Net sales margin was 53.19%, a year-on-year increase of 2.33 percentage points Taipei hotel near MRT. Although the rapid growth of the series of wines has had a certain impact on gross profit Taipei hotel near MRT, the overall product structure is still improving. Return on net assets was 24.92% Taipei hotel near MRT, a year-on-year decrease of 1.06 percentage points. It is expected that the increase will be due to the increase in self-employed investment Taipei hotel near MRT, the distribution of distribution channels, and the decrease in expenses; the management expense ratio will be 6.52% Taipei hotel near MRT, a decrease of 0.11 percentage points; the financial expenses will remain basically unchanged The financial expense ratio is basically zero. The financial expenses were only -54.2 million yuan. Looking at Wuliangye again, at the end of the third quarter Taipei hotel near MRT, the cash balance was 56.452 billion yuan, and the financial expenses were -10.3 billion yuan. The difference between the two was ten thousand miles. However, we found through preliminary calculations that the annualized rate of return of funds in Maotai, Guizhou was 2.25%, the lowest was as low as 1%, which was also lower than the current one-year bank deposit rate. It can be considered that the operating efficiency of Guizhou Moutai Group Finance Company is also extremely low. Generally speaking, it is mainly the interest and expenses related to deposits and loans. If a company’s financial expenses are negative, it indicates that the company’s cash flow is more abundant. The larger the negative number, the stronger the cash preservation and appreciation ability. The huge income generated by the huge amount of money is extremely low. As one of the most profitable A-share companies, Guizhou Moutai’s cash flow is seriously mismatched with the income. The company report stated that it was mainly due to the increase in the payment of other cash related to operating activities due to the return of the dealer’s deposit from Guizhou Moutai Wine Sales Co., Ltd., a subsidiary of the company. Announcing the start of a new wine brewing season. The new wine brewed this year is called base wine. The wine has a pungent taste, and the odor will gradually reveal through the aging to remove impurities. This process takes five years. After the base wine is aged, part of the base wine will still volatilize during aging. In 2018, the output of Maotai and series of liquor-based wines totaled 70,200 tons, a year-on-year increase of 10.08%. Among them, the output of Maotai liquor-based wines was 49,700 tons, a year-on-year increase of 15.98%; the output of series wine-based wines was 10,900 tons. It can be seen that the production of Moutai wine needs to be carried out according to the plan, and the annual output is limited by the production of base wine five years ago. It will not suddenly increase the output due to the surge in market demand. For the future, although the range of liquor-based wines has decreased year-on-year,
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