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个股公告正文

张 裕B:2018年半年度报告摘要(英文版)

日期:2018-08-30附件下载

    Shares Code: 000869, 200869 Shares Abbreviation: Changyu A, Changyu B Notice No.: 2018-Final03
    
    Yantai Changyu Pioneer Wine Co., Ltd. 2018 Semi-annual Report Abstract
    
    1. Important Warning
    
    This Semi-annual Report abstract comes from the whole contents of semi-annual report. If investors
    
    desire to comprehend the Company’s operating results, financial situation and future development
    
    plan, please read the Semi-annual Report on the media specified by the China Securities Regulatory
    
    Commission.
    
    Objections statement of directors, supervisors & senior managers
    
    Directors, Supervisors, Senior Management Staffs of the Company have no objection with 2018
    
    semi-annual report.
    
    Statement
    
    Except the following directors, all other directors have personally attended the meeting for
    
    deliberating the semi-annual report.
    
     Director  name  with  Director   post   with  Reason for non-present  Name of mandatory
     non-present in person    non-present in person    in person
     Sun Liqiang            Director               Business trip           Zhou Hongjiang
     Augusto Reina          Director               Business trip           Aldino Marzorati
    
    
    Non-standard audit opinion notice
    
    □Available ?Not available
    
    The preliminary scheme of the report period’s common stock profit distribution or increasing equity
    
    with reserve deliberated by the board of the directors
    
    □Available ?Not available
    
    The Company has no plan to distribute cash dividends and bonus shares; capital reserve will not be
    
    transferred to equity.
    
    The preliminary scheme of this report period’s preferred share profit distribution deliberated and
    
    passed by the board
    
    □Available ?Not available
    
    2. Brief Introduction of the Company
    
    1) Company introduction
    
    Abbreviation of the Shares:        Changyu A,   Code number of the Shares        000869,
                                    Changyu B                                   200869
    Place of listing of the Shares       Shenzhen Stock Exchange
    Contact person and information    Secretary to the Board of     Authorized Representative of the
                                    Directors                   Securities Affairs
    Name                           Mr. Qu Weimin             Mr. Li Tingguo
    Address                         56   Dama   Road,   Yantai, 56    Dama    Road,    Yantai,
                                    Shandong, China            Shandong, China
    Tel                             0086-535-6633656          0086-535-6633656
    E-mail                          quwm@changyu.com.cn     stock@changyu.com.cn
    
    
    2) Key accounting data and financial indicators
    
    Whether the Company makes retroactive adjustments or restates the accounting data of previous
    
    fiscal years.
    
    □Yes ?No
    
                                Inthe report period    In the same period of  More or less than last
                                                          last year              year (%)
    Business revenue (CNY)            2,828,230,064         2,767,098,197               2.21%
    Net profit attributed to the
    shareholders of the listed              635,837,405           670,069,054              -5.11%
    company (CNY)
    Net profit attributed to the
    shareholders of the listed
    company after deducting              606,678,719           652,906,375              -7.08%
    the irregular profit and loss
    (CNY)
    Net cash flows from the               552,753,472           420,360,319              31.50%
    operating activities (CNY)
    Basic earnings per share                     0.93                  0.98              -5.10%
    (CNY/share)
    Diluted earnings per share                    0.93                  0.98              -5.10%
    (CNY/share)
    Weighted average for                      6.89%                7.84%              -0.95%
    earning rate of the net assets
                               Theend of the report    The end of last year   More or less than last
                                     period                                    year (%)
    Total assets (CNY)                13,038,507,425        12,536,755,208                  4%
    Net Assets attributed to the
    shareholders of the listed            9,532,948,884         8,906,342,299               7.04%
    company (CNY)
    
    
    3) Number of shareholder and shareholding situation
    
    Unit: share
    
                                                 Totalnumber of
    Total common         40,428 (21,831 of Stock preferred
    shareholders at the end  A and 18,597 of Stock   shareholder recovering   0
    of report period        B)                    voting power at the end
                                                 ofreport period
              Shareholders holding more than 5% or the top 10 shareholders holding situation
                                                                                 Pledged    or
                                    Percent                         Number     ofNameof Character        of                                              frozen
                  Shareholdersshareholders       (a%ge)  Number of Shares held   rsehsatrreicsted Share  Amo
                                                                                 status   unt
    YANTAI      Domestic          50.40% 345,473,856            0                    0
    CHANGYU   non-state-owned
    GROUP   CO. legal person
    LTD.
    GAOLING    Fpeorrseoignn legal 3.08%  21,090,219             0                    0
    FUND,L.P.
    CHINA       Spetartseo-nownedlegal 2.27%  15,531,455             0                    0
    SECURITIES
    FINANCE
    CORP
    BBH BOS S/A                   2.22%  15,241,826             0                    0
    FIDELITY FD Foreign       legal
    -      CHINAperson
    FOCUS FD
    SHENWAN                     1.19%  8,144,869              0                    0
    HONGYUAN
    SECURITIES( Foreign       legal
    HONG        person
    KONG)
    LIMITED
    GUOTAI                        0.95%  6,535,089              0                    0
    JUNAN       Foreign legal
    SECURITIES( person
    HONGKONG)
    LIMITED
    FIDELITY                       0.89%  6,100,762              0                    0
    PURITAN     Foreign       legal
    TRUST:       person
    FIDELITY
    SERIES
    INTRINSIC
    OPPORTUNI
    TIES FUND
    CENTRAL                      0.69%  4,761,200              0                    0
    HUIJIN       State-owned legal
    ASSET       person
    MANAGEME
    NT LTD.
    VANGUARD                    0.55%  3,788,487              0                    0
    EMERGING   Foreign       legal
    MARKETS    person
    STOCK
    INDEX FUND
    FIDELITY                       0.55%  3,779,202              0                    0
    CHINA       Foreign legal
    SPECIAL     person
    SITUATIONS
    PLC
    The explanation for the associated relationship and      Among the top 10 shareholders, Yantai
    accordant action of the top 10 shareholders with        Changyu Group Company Limited has no
    unrestricted shares, the the associated relationship and   associated relationship or accordant action
    accordant action between the top 10 shareholders with   relationship with the other 9 listed
    unrestricted shares and the top 10 shareholders         shareholders, and the relationship among the
                                                      other shareholders is unknown.
    Explanation for the top 10 shareholders who involved in The top 10 shareholders do not involve in
    financing activities and stock trading business (if       financing activities and stock trade business.
    have)(see note 4)
    
    
    4) Changes of controlling shareholders or the actual controllers situation
    
    Changes of the controlling shareholders during the report period
    
    □Available ?Not available
    
    There is no any change of the controlling shareholders during the report period.
    
    Changes of the actual controllers during the report period
    
    □Available ?Not available
    
    There is no any change of the actual controllers during the report period
    
    5) Number of preferred shareholder and situation of preferred shares held by top ten
    
    preferred shareholders
    
    □Available ?Not available
    
    There are no shares held by preferred shareholders during the report period.
    
    6) Company Bonds
    
    Whether the Company exists public offering and lists on the Stock Exchange, and the Company is
    
    unable to fully pay company bonds in the approved announcement date of this Semi-annual report
    
    before maturity or in the maturity date.
    
    No.
    
    3. Management Discussion and Analysis
    
    1) Brief introduction of operation situation during the report period
    
    Whether the Company need to follow the disclosure requirement of special business?
    
    No.
    
    (1) Summarization
    
    During the report period, influenced by the slowdown of domestic economic growth, the overall
    
    domestic wine industry is relatively stable. Influenced by the further decrease in product price
    
    resulting from the overwhelming flow of foreign wine into Chinese market, the competition in
    
    domestic wine market, especially for middle-and-low-level wines, is very fierce, plus the great
    
    impact brought by E-commerce and other new channels to traditional sales channels in the meantime
    
    this company’s E-commerce business is still in the beginning stage, resulting in bigger challenges for
    
    the Company to achieve sustained and steady growth. Facing quite a lot of external disadvantages,
    
    the Company insists to focus on the market, timely adjust the development strategy and marketing
    
    tactics, optimize the market layout and product structure, perfect the marketing channels and
    
    assessment system, strive to promote product sales, achieving good results and realizing business
    
    income of CNY2828.23 million, an increase of 2.21% compared with last year; but due to the impact
    
    of increase in operating cost, taxes and additional, sales expense and administrative expense, the
    
    Company realized net profit of CNY635.84 million belonging to the parent company’s shareholders,
    
    an decrease of 5.11% compared with last year.
    
    During the report period, the Company mainly did following works:
    
    Firstly, the Company adjusted and fortified its management team, increasing the management level
    
    and capacity of management team.
    
    Secondly, the Company proposed the strategy of “Focus on big product, focus on high quality, focus
    
    on middle-to-high end” (in other words “Three Focus” strategy), further clarifying its development
    
    direction.
    
    Thirdly, the Company basically completed the reform and reorganization work in sales systems,
    
    improving the mode of market investment and enhancing marketing ability. The Company further
    
    implemented the measure of “personnel reduction while salary increase” in sales system, reduced
    
    redundant personnel, completed the personnel setting, position setting and personnel allocation work
    
    in business management department in sales system, perfected performance assessment method for
    
    marketing personnel and conducted authorized operation to partial business unit and provincial
    
    branches, improving the sales team’s working enthusiasm, initiative and fighting capacity.
    
    Fourthly, the Company fully implemented “Three Focus” strategy, accelerated the product carding as
    
    well as the backbone distributor system construction and increased the market investment, improving
    
    products’ market competitiveness. For high-end products, the Company focused on “MOSER”,
    
    “AFIP”, “CASTEL”, “Golden Icewine Valley”, “Baron Balboa”, “Rena”, “Tinlot” wine and “Koya”
    
    brandy and strived to build “MOSER” to a globally well-known high-end brand, to build “AFIP”,
    
    “CASTEL”, “Golden Icewine Valley” and “Koya” to nationally well-known high-end brands and to
    
    build “Baron Balboa”, “Rena”, “Tinlot” to regionally well-known high-end brands. For middle-end
    
    products, the Company focused on “Noble Dragon” and reserva five-star brandy, reinforced the
    
    market development in the ninth-edition Noble Dragon and reserva five-star brandy, continued
    
    consolidating and enlarging the position of “Noble Dragon” as domestic biggest single product in
    
    wine market and continually increased the market share of middle-end brandy. For low-to-mid-end
    
    products, the Company focused on “Zuishixian” and mini-brandy to digging consumption potential
    
    and to guide and cultivate new consumer group. For imported liquor, the Company mainly paid
    
    attention to acquired brands, such as Atrio, Mirefleurs, Indomita, Kilikanoon and Roullet Fransac in
    
    order to occupy important position in Chinese imported wine market. The Company also conducted
    
    comprehensive carding and reorganization to products and distributor team, reduced product items,
    
    eliminated and replaced unqualified distributors, implemented strict access system to distributors
    
    selling the ninth-edition Noble Dragon and new-edition “Zuishixian”, changed the market investment
    
    mode, intensified the fighting degree to fleeing goods, further standardized market order, better
    
    protected distributors’ interest and improved distributors’ enthusiasm.
    
    Fifthly, the Company strengthened quality management and quickened the pace in product update
    
    and upgrade in order to better adapt to market change. During the report period, the Company
    
    revised internal quality management system, took unannounced inspection to eleven wineries and
    
    conducted update and upgrade work to products including partial chateau wine, Noble Dragon,
    
    reserva five-star brandy, five-star brandy and Zuishixian etc, effectively improving product quality
    
    and better satisfying the market need.
    
    Sixthly, the Company reinforced financial management and audit work in order to strive to
    
    accomplish energy-saving and cost-reducing and to further reduce operating cost. During the report
    
    period, the Company further strengthened internal fund allocation and control, reasonably arranged
    
    loan structure, strived to reduce fund cost; intensified the cost management, such as advertisement
    
    and major raw material purchase and so on, and strongly reduced freight and storage expense;
    
    enhanced the financial management in overseas acquired enterprise and reinforced audit degree to
    
    investment project in order to prevent operating risk and improve investment benefits; made great
    
    efforts to increase the ratio of order-driven products, to shorten delivery time, to reduce inventory
    
    and capital occupying and to improve enterprise profitability.
    
    Seventhly, the Company continued implementing internationalization strategy and orderly promoted
    
    overseas acquisition work. During the report period, the Company acquired 80% equity of
    
    Kilikanoon Estate Pty Ltd in Australia, optimizing the Company’s capacity layout and product
    
    structure and further improving the market competition of imported products. Through M&A and
    
    strategic cooperation, the Company’s production had extended to Asia, Europe, America and
    
    Oceania and the Company had completed the capacity layout in major global wine-producing
    
    countries and famous wine-producing region, such as France, Spain, Australia and Chile and so on.
    
    The Company also had deep brand cooperation with major wine enterprises in Italy, New Zealand,
    
    Argentina and other countries. Now the Company owned five overseas chateaux, eight domestic
    
    chateaux and more than twenty foreign and domestic major brands and sold its products to more than
    
    seventy countries and regions in the world.
    
    Eighthly, the Company strengthened the management in investment project and basically completed
    
    the installation and commissioning work of major production lines in Changyu industrial park, laying
    
    the foundation of putting into operation as soon as possible and further improving production
    
    efficiency.
    
    In order to achieve the operation target set by the Company at the beginning of this year, the
    
    Company would do following work in the second half of 2018:
    
    Firstly, the Company will intensify the brand construction and carding work and enlarge the
    
    cooperation breadth and depth with domestic E-commerce magnate and new media in order to
    
    improve brand awareness and reputation. The Company will intensify brand aggregation, continue
    
    teasing and reducing product quantity and optimize product line; for choice of media, bind up with
    
    high-flow platform, enhance resource exchange and share and take deep cooperation with precision
    
    media with high category permeability to form high-flow and strong-viscosity communication
    
    strategy; for publicity form, focus on output content, aim at different media attribute and make brand
    
    image output at different platforms including MicroBlog, WeChat official account, Zhihu account
    
    and TouTiao etc by adopting micro film, short video, multimedia, long image-text, live broadcast
    
    and other forms.
    
    Secondly, the Company will continue paying attention to the construction of key distributor team and
    
    professional sales personnel team, conduct the tasting and promotion work of mid-to-high-end
    
    products, such as chateau wine, Noble Dragon, “Three Star” and above level brandy and Zuishixian
    
    and so on, and strive to promote the sales of mid-to-high-end products; do the preparation work for
    
    the opening of Koya chateau and the launch of new products, such as Koya brandy; continue
    
    promoting the sales work of acquired brands in domestic and foreign markets, such as Atrio,
    
    Mirefleurs, Donelli, Indomita and Kilikanoon and so on, further establish and perfect the domestic
    
    and foreign sales system, take full advantage of foreign sales network to enlarge the export scale of
    
    domestic wines; centralize marketing resources and focus on key markets to continually enlarge the
    
    quantity and coverage of dominated market.
    
    Thirdly, the Company will start the order-driven business mode for Noble Dragon distributors, make
    
    great efforts to shorten delivery time and reduce inventory level and fund occupation.
    
    Fourthly, the Company will further enlarge and implement authorized operation to improve the
    
    positivity, initiative and flexibility of front-line production and management personnel and to
    
    accelerate market reaction speed; improve the Company’s assessment and incentive measures to
    
    production and management department, enhance staff training and reorganization, strictly carry out
    
    assessment, reward, promotion and elimination system, and motivate all staff’s vitality and fighting
    
    capacity.
    
    Fifthly, the Company will orderly proceed the construction of investment projects and focus on the
    
    connection between production and sales. The Company will pay special attention to the ending
    
    work of main body’s civil work in Yantai Changyu International Wine City (in other words Yantai
    
    Changyu Industry Park), accelerate the construction of intelligentization and informatization
    
    management system as well as the maintenance and transformation in Cognac Roullet Fransac
    
    chateau and the fire engineering in the research institute; conduct the coordination work between
    
    project construction and production and reasonably arrange construction and production progress to
    
    timely satisfy the market need.
    
    Sixthly, the Company will strengthen the management in supply chain and fully accomplish the
    
    purchase in grape material. The Company will enhance the construction and management in the
    
    supply chain of overseas and domestic grape material and other packing materials, strive to realize
    
    diversification of material supply and make sure that, for all raw materials, the important segment
    
    could be monitored and the whole course could be traced; based on the material requirement in
    
    future years, scientifically make raw material purchase plan, further perfect raw material pricing
    
    mechanism, reasonably determine raw material purchase price, comprehensively complete raw
    
    material purchase work, preferably control raw material cost and improve raw material quality.
    
    (2) Analysis of main business
    
    See “1. Summarization” in “Management Discussion and Analysis”.
    
    Period comparison of main financial data
    
    Unit: CNY
    
                      Inthe report    In the same    More or
                         period     period of last   less (%)          Reason for changes
                                        year
                                                            Mainlyattributed to the Company’s
    Operating                                               consolidation of companies in Chile
                     2,828,230,064  2,767,098,197     2.21% and Australia that are included in the
    revenue                                                 scope of consolidation making an
                                                            increasein operating revenue
                                                            Mainlyattributed to the increase in
    Operating cost      974,557,292    925,754,133     5.27% prices of raw materials and
                                                            packagingmaterials on year-on-year
                                                            basis
                                                            Mainlyattributed to the increase in
    Sales expense       710,659,033    668,735,726     6.27% advertising promotion fees and
                                                            marketingstaff compensation on
                                                            year-on-yearbasis
                                                            Mainlyattributed to the increase of
    Management                                            employee’s compensation and
                       160,091,888    130,542,386    22.64%
    expense                                                 depreciation expense on year-on-year
                                                            basis
                                                            Mainlyattributed to the increase in
    Financial expense    13,085,942     11,147,949    17.38% interest expenses and handling fees
                                                            onyear-on-year basis
    Income tax                                              Mainly attributed to the decrease in
    expense            211,979,735    228,752,790    -7.33% total profit (profit before tax) on
                                                            year-on-yearbasis which results in a
                                                            decreasein current income tax
                                                            expenseson year-on-year basis
    Net amount of
    cash flow                                               Mainly attributed to the increase of
    generated in        552,753,472    420,360,319    31.50% cash received from goods selling and
                                                            laborservice providing on
    operating                                               year-on-year basis
    activities
    Net amount of                                           Mainly attributed to the recovery of
    cash flow                                               fixed term deposits making the cash
                                                            injectionin investment activities
    generated in       -291,217,548   -797,540,941    63.49% increased on year-on-year basis and
    investment                                              the cash outflow from investment
                                                            activitiesdecreased on year-on-year
    activities                                                basis
    Net amount of
    cash flow                                               Mainly attributed to the year-on-year
    generated in         -6,350,537    353,878,706  -101.79% decrease in cash received from loans
                                                            andthe year-on-year increase in cash
    financing                                               paid for debt repayment
    activities
    Net increased                                           Mainly attributed to the increase in
    amount of cash                                          net cash flow from operating
                       247,781,188    -27,454,401 1,002.52% activities and net cash flow from
    and cash                                                investing activities on year-on-year
    equivalents                                              basis
    
    
    Whether there is any great change for the Company’s profit structure or profit source during the
    
    report period
    
    □Available ?Not available
    
    There is no great change for the Company’s profit structure or profit source during the report period.
    
    Structure of main businesses
    
    Unit: CNY
    
               Operating    Operating  Gross    Increase or       Increase or       Increase or
      Item
                revenue       cost     profit    decrease of      decrease of    decrease of gross
                                        (%)     operating      operating cost    profit over the
                                             revenue over the   over the same    same period of
                                              same period of  period of last year     last year
                                               last year (%)         (%)
    Sector
    Wine and
    alcoholic 2,828,230,064 974,557,292 65.54%          2.21%           5.27%            -1%
    beverages
    Product
    Wine     2,235,369,550 759,887,101 66.01%          3.92%           7.94%         -1.26%
    Brandy     552,121,883 194,450,633 64.78%         -4.03%           -2.86%         -0.43%
    Other       40,738,631  20,219,557 50.37%          0.22%           -6.23%          3.42%
    
    
    (3) Analysis to non-main business
    
    □Available ?Not available
    
    (4) Assets and liabilities situation
    
    ①Major changes of assets
    
    Unit: CNY
    
                   Theend of the report      The end of the same    Proportion
                         period              period of last year     increase or   Explanation on
                              Proportion               Proportion  decrease  significant changes
                   Amount    in the total    Amount    in the total    (%)
                              assets (%)               assets (%)
    Monetary    1,683,038,453    12.91% 1,550,067,781    12.63%     0.28% No significant
    funds                                                                  changes
    Receivables    243,413,092     1.87%  167,152,509     1.36%     0.51% No significant
                                                                           changes
                                                                           Mainly attributed to
                                                                           the increase in raw
    Inventory    2,338,925,432    17.94% 2,024,302,929    16.49%     1.45% materials reserved
                                                                           at the end of the
                                                                           report period
    Investment     17,877,379     0.14%                     0%     0.14% No significant
    real estate                                                              changes
    Long-term                                                              No significant
    equity                                                   0%        0% changes
    investments
                                                                           Mainly attributed to
                                                                           the transfer of
    Fixed assets  5,457,575,677    41.86% 4,591,037,486    37.40%     4.46% constructions in
                                                                           progress during the
                                                                           report period
                                                                           Mainly attributed to
                                                                           the transfer of
    Construction 1,015,914,753     7.79% 1,697,297,440    13.83%    -6.04% constructions in
    in progress                                                             progress into fixed
                                                                           assets during the
                                                                           report period
    Short-term                                                              Mainly attributed to
    borrowings    750,454,676     5.76%  846,881,075     6.90%    -1.14% the return of short
                                                                           termbank loans
    Long-term     153,965,191     1.18%  175,270,580     1.43%    -0.25% No significant
    borrowings                                                             changes
    
    
    ②Measuring assets and liabilities at fair value
    
    □Available ?Not available
    
    ③Assets rights restricted situation up to the end of report period
    
    Assets rights restricted situation of the Company up to the end of report period, please refer to
    
    Announcement on External Guarantee (announcement number: 2016-Temporary 021) and
    
    Announcement on External Guarantee (announcement number: 2017-Temporary 015) disclosed on
    
    China Securities Journal, Securities and the website (www.cninfo.com.cn) respectively on
    
    December 22nd, 2016 and December 12th, 2017.
    
    2) Related items involving financial report
    
    (1) Explanation for the changes of the accounting policy, accounting estimation and accounting
    
    method
    
    □Available ?Not available
    
    There are no changes to the accounting policy, accounting estimation and accounting method during
    
    the report period.
    
    (2) During the report period, the situation explanation for the correction of major accounting
    
    errors which need to be retrospect and restated
    
    □Available ?Not available
    
    There is no situation for the correction of major accounting errors which need to be retrospect and
    
    restated.
    
    (3) Compared with the previous year’s financial report, explanation for the changes of the
    
    consolidated statements scope.
    
    ?Available □Not available
    
    Owing that Indomita Wine Company Chile, SpA, established by the Company, completed the equity
    
    acquisition of Vi?a Indómita, S.A., Vi?a Dos Andes, S.A. and Bodegas Santa Alicia SpA in July
    
    2017 and the Company completed the acquisition of 80% equity of Kilikanoon Estate Pty Ltd during
    
    the report period, above relevant enterprises have already been included in the consolidated
    
    statements scope during this report period. Besides this, compared with the previous year’s financial
    
    report, there is no other change in the consolidated statements scope.
    
    Yantai Changyu Pioneer Wine Co. Ltd.
    
    Board of Directors
    
    August 30th, 2018

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