quality,efficiencyandeconomicvalue,theCompanyaimedtoestablishaquantifiedandassessablequantitativeandqualitativeindicators.Thecompensationandwelfareofemployeeswasadjustedin2018tofurtherreflecttheprinciplesof"toeachaccordingtohiswork"and"morepayformorework”.Itencouragesemployeestobespontaneousandtoimprovetheirworkefficiency.ItfurtherimprovestheCompany'smanagementlevel,andachievesawin-winsituationbetweentheCompanyandemployees 5.3Stafftrainingplans In2018,theCompanywilllayasolidfoundationfortrainingfromthreeaspects:lecturer,curriculumandeducationalaffairs.Intermsoflecturers,dynamicmanagementisrealized.Onthebasisoftheoriginallecturers,365lecturersatalllevelsareemployedthroughassessment,selection,eliminationandpromotion;Intermsofcurriculum,curriculumdevelopmentandcaseextractionwereused.24basiccourses,10travelandstudycourses,14professionaltechnicalcoursesweredevelopedthroughouttheyear,and80excellentcaseswereselected,amongwhich24caseswonawards.Intermsofeducationalaffairs,doubleteachersystemteachingisactivelypromotedtofacilitatetrainingeffects. Overthepastyear,theCompanyhassuccessfullybuiltapanoramicandimmersiveteachingplatformforbusinesslearning,whichhasenrichedtheCompany'strainingresources.Throughthisplatformandexternallecturers,theCompanyhasimplementedstrategicreservetalentsprogram,hundredsoftalentsprogram,dealertrainingprogramandsoon.Accordingtotheannualtrainingplan,subsidiarycompaniesorganizetraininginmarketing,productiontechnology,functionalmanagementandotheraspectstoimprovethebusinessskillsandcomprehensivequalityofemployees.Businessdepartmentscarryoutprofessionaltrainingaccordingtoitsbusinessneeds.766trainingsessionswereorganizedand38,939employeesweretrainedallaroundtheyear. 5.4Laboroutsourcing ?Applicable√N/A SectionIXCorporateGovernance 1.Basicsituationofcorporategovernance TheCompanyconstantlyperfectscorporategovernancestructureandinternalcontrolsystemtoenhancethecorporategovernancelevelstrictlyaccordingtotheCorporateLaw,theSecuritiesLaw,TheListedCompanyGovernanceStandards,RulesGoverningListingofStocksonShenzhenStockExchangeandGuidelinesonStandardOperationofSMEBoardListedCompaniesonShenzhenStockExchangeandotherrelevantlawsandregulations.TheCompanyoperatesnormativelywithsoundcorporategovernanceandnormativeinformationdisclosure.ThesituationofcorporategovernanceoftheCompanymeetstherequirementsofauthorityfilesoflistedcompanycorporategovernancebyCSRC. 1.1.Shareholdersandshareholders’generalmeeting AccordingtotheregulationssuchasArticlesofIncorporation,CompanyRulesofProcedureofTheShareholders’GeneralMeeting,theCompanyconvenesandholdstheshareholders’generalmeetinganddiscussesbusinessaffairsinthemeetingnormatively.TheCompanyhireslegaladvisortoissuethelegalopinionfortheshareholders’generalmeeting;TheCompanycantreatallshareholdersequally,andespeciallymakesminorityshareholdershaveequalstatusandfullyexercisetheirownpower.Duringthereportingperiod,theCompanyheld2shareholders’generalmeetingand10proposalswerepassedinthemeeting.Theboardcarriedoutallthedecisionsmadebytheannualmeetingofshareholderscarefully. 1.2.RelationshipbetweencontrollingshareholdersandlistedcompanyAccordingtotherequirementoftheCompanyLaw,thecontrollingshareholderstakedutiesofsponsorandundertakecommitments.Duringthereportingperiod,controllingshareholdershavenoprioritybeyondtherightsofshareholders’generalmeetingtodirectlyandindirectlyaffectthedecision-markingandoperationoftheCompany.Thereisnosituationthatcontrollingshareholdersdamagethelegalinterestsofothershareholders.TheCompanyandthecontrollingshareholdersimplementindependentaccountingofpersonnel,assets,finance,organizationsandbusiness.Theytakeresponsibilitiesandrisksseparately.ThereisnosignificantrelatedpartytransactionbetweentheCompanyandthecontrollingshareholders.Thereisnosituationthatcontrollingshareholdersoccupythefundsofthelistedcompanyandthelistedcompanytendersguaranteeforcontrollingshareholdersandthesubsidiaries. 1.3.Directorsandboardofdirectors ThedirectorsareelectedseriouslyundertheregulationsoftheCorporateLawandArticlesofIncorporation.TheboardoftheCompanyconsistsof11directorsincluding4non-executivedirectors.Thestructureoftheboardofdirectorssatisfiestherequirementsoflawsandregulations.TheboarddiscussesbusinessaffairsaccordingtoCorporateLawandArticlesofIncorporation.AllthedirectorsareabletoattendthemeetingandtakeresponsibilitiesdiligentlyaccordingtotheDiscussionRulesoftheBoardofDirectors,TheWorkingSystemofNon-executiveDirectors,andBehaviorGuidelinesofDirectorsof SMEBoardListedCompanies.Allthedirectorsseriouslyconsiderproposalsandmakescientificandreasonabledecisionsforsignificantevents.TheyalsoprotectthelegalinterestsoftheCompanyandallshareholders.StrategyCommittee,NominationCommittee,AuditCommittee,RemunerationandAppraisalCommitteeare4professionalcommitteessetundertheboard.TheCommitteeshavecleardivisionofworkandresponsibilitiesandfullyplayprofessionalroletoofferscientificandprofessionalsuggestionsforthedecision-makingoftheboard. 1.4.Supervisorsandboardofsupervisors ThesupervisorsareelectedaccordingtotheCorporateLawandtheArticlesofIncorporation.TheboardofsupervisorsoftheCompanyconsistsof5supervisors,including2staffrepresentativesupervisors.Thestructureoftheboardofsupervisorssatisfiestherequirementsoflawsandregulations.Theboardofsupervisorsdiscussesbusinessaffairsaccordingtocorporatelawandarticlesofincorporation.SupervisorscanattendthemeetingaccordingtotherequirementsofRulesofDiscussionRulesoftheBoardofSupervisors.Theytakestheirownresponsibilitiesseriously,supervisesandmakesindependentsuggestionsfortheCompany’ssignificantevents,financialconditionsandthedutiesofdirectorsandCEO,thereby,protectinglegalinterestsoftheCompanyandshareholders. 1.5.Mechanismofevaluationandmotivation TheCompanykeepsimprovingthemechanismofevaluationandmotivation.Theappointmentofdirectors,supervisorandseniormanagersisopenandtransparent,whichsatisfiestherequirementsofrelevantregulationsandlaws.Thefairandtransparentevaluationmechanismofthemanagementhasbeenbuilt.Duringthereportingperiod,themanagementcarriedouttheperformanceassessmentaccordingtothegoalofannualoperationplan.Themanagementtakestheirresponsibilitiesseriouslyandfulfillsthedutiesandcompletedtheoperationmanagementtasksarrangedbytheboardofdirectors. 1.6.Stakeholders TheCompanyfullyrespectsandprotectslegalinterestsofstakeholdersandfulfillsthedutiesofsocialresponsibility.TheCompanystrengthenstheawarenessofsocialresponsibilityandachievestheinterestbalanceamongsociety,shareholders,companyandemployees.Theclientsandsupplierscanbetreatedhonestlyandeveryemployeeistrainedseriously.TheCompanyadherestoprinciplesofwin-winofstakeholdersandpushesforwardtheharmoniousandsounddevelopment. 1.7.Informationdisclosureandtransparency TheinformationdisclosureoftheCompanyisimplementedaccordingtotherequirementsofsupervisiondepartments.TheCompanyseriouslyimplementstherulesincludingInformationDisclosureManagementRuleandInvestorsRelationshipManagementRule.TheCompanyenhancesthemanagementofinformationdisclosureaffairsandtakesresponsibilityofinformationdisclosurelegallyandcarefully,achieving theaccuracy,integrity,fairness,timelinessofinformationdisclosure.Theinformationcanbeequallyobtainedbyallshareholders.ThemediaofpublicdisclosurefortheCompanyareSecuritiesTimes,ShanghaiSecuritiesNews,ChinaSecuritiesJournal,SecuritiesDaily,www.cninfo.com.cn. 1.8.Investorsrelationshipmanagement TheCompanyfocusesonthemanagementofinvestorsrelationshiptoprotectlegalrightsofinvestors.Exceptforthedutieslikediligenceorhonesty,theChairmanoftheboard,thepresident,theboardsecretaryhavegoodcommunicationsandinteractionswithinvestorsthroughreceptionofinvestorinvestigationandparticipatinginperformanceexplanationsessionandbrokerstrategymeetingonline.Astheprofessionalorganizationforinvestorrelationshipmanagement,thesecuritiesdepartmentstrengthensthecommunicationwithinvestorsthroughtelephone,emailandirm.cninfo.com.cn.Itfullymakessurethatinvestorshaverighttoknowandprotectstheirlegalinterests. 1.9.Methodsofimprovinginternalcontrolsystemconstruction TheCompanykeepsonenhancingthecorporategovernanceandtheinternalcontrolsystem,whichimprovesthemanagementtoahigherlevel.TheAuditCommitteefullyexaminesandsupervisesthefinancialcondition,theefficiencyofinternalcontrol,theefficiencyandrationalityofcorporategovernance.TheauditdepartmentoftheCompany,asaninternalauditunit,carriesoutregularandcontinuousexaminationonperfectionandimplementsituationofinternalcontrolsystem.ItfindstheInternalcontroldefectsandimprovesdeficienciestimely,thustheeffectivenessofinternalcontrolcanbeguaranteed.Theoperationmanagementandanti-riskcapacityareenhanced. AnyincompliancewiththeregulatorydocumentsissuedbytheCSRCgoverningthegovernanceoflistedcompanies ?Yes√No ThereisnoincompliancewiththeregulatorydocumentsissuedbytheCSRCgoverningthegovernanceoflistedcompanies 2. Independency of businesses, personnel, assets, organizationsandfinancewhichareseparatefromthecontrollingshareholder 2.1.Intheaspectofbusiness TheCompanyhasindependentandintegratedbusinessstructureandtheabilitytooperateindependentlyinthemarket.ThereisnohorizontalcompetitionbetweencontrollingshareholdersandtheCompany.Besides,thereisnosuchkindofsituationthatcontrollingshareholdersintervenewithoperationoftheCompanydirectlyorindirectly. 2.2Intheaspectofpersonnel TheCompanyhasbuiltindependentpersonnelmanagementsystemandsalarymanagementsystem.Furthermore,theCompanysignedlaborcontractswithemployees.Chairmanoftheboard,thepresident,vicepresident,theboardsecretaryandtheresponsiblepersonfortheCompany’sfinancialaffairsobtaincompensationfromtheCompanyratherthanthecontrollingshareholders.Thedirectors,seniormanagersandsupervisorsdonothavepositionsillegallyinothercompaniesthathavethesameorsimilarbusiness. 2.3Intheaspectofassets ThereareclearpropertyrelationsbetweentheCompanyandcontrollingshareholders.TheCompanyownstheindependentlandusagerightandownershipofbuildings.TheCompanyindependentlyregistersandmanagesthepropertieswithsettingupaccountsandaccountingtreatmentforthem.ThereisnosituationthatthecontrollingshareholdersoccupyandcontroltheassetsoftheCompanyorintervenetheoperationmanagementoftheassets. 2.4Intheaspectoforganization TheCompanyhaswell-structuredorganizationsystem,includingtheshareholders’generalmeeting,theboardofdirectors,supervisorycommittee,themanagementandfunctionaldepartments.Relatedinternalmanagementandcontrolsystemisestablishedforcleardivisionoffunctionandinteractionwitheachother.Itformsanorganicwholethatensuresthelegaloperation.Thereisnoaffiliationwithfunctionaldepartmentsofcontrollingshareholders. 2.5Intheaspectoffinance Ourcompanyhascompletedandindependentorganizationwithprofessionalfinancialemployees.Independentaccountingsystemandfinancialmanagementareestablished.TheCompanysetsbankaccountants,paystaxesandmakesfinancialdecisionsseparately.Thereisnosituationthatcontrollingshareholdersaffectthefinancialmanagement. 3.Horizontalcompetition ?Applicable√N/A 4.Annualmeetingofshareholdersandspecialmeetingsofshareholdersconvenedduringthereportingperiod 4.1.Meetingsofshareholdersconvenedduringthereportingperiod Investor Disclosure Meeting Type participation Conveneddate Date DisclosureIndex ratio 2018First Extraordinary 30 AnnouncementNo. Extraordinary GeneralMeeting 75.55% 29January2018January 2018-005, GeneralMeetingofshareholders 2018 disclosed on ofshareholders www.cninfo.com.cn 2017Annual GeneralMeeting 77.43% 23May2018 24 NayAnnouncementNo. GeneralMeetingofshareholders 2018 2018-022, ofshareholders disclosed on www.cninfo.com.cn 4.2.Specialmeetingsofshareholdersconvenedattherequestofpreferenceshareholderswithresumedvotingrights ?Applicable√N/A 5. Performance of non-executive directors during the reportingperiod 5.1.Attendanceofnon-executivedirectorsinboardmeetingandmeetingofshareholders Attendanceofnon-executivedirectorsinboardmeeting Presence Presence Presence Absence Non-executivedueinthePresence by through aAbsence(tifor twoPresence(ti director reporting on telecommuproxy(timesmes) consecutivemes) period(timesite(times) nication(tim) times s) es) XuZhijian 6 4 1 1 0 No 2 CaiYunqing 6 5 1 0 0 No 2 JiXueqing 6 5 1 0 0 No 2 Chen 6 5 1 0 0 No 2 Tongguang Explanationofabsenceofnon-executivedirectorsinmeetingsoftheboardfortwice N/A 5.2.Objectionsfromnon-executivedirectorsinrelatedissuesofthecompany WerethereanyobjectionsonrelatedissuesoftheCompanyfromnon-executivedirectors? ?Yes√No Non-executivedirectorhasnoobjectiononrelatedissuesoftheCompanyduringthereportingperiod. 5.3.Otherdetailsabouttheperformanceofdutiesbynon-executivedirectors Werethereanysuggestionsfromnon-executivedirectorsadoptedbytheCompany? √Yes?No Explanationaboutadviceofnon-executivedirectorsisadoptedbytheCompanyornotCompanyadoptedtheadviceofnon-executivedirectors. 6.Performanceofdutiesbyspecialcommitteesunderthebroadduringthereportingperiod 1).Duringthereportingperiod,theStrategicCommitteeheld1meeting.Itinvestigated2017theboardworkreportinadvance,madethe2018annualworkplan,offeredscientificandreasonablesuggestionsandfulfilledtheduties. 2).Duringthereportingperiod,theNominationsCommitteeheld2meeting.ItexaminedthequalificationofCandidatesnominatedfordirectorsatthegeneralelectionoftheboardofdirectorsandpersonsnominatedinchargeoftheinternalauditinstitution.Thecommitteefulfilledtheduties. 3).Duringthereportingperiod,theAuditCommitteeheld5meetings.Itreviewedtheaffairsseriouslyincludingperiodicreports,regularauditbyinternalauditdepartmentandspecialaudit.Itknowsaboutthefinancialandoperationalconditionsindetailandexaminestheexecutionofinternalcontrolsystem.Itplaysaeffectiveroleinguidanceandsupervision.Thecommitteefulfilledtheduties. 4).Duringthereportingperiod,theRemunerationandAppraisalCommitteeheld1meeting.Itexaminesthesalaryofdirectorsandseniormanagersin2017.TheinformationdisclosureoftheCompanyaboutthesalaryofdirectorsandseniormanagersiscorrectandtrueandasthesameastheexamination. 7.Performanceofdutiesbythesupervisorycommittee WerethereanyriskstotheCompanyidentifiedbySupervisoryCommitteewhenperformingitsdutiesduringthereportingperiod ?Yes√No TheSupervisoryCommitteehasnoobjectionduringthereportingperiod. 8.Evaluationandmotivationmechanismfortheseniormanagement Atthebeginningoftheestablishmentoftheevaluationandmotivationmechanism,itwasexplicitlyillustratedinTrialImplementationMeasuresfortheAnnualSalaryofGeneralManager(Revision).Theevaluationandmotivationofseniormanagersaremainlyreflectedinannualsalarysystem.Theboardofdirectorsevaluatesandmotivatestheseniormanagersmainlyaccordingtothesatisfactionofclients,safetyindex,qualityindexandfinancialindex.Themanagementimplementstheannualsalarysystem.Thebasicpartofannualsalaryispaidmonthlyonaverageandtheremainingpartwillbepaidattheendoftheyearaccordingtotheresultsofevaluation.Ifitdoesnotreachtheevaluationindex,theremainingpartswillnotbepaid.In2018,theRemunerationandAppraisalCommitteeexaminedthesituationofthemanagement’sperformancein2017.Intheopinionofthecommittee,duringthereportingperiod,themanagementhasachievedthemainpurposeofsustainabledevelopment. 9.Internalcontrol 9.1.Significantinternalcontroldeficienciesfoundinthereportingperiod ?Yes√No 9.2.Internalcontrolself-assessmentreport Disclosuredateoftheinternal2019-04-30 controlself-assessmentreport Disclosureindexofthe Fordetails,pleaserefertotheinternalcontrolself-assessmentreport internalcontrolself- disclosedonwww.cninfo.com.cnon30April2019 assessmentreport Ratioofthetotalassetsofthe appraisedentitlestothe 99.08% consolidatedtotalassets Ratiooftheoperating revenuesoftheappraised 99.52% entitlestotheconsolidated operatingrevenue Defectidentificationstandard Type Financial-reportrelated Non-financial-reportrelated (1)Theindicatorsofsignificantdeficiencies offinancialreportincluding:i.Corrupt transactionofdirectors,seniormanagers andsupervisors;ii.Themanagement Ifconditionbelowappears,it cannotfigureoutthesignificant canbeconsideredas misstatementduringtheoperationprocesssignificantdeficiencies,others ofoperation,butthesemisstatementsarecanbedividedintomaterial foundbyothers;iii.Basedontheresultsdefectorgeneraldefect ofevaluationofinternalcontrol,the accordingtoimpactextent.: significantdeficienciesarenotrectified;iv.(1)TheCompanysufferfrom AuditCommitteeandInternalAudit seriousmistakesandmajor Agencyarenoteffectiveinsupervisingthepropertylossduetolakeof internalcontrol.(2)Theindicators democraticdecision-making ofmaterialdeficienciesincluding:i. proceduresorunscientific Qualitativestandard Accountingpolicyhasnotbeenchosenorprocedures;(2)Violate usedunderthegeneralaccepted nationalregulationsandlaws accountingprinciples;ii.Theanti-fraud seriously;(3)Lakeof programandcontrolmeasureshavenot importantmanagement beenbuilt;iii.Thecontrollingsystemor systemoritdoesn’twork;(4) compensationsystemofaccounting Significantor treatmentofirregularorspecialtradehas materialdeficienciesofinternal notformed;iv.Thecontroloftheprocesscontrolcannotberegulatedin offinancialreportingattheperiodend time;(5)Materialdeficiencies existthesituationthatoneormore ofinternalcontrolappear deficienciesarefoundandtheveracity continuouslyorinquantity. andaccuracycannotbeproved.(3) generalcontroldeficienciesreferstothe othercontroldefectsexceptforsignificant defectsandimportantdefectsabove. Significantdeficiencies:Misstatement>3%Significantdeficiencies:ratioof oftotaloperatingrevenue;Misstatement>lossoftotalassets≥1%. 5%ofgrossprofits;Misstatement>2%of Materialdeficiencies: Quantitativestandard totalassets. 0.5%≤ratiooflossoftotal Materialdeficiencies:1%oftotaloperating assets<1% revenue
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