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个股公告正文

张 裕B:2019年半年度报告摘要(英文版)

日期:2019-08-28附件下载

    Shares Code: 000869, 200869 Shares Abbreviation: Changyu A, Changyu B Notice No.: 2019-Final03
    
    Yantai Changyu Pioneer Wine Co., Ltd.
    
    2019 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 carefully read the semi-annual report on the media specified by the China Securities
    
    Regulatory Commission.
    
    No directors, supervisors or senior executives issue a statement of objection to 2019 semi-annual
    
    report.
    
    Except the following directors, all other directors have personally attended the meeting for
    
    deliberating the semi-annual report.
    
       Directorname with      Directorpost with     Reason for non-present    Nameof mandatory
      non-presentinperson    non-present inperson         inperson
     DuanChangqing        Independentdirector     Ona business trip       WangZhuquan
    
    
    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 theShares:       ChangyuA,    Code numberofthe Shares        000869,
                                    ChangyuB                                    200869
    Place of listingof theShares      ShenzhenStock Exchange
    Abbreviation of the Shares after   -
    alteration
      Contactperson and information      Secretarytothe Board of     Authorized Representativeof
                                              Directors                theSecurities Affairs
    Name                          Mr.Jiang Jianxun              Mr.Li Tingguo
    Address                        56 Dama Road, Yantai,         56 Dama Road, Yantai,
                                    Shandong,China               Shandong,China
    Tel                             0086-535-6602761             0086-535-6633656
    E-mail                          jiangjianxun@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
    
                                Inthereport period    Inthesame period of  Moreor lessthan last
                                                          last year              year(%)
    Business revenue (CNY)            2,558,274,785         2,828,230,064              -9.55%
    Net profitattributedto the
    shareholders of the listed              603,403,789           635,837,405              -5.10%
    company (CNY)
    Net profitattributedto the
    shareholders of the listed
    company afterdeducting              552,490,695           606,678,719              -8.93%
    the irregularprofitand loss
    (CNY)
    Net cash flowsfrom the               499,476,006           552,753,472              -9.64%
    operating activities (CNY)
    Basic earnings pershare                      0.88                  0.93              -5.38%
    (CNY/share)
    Diluted earnings per share                    0.88                  0.93              -5.38%
    (CNY/share)
    Weighted average for                      6.13%                6.89%              -0.76%
    earning rate of the netassets
                               Theend of thereport    Theend of last year   Moreor lessthan last
                                     period                                     year(%)
    Total assets (CNY)                13,383,093,433        13,117,729,052               2.02%
    Net Assetsattributed tothe
    shareholders of the listed            9,791,885,091         9,606,099,365               1.93%
    company (CNY)
    
    
    3) Number of shareholder and shareholding situation
    
    Unit: share
    
                                                                        Totalnumberofpreferred
    Total common shareholders at theend of                          42,531shareholderrecovering                                             0
    report period                                                         votingpower at theend of report period
                                                                        (ifhave)
                                                     Thetop10 shareholders holdingsituation
                                                                           Percentage     Numberof Shares   Numberof   Pledgedor frozen
              Name of Shareholders             Characterof shareholders         (%)                             restricted    ShareheldAmount
        shares      status
    YANTAI CHANGYU GROUPCO. LTD.   Domesticnon-state-owned             50.40%        345,473,856            0
                                            legal person
    GAOLING FUND,L.P.                    Foreign legalperson                    3.08%          21,090,219            0
    CHINA SECURITIES FINANCECORP    State-owned legalperson                2.25%          15,440,794            0
    BFOBCHUBSOFSDS/AFIDELITY FD - CHINA     Foreign legalperson                    2.22%          15,241,826            0
    SHENWAN HONGYUAN                Foreign legalperson                    1.28%           8,798,233            0
    SECURITIES(HONG KONG) LIMITED
    FIDELITY PURITAN TRUST: FIDELITY
    SERIES INTRINSICOPPORTUNITIES    Foreign legalperson                    0.93%           6,350,762            0
    FUND
    GUOTAI JUNAN                        Foreign legalperson                    0.76%           5,229,016
    SECURITIES(HONGKONG) LIMITED                                                                               0
    CENTRAL HUIJIN ASSET               State-owned legalperson                0.69%           4,761,200
    MANAGEMENT LTD.                                                                                             0
    VANGUARD EMERGINGMARKETS     Foreign legalperson                    0.55%           3,788,487
    STOCK INDEXFUND                                                                                              0
    FIDELITY CHINA SPECIAL              Foreign legalperson                    0.55%           3,779,202
    SITUATIONS PLC                                                                                                 0
                                                                                Amongthe top10 shareholders, YantaiChangyu GroupCompany
    The explanation fortheassociated relationshipand accordant action ofthe top10     Limited hasnoassociated relationshipor accordant action
    shareholders mentionedabove                                                 relationshipwiththe other9 listedshareholders, and the
                                                                                relationshipamong theother shareholders isunknown.
    Explanation forshareholders who involved infinancingactivitiesand stock trading   Thetop10 shareholdersdo not involve infinancingactivities and
    business (if have)                                                            stocktrade business.
    
    
    4) Changes of controlling shareholders or actual controllers
    
    Changes of controlling shareholders during the report period
    
    □Available ?Not available
    
    There is no change to controlling shareholders during the report period.
    
    Changes of actual controllers during the report period
    
    □Available ?Not available
    
    There is no change to actual controllers during the report period
    
    5) Number of preferred shareholder and shareholding of preferred shares of top ten preferred shareholders
    
    □Available ?Not available
    
    There are no shareholdings of 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 periodWhether the Company needs to follow the disclosure requirement of special businessNo.
    
    (1) Summarization
    
    During the report period, influenced by the slowdown of domestic economic growth, the overall
    
    demand of domestic wine industry was relatively weak. Both domestic and imported wine had
    
    experienced decline at varying degrees in sales volume and sales revenue. The competition in
    
    domestic wine market, especially for middle-and- low-level wines, was very fierce. Due to
    
    continuously influences such as increase in the prices of raw materials and packaging materials,
    
    depreciation of fixed assets and increase in freight and labor costs, the Company’s profitability was
    
    under greater pressure. Facing quite a lot of unfavorable factors, 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” (the strategy of “Three Focuses”) without wavering, continued
    
    intensifying internal reform, further optimized product structure and market layout. Through product
    
    innovation, management innovation and marketing innovation, the Company strived to promote
    
    product sales and achieved certain effects, under the background of the market that both domestic
    
    wine and imported wine show a large decrease wholly in China market, realizing the business
    
    income of CNY2558.27million in the first half year with a decrease of 9.55% compared with last
    
    year and the net profit attributable to the parent company’s shareholders of CNY603.4million in the
    
    first half year with a decrease of 5.1% compared with last year.
    
    During the report period, the Company mainly did following work:
    
    Firstly, the Company's Board of Directors, Board of Supervisors and senior executives were
    
    successfully re-elected, injecting new forces, optimizing staff structure, enhancing the management
    
    level and decision-making ability of the management team and providing a reliable organizational
    
    guarantee for the Company’s sustainable and healthy development in the future.
    
    Secondly, the "Three Focuses" strategy was steadily advanced and initial results were achieved.
    
    During the report period, among the three core business segments of domestic wine, brandy and
    
    imported wine, the Company concentrated its main resources to focus on the three domestic wine
    
    brands such as MOSER, Noble Dragon and ZENITHWIRL; the two brandy brands “KOYA” and
    
    “Changyu Superior Five-star Special Fine Brandy” and the two imported wine brands Kilikanoon
    
    and INDOMITA achieved good results, which slowed down the Company’s wine decline and
    
    achieved a small increase in brandy sales revenue.
    
    Thirdly, the organization structure of sales system was basically completed in terms of adjustment
    
    and optimization. The transformation from management dealers to serving dealers was actively
    
    promoted and the construction of “Fund pool” with dealers was energetically developed. During the
    
    report period, the Company eliminated, adjusted, rotated and supplemented some of the provincial
    
    and municipal sales personnel, further rationalized the sales management system and enhanced the
    
    fighting capacity of the sales team. The authorized operation was deeply advanced, which further
    
    mobilized the enthusiasm and initiative of sales personnel. Besides, the Company improved the
    
    performance appraisal mode and work focus, which promoted sales personnel to be closer to the
    
    market and clients and better served terminals and consumers. Moreover, the construction of sales
    
    team and “Fund pool” with dealers was intensified, which alleviated the contradiction of insufficient
    
    market input.
    
    Fourthly, the Company actively coordinated controlling shareholders and other relevant parties. After
    
    repeated communication and full argumentation, the Company re-determined the proportion of
    
    trademark use fee of "张裕"(Changyu) and other trademarks, revised and improved Trademark
    
    License Contract and eliminated defects in the contract. In addition, the Company cooperated closely
    
    with the controlling shareholders and was freely transferred part of trademarks and patents from the
    
    controlling shareholders, which better guaranteed the integrity of the Company’s assets and reduced
    
    related transactions.
    
    Fifthly, the Company optimized the layout of raw material bases, strengthened quality management,
    
    strived to reduce raw material costs and improved product quality. During the report period, the
    
    Company carried out an overall planning for domestic and foreign raw material supply bases and laid
    
    out medium and long-term raw material bases in Australia, Chile and France. In addition, the
    
    Company increased a large number of high-quality raw material bases in Xinjiang, Ningxia and
    
    Yantai, strengthened the assessments of basic management, profit and key work to the raw material
    
    bases, and use internal self-examination, random sampling, third-party inspection, flight inspection
    
    and other means to strengthen product quality monitoring and control. Moreover, the Company
    
    re-approved supplier list, eliminated unqualified suppliers and continuously improved the quality of
    
    raw material and packaging. As these measures become effective, the product quality and reduce raw
    
    material costs will be fundamentally improved.
    
    Sixthly, it was to strengthen financial management and audit supervision, strive to reduce capital
    
    costs and operational risks, and improve the Company’s operational efficiency. During the report
    
    period, after repeated communication and negotiation, the Company further reduced the bank loan
    
    interest rate and financing cost. In addition, the Company used the SAP system to monitor and
    
    allocate cash flow in real time, strictly implemented two-line management of financial revenues and
    
    expenditures and paid use system of funds, which accelerated capital turnover, improved funds use
    
    efficiency and reduced funds occupation. Moreover, the Company intensified the audit work of key
    
    areas such as the authenticity of financial revenues and expenditures, channel inventory, unsalable
    
    products, advertising fees and economic responsibility of outgoing personnel, and timely investigated
    
    and punished illegal acts, which effectively prevented significant operational risks.
    
    Seventhly, scientific dispatch, carefully organization and close cooperation guaranteed the good
    
    quality and smooth progress of investment projects. During the report period, all projects under
    
    construction of the Company progressed as planned and the project quality was excellent.
    
    Eighthly, it was to continue implementing the internationalization strategy and actively carry out
    
    joint venture and cooperation with strong foreign peers. During the report period, in order to reduce
    
    operating costs of a single winery and play a synergistic effect, the Company used its wholly-owned
    
    subsidiary in France Francs Champs Participations SAS to establish a joint venture company L&M
    
    HOLDINGS together with Advini SA’s subsidiary SC Garri du Gai in France, promoting the
    
    management and operation level of the French wine business segment.
    
    In order to achieve the business objectives set by the Company at the beginning of the year, the
    
    Company will focus on the following work in the second half of 2019:
    
    Firstly, the current market situation has determined that the Company must unswervingly promote
    
    the development strategy of “Three Focus”. The Company will continue classifying products,
    
    compressing the number of products, centralizing superior resources and focusing on market
    
    exploration and marketing work.
    
    Secondly, considering that the main contradiction for future development lies in the market, the
    
    Company will continue focusing on the construction of two teams of backbone distributors and
    
    full-time sales personnel and further establish and improve the sales system to extend market
    
    coverage. The Company will also make deep penetration into key markets and strive to achieve
    
    breakthrough. In addition, the marketing innovation will be strengthened and the communications
    
    media will be optimized in order to improve the marketing level. A systematic brand manager system
    
    will also be established and a full-time marketing team will be set up for providing systemic
    
    marketing solutions to boost brands by virtue of the top outsourcing companies in the industry. The
    
    Company will take full advantage and integrate online advantageous platform and explore the digital
    
    marketing mode in line with Changyu to provide consumers with a more perfect consumer
    
    experience and enhance user stickiness.
    
    Thirdly, continuous improvement in product quality is the most fundamental thing to win the market
    
    competition. While strictly implementing various quality management measures, the Company will
    
    establish a systematic brand winemaker system, give full play to the main responsibility of
    
    winemakers at all levels and propose clear requirements of salary, appointment, selection, promotion
    
    and exit for winemakers at different levels in order to stimulate winemakers' enthusiasm and sense of
    
    responsibility and promote the significant improvement in product quality.
    
    Fourthly, the establishment of a talent team that is compatible with the Company's development to
    
    the core to achieve sustained and rapid development. The Company will focus on cultivating 60
    
    high- level provincial general managers and 600 outstanding city managers comprehensively
    
    optimize talent echelon and strive to make up the weakness in talents. Moreover, the Company will
    
    further optimize performance appraisal methods, establish and improve various flexible and efficient
    
    incentive mechanisms with the combination of long-term mechanism and short-term mechanism as
    
    well as complementary advantages, and further stimulate the Company’s vitality to enhance the
    
    attraction and centripetal force to the outstanding talents.
    
    Fifthly, the Company will reasonably arrange the production schedule, do well the connection
    
    between production and sales, make full use of sales peak season including Mid-Autumn Festival,
    
    National Day and Spring Festival, increase marketing efforts and promote product sales, providing
    
    important guarantee for achieving annual sales targets.
    
    Sixthly, the Company will scientifically make procurement plan for raw materials such as grapes,
    
    rationally arrange procurement progress and fully complete the procurement work of grape raw
    
    material, providing core raw materials with sufficient quantity, complete varieties, high quality and
    
    low price for future development.
    
    In short, we preliminarily judge that in the second half of this year, with the cumulative effects of
    
    various reform measures in the past year starting to appear, although the downward pressure on the
    
    domestic wine market is increasing, the sales situation of our company may actually gradually go out
    
    of the trough, and revenue may also begin to enter the growth track. The Company will strive to
    
    complete the established revenue target of not lower than CNY5.3 billion at the beginning of the year.
    
    In addition, affected by the double favorable factors of the national cutting taxes and fees policies
    
    and the controlling shareholder's offset of trademark use fee, the Company's profit level may be
    
    improved compared with the same period of last year.
    
    (2) Analysis of main business
    
    See “1. Summarization” in “Management Discussion and Analysis”.
    
    Period comparison of main financial data
    
    Unit: CNY
    
                         Inthereport    Inthesame    Moreor
                           period      periodof last   less(%)        Reason forchanges
                                           year
    Operating revenue    2,558,274,785   2,828,230,064    -9.55% Mainlyowing tothe year-on-year
                                                               decreaseinsales volume
                                                               Mainlyowing tothe year-on-year
    Operating costs        936,252,225     974,557,292    -3.93% increaseintheprice of grape
                                                               material
                                                               Mainlyowing tothe year-on-year
    Sales expenses        591,970,801     710,659,033   -16.70% decrease in marketingexpense
                                                               andtrademark usefee
    Administration        155,552,312     157,964,882    -1.53% No majorchange
    expense
    Financial expense        8,789,583      13,085,942   -32.83% Mainlyowing tothe year-on-year
                                                               decreasein interestexpenditure
    Income tax expense    210,281,578     211,979,735    -0.80% No majorchange
    Research &                                                Mainlyowing tothe increased
    Development            2,706,811       2,127,006   27.26% investment inscientific research
    Investment
                                                               Mainlyowing tothedecrease in
    Net cash flow from    499,476,006     552,753,472    -9.64% receivedcash fromselling
    operating activities                                          productsand providing labor
                                                               service
                                                               Mainlyowing tothedecrease in
    Net cash flowfrom                                         thecashpaid forpurchasing fixed
    investment activities   -114,534,608    -291,217,548   60.67% termdeposit and the netcashpaid
                                                               bysubsidiaries and other business
                                                               units
                                                               Mainlyowing tothe year-on-year
    Net cash flowfrom     -18,128,357      -6,350,537 -185.46% decrease inreceived fixedterm
    financing activities                                          deposit used forpledge of
                                                               long-termloan
    Net increased                                              Mainlyowing tothe year-on-year
    amount ofcash and    366,866,743     247,781,188   48.06% decrease inthecash outflowof
    cash equivalents                                            investmentactivities
    
    
    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
    
                                                                      Increaseor decrease of    Increaseor decrease of
        Increaseor decrease of
                         Operating                                    operatingrevenueover    operatingcostover the
                                       Operatingcost  Grossprofit (%)                                                 grossprofitover the same
                          revenue                                     thesameperiod of last    sameperiod of last year
        periodof last year
                                                                            year (%)                   (%)
    By sector
    Manufacturing of
    liquor and            2,558,274,785    936,252,225         63.40%                 -9.55%                  -3.93%                 -2.14%
    alcoholic
    beverages
    By product
    Wine                1,928,554,268    680,125,496         64.73%                -13.01%                  -9.65%                 -1.31%
    Brandy                563,451,068    229,703,175         59.23%                 3.33%                  18.50%                 -5.22%
    Tourism                42,604,382      12,307,699         71.11%                 -7.44%                 -12.47%                  1.66%
    Other                  23,665,067      14,115,855         40.35%                19.01%                   1.95%                  9.98%
    Total                2,558,274,785    936,252,225         63.40%                 -9.55%                  -3.93%                 -2.14%
    Region
    Domestic business    2,330,780,056    791,113,867         66.06%                 -9.92%                  -2.36%                 -2.63%
    Overseas business      227,494,729    145,138,358         36.20%                 -5.50%                 -11.69%                  4.47%
    Total                2,558,274,785    936,252,225         63.40%                 -9.55%                  -3.93%                 -2.14%
    
    
    2) Related items involving financial report
    
    (1) Explanation for the changes of the accounting policy, accounting estimation and accounting method, compared with the last
    
    accounting period’s financial report
    
    ?Available □Not available
    
    In 2017, the Ministry of Finance published the revised Accounting Standard for Enterprises No.22 - Recognition and Measurement of Financial
    
    Instruments,Accounting Standard for Enterprises No.23 -Financial Assets Transfer,Accounting Standard for Enterprises No.24 - Hedge
    
    Accounting,and Accounting Standard for Enterprises No.37 - Presentation of Financial Instruments (“New Financial Instruments Standard”
    
    for short). The Company began the accounting treatment in accordance with the new revised standards started from January 1st, 2019.
    
    According to connection requirements, data in comparable duration shall not be adjusted, and d ifferences between the implementation of the
    
    new standard on the first day and the current standard retrospectively adjust the undistributed profit at the beginning of the report period.
    
    Affected by this, regarding the balance sheet consolidation on January 1st, 2019, accounts receivable changed from CNY242,153,083 to
    
    CNY237,781,161, deferred income tax assets changed from CNY285,436,259 to CNY286,529,2239, and undistributed profit changed from
    
    CNY8,008,982,547 to CNY8,005,703,605.
    
    Based on the requirement of Notification on Revising and Issuing Financial Statement Format for General Enterprises in 2019(Accounting
    
    [2019] No. 6), in the balance sheet, the item “Notes receivable and accounts receivable” is divided into “Notes receivable” and “Accounts
    
    receivable”, and the item “Notes payable and accounts payable” is divided into “Notes payable” and “Accounts payable”. In the income
    
    statement, regarding the item “Research and development expenses”, in addition to reflecting the expenses incurred during the research and
    
    development process, it also includes the amortization of self-developed intangible assets originally listed in the item “Administrative
    
    expenses”. The changes in accounting policy have no effect on consolidation and the Company's net profit and owner's equity.
    
    (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
    
    There is no change in the consolidated statements scope during the report period.
    
    Yantai Changyu Pioneer Wine Co. Ltd.
    
    Board of Directors
    
    August 28th, 2019

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