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个股公告正文

张 裕B:2018年年度报告摘要(英文版)

日期:2019-04-20附件下载

    Stock Code: 000869, 200869 Stock Abbreviation: Changyu A, Changyu B Announcement No.: 2019-Final01
    
    Yantai Changyu Pioneer Wine Co. Ltd.
    
    2018 Annual Report Abstract
    
    1. Important Notice
    
    This Annual Report abstract comes from the whole contents of annual report. If investors desire to
    
    comprehensively understand the Company’s operating results, financial situation and future
    
    development plan, please read the Annual Report on the media specified by the China Securities
    
    Regulatory Commission.
    
    No directors, supervisors or senior executives issue a statement of objection to 2018 Annual Report.
    
    Except following directors, all other directors have personally attended the meeting for deliberating
    
    the 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
     Antonio Appignani      Director               Business trip           Augusto Reina
    
    
    Non-standard audit opinion notice
    
    □Available ?Not available
    
    The preliminary scheme of the report period’s ordinary share profit distribution or increasing equity
    
    with reserve deliberated by the board of the directors
    
    ?Available □Not available
    
    Whether to increase equity with reserve
    
    □Yes ?No
    
    The Company’s draft plan of ordinary share profit distribution deliberated and passed by the board of
    
    the directors is as following: Based on the Company’s total 685,464,000 shares,the Company plans
    
    to pay CNY 6 (including tax) in cash as dividends for every 10 shares to all shareholders and to send
    
    0 bonus (including tax). The capital reserve will not be converted to capital stock.
    
    The draft plan of preferred share profit distribution during the report period deliberated and passed
    
    by the board of directors
    
    □Available ?Not available
    
    2. Basic information of the Company
    
    (1) Brief introduction of the Company
    
    Abbreviation of Shares:           Changyu A,   Code number of the Shares        000869,
                                    Changyu B                                   200869
    Place of listing of 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
    Fax                             0086-535-6633639          0086-535-6633639
    Tel                             0086-535-6633656          0086-535-6633656
    E-mail                          quwm@changyu.com.cn     stock@changyu.com.cn
    
    
    (2) Main businesses during the report period or brief introduction of products
    
    During the report period, the Company’s main business is to produce and operate wine and brandy,
    
    providing domestic and foreign consumers with healthy and fashionable alcoholic drinks. Compared
    
    with last report period, there are no significant changes in the Company’s main business. The wine
    
    industry in which the Company is located is still in the growth stage and the domestic wine market is
    
    generally on the rise. The Company is at the forefront of domestic wine industry..
    
    (3) Key accounting data and financial indicators
    
    ①Key accounting data and financial indicators in recent three years
    
    Whether the Company makes retroactive adjustments or restates the accounting data of previous
    
    fiscal years
    
    □Yes ?No
    
    Unit: CNY
    
            Item              2018             2017       More or less than        2016
                                                             Lastyear (%)
    Operation revenue      5,142,244,740     4,932,545,229        4.25%        4,717,596,472
    Net profit attributed
    to the shareholders of   1,042,632,929     1,031,695,056        1.06%         982,460,488
    the listed company
    Net profit attributed
    to the shareholders of
    the listed company      965,426,238      986,095,872        -2.10%         941,730,478
    after deducting the
    irregular profit and
    loss
    Net cash flows from
    the operating           975,978,746      973,243,027        0.28%         889,911,970
    activities
    Basic earnings per          1.52              1.51            0.66%             1.43
    share (CNY/share)
    Diluted earnings per         1.52              1.51            0.66%             1.43
    share (CNY/share)
    Weighted average for      11.23%           12.14%          -0.91%           12.55%
    earning rate of the
    net assets
                          Dec. 31st 2018     Dec.31st 2017    More or lessthan    Dec.31st 2016
                                                             Last year (%)
    Total assets             13,117,729,052   12,536,755,208           4.63%    11,528,077,971
    Net Assets attributed
    to the shareholders of      9,606,099,365    8,906,342,299           7.86%     8,209,010,989
    the listed company
    
    
    ②Key accounting data by quarter
    
    Unit: CNY
    
                              1st Quarter        2nd Quarter       3rd Quarter       4th Quarter
    Operation revenue          1,804,057,976     1,024,172,088    1,032,328,986   1,281,685,690
    Net profit attributed to
    the shareholders of the        479,444,238      156,393,167      133,916,250     272,879,274
    listed company
    Net profit attributed to
    the shareholders of the
    listed company after          466,181,564      140,497,155      110,520,695     248,226,824
    deducting the irregular
    profit and loss
    Net cash flows from the       507,263,964       45,489,508      224,087,322     199,137,952
    operating activities
    
    
    Whether there are significant differences between above-mentioned financial indicators or their sum
    
    and the related financial indicators in the quarterly report and semi-annual report disclosed by the
    
    Company.
    
    □Yes ?No
    
    (4) Capital stock and shareholders’ situation
    
    ① Number of ordinary shareholder and preferred shareholder recovering voting power, and situation of shares held by top ten
    
    shareholders
    
    Unit: share
    
                                                                                                      Total number of preferred
                                               Total numberof               Totalnumberofpreferred         shareholder recovering
                                               ordinaryshareholders          shareholderrecovering
    Total shareholdersinthereportperiod        42,980 bytheendoflastmonth   45,104 votingpowerbytheend        0 voting powerby the end        0
                                               before thedisclosure           ofreportperiod                of last monthbefore the
                                               day oftheannualreport                                     disclosure day of the
                                                                                                      annual report
                                                    Thetop10shareholdersholdingsituation
                                                                                               Numberofheld  Pledgedorfrozensituation
             NameofShareholders          Characterofshareholders   Shareholding   Numberofheldshares    shareswith
                                                                ratio(%)                           restricted    Sharestatus    Number
                                                                                                 condition
    YANTAI CHANGYUGROUPCO.,LTD.  Domestic non-state-owned        50.40%           345,473,856            0
                                       legal person
    GAOLING FUND,L.P.                 Foreignlegalperson              3.08%            21,090,219            0
    CHINA SECURITIESFINANCECORP    State-ownedlegalperson          2.25%            15,440,794            0
    BBH BOSS/AFIDELITYFD-CHINA    Foreignlegalperson              2.22%            15,241,826            0
    FOCUS FD
    SHENWAN HONGYUAN              Foreignlegalperson              1.22%             8,347,663            0
    SECURITIES(HONGKONG) LIMITED
    FIDELITY PURITANTRUST:FIDELITY  Foreignlegalperson              0.89%             6,100,762            0
    SERIES INTRINSICOPPORTUNITIES
    FUND
    TAIKANG LIFEINSURANCELIMITED
    LIABILITY COMPANY--UNIT         Domestic non-state-owned         0.75%             5,159,757            0
    –LINKED-- INDUSTRY                legalperson
    CONFIGURATION
    GUOTAI JUNAN                     Foreignlegalperson              0.74%             5,043,507            0
    SECURITIES(HONGKONG) LIMITED
    CENTRAL HUIJINASSET             State-ownedlegalperson          0.69%             4,761,200            0
    MANAGEMENT LIMITED
    TAIKANG LIFEINSURANCELIMITED
    LIABILITY                          Domestic non-state-owned         0.69%             4,746,954            0
    COMPANY-DIVIDEND-PERSONAL     legalperson
    DIVIDEND-019L-FH002 SHEN
                                               Among the top 10 shareholders, there is associated relationship between Taikang Life Insurance Limited
    The explanationfortheassociatedrelationshipand    Liability Company- Unit-linked- Industry Configuration and Taikang Life Insurance Limited Liability
    accordant action                              Company-Dividend-Personaldividend-019L-FH002 Shen.YantaiChangyuGroupCompanyLimitedhasno
                                               associated relationship or accordant action relationship with the other 9 listed shareholders, and the
                                               relationship amongtheothershareholdersisunknown.
    Explanation forshareholderswhoinvolvedin        Thetop10shareholdersdonotinvolveinfinancingactivitiesandstocktradebusiness.
    financing activitiesandstocktradingbusiness
    
    
    ②Number 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.
    
    ③Introduction for property right and control relations between the Company and its actual controllers(5) Company Bonds
    
    Whether or not the Company has the corporation bonds issued in public, listed in the stock exchange,
    
    not due on the annual report’s authorized issue date or failed to pay in full on the due date.
    
    No.
    
    3. Management Discussion and Analysis
    
    (1) Brief introduction of operation situation during the report period
    
    ①Summary
    
    In 2018, influenced by many factors, such as the slowdown of domestic economic growth and the
    
    increase in uncertainty resulting from Sino-US trade friction, the overall sales amount of domestic
    
    wine industry was relatively stable, but the sales volumes of both imported wine and domestic wine
    
    decreased. As imported wine continued occupying the market of domestic wine, the competition in
    
    domestic wine market was very strong. Furthermore, the increase in the price of raw materials and
    
    packing materials as well as increase in the depreciation of fixed assets, freight and labor cost further
    
    increased the pressure of the company’s increase in profit. Facing quite a lot of external
    
    disadvantages, the Company insisted in taking the market as the center, insisted the development
    
    strategy of “Focus on middle-and-high level, Focus on high quality, Focus on big product”,
    
    intensified internal reform, optimized product structure and market layout, quickened the pace of
    
    new product development and market promotion, and strived to promote product sales, achieving
    
    good results and realizing operating revenue of CNY5142.24million with an increase of 4.25%
    
    compared with last year and net profit of CNY1042.63million belonging to the parent company’s
    
    shareholders with an increase of 1.06% compared with last year.
    
    ②Analysis of main business
    
                        Increase or decrease of
    Description         the end of the periodCause of significant changes
                        overthe end of last year
                                             Mainly  because of increase in average
    Operation revenue   4.25%                price   of   products   resulting   from
                                             improvement of product mix
    Operating cost       13.76%               Mainly because of increase in the price of
                                             raw materials and packing materials
    Sales expense       0.16%                Mainly because of year-on-year increase
                                             in wage & welfare
                                             Mainly because of year-on-year increase
    Management expense2.12%                in wage & welfare and depreciation of
                                             afforestation fees
                                             Mainly  because of increase in expenses
    R&D expense       10.72%               for technology research and development
                                             in 2018
    Financial expense    93.36%               Mainly  because  of  increase  in  loan
                                             interest expenditure
    Net amount of cash                      Mainly because of increase in received
    flow   generated   in0.28%                cash from product sales and rendering of
    operating activities                         serdeputy
    Net amount of cash                      Mainly because of increase in received
    flow   generated   in38.08%               cash from t recouping the investment
    investment activities
    Net amount of cash
    flow   generated   in-77.83%               Mainly because of increase in payment of
    capital-raising                             cash for debt repayment
    activities
    
    
    Review and summary of the process of the Company’s early-disclosed development strategy and
    
    business plan during the report period
    
    During the report period, the Company realized the operating revenue of CNY5142.24million with
    
    an increase of 4.25% compared with last year, slightly lower than the target fixed at the beginning of
    
    the year of realizing operating revenue no less than CNY5.2billion. The net profit of CNY1042.63
    
    million belonging to the parent company’s shareholders was realized with an increase of 1.06%
    
    compared with last year. The main work during the report period were shown as followed:
    
    Firstly, the Company took the market as the mirror, further promoted the strategy of three Focus,
    
    strengthened internal adjustment and reform intensity, accelerated the launch of new products and
    
    market expansion of core products, and strived to develop E-business, achieving good results.
    
    During the report period, the Company reorganized sales team, preliminarily realized the reduce in
    
    staff number and the improve of efficiency, conducted the work of “sales team jointly built by
    
    manufacturers and distributors”, actively explored the expense input management and control mode
    
    of “check and balance between manufacturers and distributors ”, and received preliminary effects.
    
    Ten provincial brandy companies were newly established. Specialized provincial wine companies
    
    and comprehensive provincial companies were subdivided. Three business segments, including
    
    provinces and cities such as Zhejiang, Fujian, Guangdong, Jiangsu, Shandong, Beijing and Shanghai
    
    etc and E-business and so on, realized authorized operation. The Company adjusted the function of
    
    VIP customer business, peeled off distribution business in direct supply system, further defined the
    
    relationship between the Changyu parent brand and its subsidiary brands, formed the core brand
    
    system of various liquors and made development planning of each brand. Series of new products,
    
    such as the ninth generation Noble Dragon, new Zenithwirl, 15-year Koya, 10-year Koya, 6-year
    
    Koya, Australian Kilikanoon products and Chilean Indomita products and so on, received wide
    
    praises and the demand of partial products exceeds supply owing to their hot sale. The Company
    
    insisted on the strategy of three Focus, weeded out 134 kinds of wine and centralized most
    
    marketing resources to be used for market promotion of middle-to-high-end wine, five-star and
    
    above brandy and imported wine with own brands, making sales revenue of wine and brandy achieve
    
    different levels of increase.
    
    Secondly, the Company took the quality as the basis, regarded product quality as an important magic
    
    weapon to defeat enemies. It conducted all-around self-examination, self-correction and
    
    optimization on the selection of grape base, grape planting mode, production process and technology,
    
    quality testing equipment and product quality control system etc, formulated three-year planning,
    
    implementation scheme and specific measures for product development and quality improvement in
    
    future three years, strengthened technical exchanges at home and abroad and team construction of
    
    winemakers, focused on new product development and technical difficulties, improved the quality
    
    traceability system and strengthened quality control in the whole production process, making the
    
    company's technical level and product quality reach a new level. The Company carried out 45
    
    technology researches and completed one sub-project of national 863 project. Drafted standards of
    
    Wine-making Grape and Oak Barrel passed the group standards assessment by China Alcoholic
    
    Drinks Association, filling in gaps of domestic wine industry. Key Technology Research and
    
    Application in Industrialization of Domestic Oak Products was declared for 2018 scientific and
    
    technological progress award of China Alcoholic Drinks Association. Key Technology Research for
    
    Premium and Characteristic Wine-making Grape Cabernet Gernischt and Wine Production won
    
    scientific and technological progress award of China National Light Industry Council. In 2018 IWSC,
    
    Kilikanoon Wines Pty Ltd in Australia was awarded “Australian Best Wine Producer of the Year”
    
    and was the only one chateau awarded by IWSC among more than 4000 chateaux in Australia, of
    
    which 2014 Kilikanoon Estate Special Reserve Shiraz 8K won outstanding gold medal with scores
    
    of 93 points and above) as well as the trophy of “World’s Best Shiraz of the Year” while 2016
    
    Kilikanoon Estate Wine Blend 6K won gold medal with scores of 90 to 92.9 points. Kilikanoon
    
    Wines Pty Ltd was honored with the title of “Australian Best Wine Producer of the Year” in 2018
    
    Mundus Vini. 2014 Kilikanoon Estate Special Reserve Shiraz 8K won gold medal in DAWA with
    
    the score of 95. 2015 Moser Family Cabernet Sauvignon Red Wine, 2016 Moser Legend Cabernet
    
    Sauvignon White Wine, 2015 Golden-label Icewine of Golden Icewine Valley and 2015 Blue-label
    
    Icewine of Golden Icewine Valley won gold medal in the 22nd session of Berliner Wein Trophy.
    
    Changyu Five-star Fine Brandy won gold medal in 2018 Spirits Selection by Concours Mondial de
    
    Bruxelles. Changyu Koya 15-years XO brandy ageing in oak barrel won the design award of luxury
    
    category in 2018 Pentawards Award Ceremony. “Water-drop Decanter” of Changyu Koya 10-years
    
    XO Brandy won the design award of packaging category in 2018 iF Design Award Ceremony held
    
    at BMW Welt in Munich, Germany.
    
    Thirdly, the Company realized online identification and order-driven mode of major products.
    
    During the reporting period, the Company issued Assessment Measures for Performance Rate of
    
    Production Order, gave full play to advantages of advanced production facilities, high automation
    
    and informationization and fast production speed, optimized and adjusted business processes, and
    
    strengthened coordination of supply, production and sales, making 27 kinds of Noble Dragon
    
    products with high sales volume and all domestic chateau wines achieve order-driven mode. Most
    
    domestic wine products achieved online tagging, which improved production efficiency and delivery
    
    speed, dramatically reduced product and capital backlogs and better satisfied the market needs.
    
    Fourthly, the Company enhanced financial management and established and improved the
    
    assessment system taking profit as principal line. During the report period, the Company
    
    strengthened the management in financial budget, fixed funds and overseas enterprises’ financial
    
    affairs, enhanced the audit in price execution, gross profit margin, capital occupation, key expenses,
    
    and investment projects, increased the investigation of economic responsibility, scientifically
    
    allocated internal capital, vigorously strived for policy-based capital loans and continuously reduce
    
    the cost of capital. It strengthened the simulated profit assessment of authorized business units and
    
    strived to establish a profit assessment system covering all business segments and respective
    
    responsibilities in order to provide a basic basis for more reasonable and efficient performance
    
    assessment and to improve profitability.
    
    Fifthly, the Company successfully completed the procurement of raw materials including grapes and
    
    further strengthened the management in grape base. The Company comprehensively accomplished
    
    the procurement plan of raw materials exemplified as grapes, improved the fermentation rate of
    
    premium wines, further deepened sort management and sort acquisition of grape bases and continued
    
    promoting the mechanization process in vineyards, lowering the operating costs of self-supported
    
    grape bases and making scientific and normative management in grape base reach a higher level. It
    
    raised grape purchase standard, improved raw material quality, actively conducted the introduction,
    
    selective breeding and improvement of new grape varieties and characteristic varieties and cultivated
    
    a lot of new varieties, enriching the variety resource for future product development. It also
    
    organized orchardist to take professional training on grape planting technology, which improved
    
    their grape planting and management level.
    
    Sixthly, the Company continued promoting internationalization strategy and steadily implemented
    
    overseas acquisition. It acquired 80% equity of Kilikanoon Estate Pty Ltd in Australia.
    
    ③Revenue and cost
    
    1) Composition of operation revenue
    
    Unit: CNY
    
                               2018                           2017
                                                                                 Year-on-year
     `                               Proportionin                     Proportionin  increaseor
                   Amount            operation     Amount            operation     decrease(%)
                                     revenue                         revenue
     Total
     operation            5,142,244,740        100%        4,932,545,229        100%          4.25%
     revenue
     Industry-classified
     Industryof
     liquorand
     alcoholic            5,142,244,740        100%        4,932,545,229        100%          4.25%
     beverage
     Product-classified
     Wine               4,000,233,434       77.79%        3,829,326,556       77.63%          0.16%
     Brandy               999,207,299       19.43%         989,889,728       20.07%         -0.64%
     Others                142,804,007        2.78%         113,328,945        2.30%          0.48%
     Area-classified
     Domestic            4,486,387,956       87.25%        4,497,288,066       91.18%         -3.93%
     Abroad               655,856,784       12.75%         435,257,163        8.82%          3.93%
    
    
    2) Condition of industry, product or area accounting for over 10% of the Company’s operation
    
    revenue or operating profit
    
    ?Available □Not available
    
    Whether the Company needs to follow disclosure requirements of special industry
    
    No
    
    Unit: CNY
    
                                                               Year-on-   Year-on-  Year-on
                                                                 year       year      -year
                                                                increase   increase   increase
                                                       Gross      or        or        or
                 Operation revenue    Operating cost    profit   decrease   decrease  decrease
                                                        rate     (%) of     (%) of    (%) of
                                                               operation  operating    gross
                                                                revenue     cost      profit
                                                                                      rate
     Sector-classified
     Sector of
     liquor
     and                5,142,244,740      1,901,611,507   63.02%     4.25%    13.76%    -3.09%
     alcoholic
     beverage
     Product-classified
     Wine              4,000,233,434      1,460,855,413   63.48%     4.46%    15.36%    -3.45%
     Brandy              999,207,299        403,699,973   59.60%     0.94%    14.58%    -4.81%
     Others               142,804,007        37,056,121   74.05%    26.01%    -29.91%    20.70%
     Total              5,142,244,740      1,901,611,507   63.02%     4.25%    13.76%    -3.09%
     Area-classified
     Domestic           4,486,387,956      1,477,589,238   67.07%     -0.24%     7.17%    -2.27%
     Abroad              655,856,784        424,022,269   35.35%    50.68%    44.76%     2.65%
    
    
    Under the condition that the statistical caliber of the Company’s main business data is adjusted
    
    during the report period, the Company’s main business data adjusted on the basis of caliber at the
    
    end of report period in recent one year.
    
    □Available ?Not available
    
    (2) Whether major business has significant changes during the report period?
    
    □Yes ?No
    
    (3) Condition of products accounting for over 10% in the Company’s main business income or
    
    main business profit
    
    ?Available □Not available
    
    Unit: CNY
    
                                                                Year-on-y  Year-on-y  Year-on-y
                                                                ear        ear        ear
                                                      Gross     increaseor  increaseor  increaseor
                Operation revenue     Operatingcost       profitrate  decrease    decrease    decrease
                                                                (%)of     (%)of     (%)of
                                                                Operation   operating   gross
                                                                revenue    cost       profitrate
     Wine              4,000,233,434       1,460,855,413    63.48%     4.46%    15.36%     -3.45%
     Brandy              999,207,299         403,699,973    59.60%     0.94%    14.58%     -4.81%
     Others              142,804,007          37,056,121    74.05%    26.01%    -29.91%    20.70%
     Total              5,142,244,740       1,901,611,507    63.02%     4.25%    13.76%     -3.09%
    
    
    (4) Whether there are seasonality or periodicity operating features required special attention
    
    □Yes ?No
    
    (5) Explanation for significant changes in operation revenue, operating cost, total net profit or
    
    constitution attributable to the ordinary shareholders of the listed company compared with
    
    last report period
    
    □Available ?Not available
    
    (6) Condition of Facing listing suspension and termination
    
    □Available ?Not available
    
    (7) Items related to financial report
    
    ①Situation explanation for changes in the accounting policy, accounting estimation and
    
    accounting method compared with 2017 annual financial report
    
    □Available ?Not available
    
    There is no change in the accounting policy, accounting estimation and accounting method during the
    
    report period.
    
    ②Situation explanation for the correction of major accounting errors need to be retrospected
    
    and restated during the report period
    
    □Available ?Not available
    
    There is no situation for the correction of major accounting errors need to be retrospected and
    
    restated.
    
    ③Situation explanation for changes in the scope of consolidated statements compared with
    
    2017 annual financial report
    
    ?Available □Not available
    
    According to Share Sale & Purchase Agreement signed on December 5th, 2017 between the
    
    Company and shareholders of Kilikanoon Estate Pty Ltd, the Company acquired 80% equity of
    
    Kilikanoon Estate Pty Ltd with the price of AUD20,860,825 (equivalence CNY107,194,420) to. The
    
    Company has completed equity transfer on January 18th, 2018, obtaining control rights of finance
    
    and business policy for Kilikanoon Estate Pty Ltd. During the report period, this company has been
    
    included in the scope of consolidated statements.
    
    Yantai Changyu Pioneer Wine Co., Ltd.
    
    Board of Directors
    
    April 20th, 2019

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