张裕Ｂ：2022年半年度报告（英文版）.PDF
Yantai Changyu Pioneer Wine Co.,Ltd.2022 Semi-annual Report1Yantai Changyu Pioneer Wine Co.,Ltd.2022 Semi-annual ReportFinal 2022-03August 26,2022Yantai Changyu Pioneer Wine Co.,Ltd.2022 Semi-annual Report2Table of ContentsI、Important Notice,Table of Contents and Definition.3II、Brief Introduction for the Company and Main Financial Indicators.6III、Discussion andAnalysis of Management Team.9IV、Corporate Governance.26V、Environmental and Social Responsibility.28VI、Major issues.30VII、Changes in Shares and the ShareholdersSituation.38VIII、Related Situation of Preferred Shares.43IX、Related Situation of Bonds.43X、Financial Report.44Yantai Changyu Pioneer Wine Co.,Ltd.2022 Semi-annual Report3I.Important Notice,Table of Contents and DefinitionThe board of directors，the board of supervisors，directors,supervisors and senior executivesof the Company guarantee the truthfulness,accuracy and completeness of the contentscontained in the semi-annual report with no false records,misleading statements orsignificant omissions,and undertake individual and joint legal liabilities.Mr.Hongjiang ZHOU(Person in charge of the Company),Mr.Jianxun JIANG(Person incharge of accounting work)and Ms.Cuimei GUO(Person in charge of accounting organ&Accountant in charge)assure the truthfulness,accuracy and completeness of the financialreport in the semi-annual report.All directors have attended the meeting for deliberating the semi-annual report.Forward-looking statements such as future plans and development strategies covered in thisreport do not constitute a substantial commitment of the Company to investors.Investors areadvised to pay attention to investment risks.Regarding significant risks that the Company may face during the business process,pleaserefer to“10.Risks and response measures”in“III Discussion and Analysis of ManagementTeam”in this report.Investors are suggested to read carefully and pay attention to investmentrisks.The Company has no plan to distribute cash dividends and bonus shares and capital reservewill not be transferred to equity.Yantai Changyu Pioneer Wine Co.,Ltd.2022 Semi-annual Report4Reference Documents(1)The original of 2022 Semi-annual Report autographed by the chairman.(2)The Financial Statements autographed and sealed by the chairman,chief accountant andaccountants in charge.(3)The Prospectus and Public Offering Announcement for Stock B in 1997;The Prospectusand The SharesChange&Public Offering Announcement for StockAin 2000.(4)The originals of all documents and announcements that the Company made public duringthe report period in the newspapers designated by China Securities Regulatory Commission.Yantai Changyu Pioneer Wine Co.,Ltd.2022 Semi-annual Report5DefinitionDefinition ItemRefers toDefinition ContentCompany/The CompanyRefers to Yantai Changyu Pioneer Wine Co.,Ltd.Changyu Group/Controlling ShareholderRefers to Yantai Changyu Group Co.,Ltd.CSRCRefers to China Securities Regulatory CommissionSSERefers to Shenzhen Stock ExchangeKPMG HuazhenRefers to KPMG Huazhen LLP(Limited Liability Partnership)CNYRefers to Chinese YuanYantai Changyu Pioneer Wine Co.,Ltd.2022 Semi-annual Report6II.Brief Introduction for the Company and Main Financial Indicators1.Companys informationStockAbbreviationChangyu A,Changyu BStock Code000869，200869StockAbbreviation after Alteration NonePlace of Stock ListingShenzhen Stock ExchangeLegal Name in Chinese烟台张裕葡萄酿酒股份有限公司Abbreviation of Chinese Name张裕Legal Name in EnglishYANTAI CHANGYU PIONEER WINE COMPANY LIMITEDAbbreviation of English NameCHANGYULegal RepresentativeHongjiang ZHOU2.Contact person and informationSecretary to the Board of DirectorsAuthorized Representative of Securities AffairsNameJianxun JIANGTingguo LIAddress56 Dama Road,Yantai,Shandong,China56 Dama Road,Yantai,Shandong,ChinaTel.0086-535-66027610086-535-6633656Fax.0086-535-66336390086-535-6633639E-3.Other information1)Contact information of the CompanyWhether there is any change in the Companys registered address,office address,corresponding postcode,website address and email address during the report periodAvailableNot availableThere is no change in the Companys registered address,office address,correspondingpostcode,website address and email address during the report period.Please refer to 2021Annual Report for detailed information.2)Information disclosure and filing locationWhether there is any change in information disclosure and filing location during the reportperiodAvailableNot availableThere is no change in the name of the newspaper for information disclosure,the address ofthe website designated by the China Securities Regulatory Commission for publishing thesemi-annual report,and the filing location of the Companys semi-annual report selected bythe Company during the report period.Please refer to 2021 Annual Report for detailedinformation.Yantai Changyu Pioneer Wine Co.,Ltd.2022 Semi-annual Report73)Other relevant informationWhether there is any change in other relevant information during the report periodAvailableNot available4.Key accounting data and financial indicatorsWhether the Company needs to retrospectively adjust or restate the accounting data ofprevious fiscal years.YesNoDuring the reportperiodIn the same periodof last yearMore or less than the sameperiod of last year(%)Operating revenue(CNY)1,953,092,1351,874,460,4374.19%Net profit attributed to shareholders of the listedcompany(CNY)358,459,603371,821,819-3.59%Net profit attributed to shareholders of the listedcompany after deducting non-recurring profitsand losses(CNY)344,309,022353,676,042-2.65%Net cash flows from operating activities(CNY)606,273,595455,935,14932.97%Basic earnings per share(CNY/share)0.520.54-3.70%Diluted earnings per share(CNY/share)0.520.54-3.70%Weighted average return on equity(CNY)3.37%3.57%-0.20%At end of thisreport periodAt the end of lastyearMore or less than the end oflast year(%)Total assets(CNY)13,284,166,29613,472,009,754-1.39%NetAssets attributed to shareholders of thelisted company(CNY)10,491,487,49010,447,884,1830.42%5.Differences in accounting data under PRC accounting standards and internationalaccounting standards1)Differences of net profit and net asset in the financial report disclosed according toboth international accounting standards and PRC accounting standardAvailableNot availableUnit：CNYNet profit attributed to theshareholders of the listed companyNetAssets attributed to theshareholders of the listed companyCurrent periodLast periodEnd of periodBeginning of periodAccording to PRC accountingstandards358,459,603371,821,81910,491,487,49010,447,884,183Item and amount adjusted according to international accounting standardsYantai Changyu Pioneer Wine Co.,Ltd.2022 Semi-annual Report8According to internationalaccounting standards358,459,603371,821,81910,491,487,49010,447,884,1832)Differences of net profit and net asset in the financial report disclosed according toboth foreign accounting standards and PRC accounting standardsAvailableNot availableThere are no differences of net profit and net asset in the financial report disclosed accordingto both foreign accounting standards and PRC accounting standards during the report period.3)Explanation of the differences in accounting data under domestic and foreignaccounting standardsAvailableNot available6.Item and amount of non-recurring gains and lossesAvailableNot availableUnit：CNYItemAmountExplanationProfits and losses on disposal of non-current assets(including the write-off part of theprovision for asset impairment has been made)-8,239,072Government grants included in the current profits and losses(except for those recurringgovernment grants that are closely related to the entitys operation,in line with relatedregulations and have proper basis of calculation)23,129,245Other non-operating income and expenditure besides above-mentioned items1,105,081Less:Amount affected by income tax4,584,591Amount affected by minority equity(after tax)-2,739,918Total14,150,581Specific situation of other profit and loss projects conforming to the definition ofnon-recurring profit and lossAvailableNot availableThere does not exist specific situation of other profit and loss projects conforming to thedefinition of non-recurring profit and loss.Explanation for regarding the non-recurring profit and loss specified in the ExplanatoryAnnouncement on Public Companys Information Disclosure No.1-Non-recurring Profit andLoss as recurrent profit and lossAvailableNot availableThere is no situation regarding the non-recurring profit and loss specified in the ExplanatoryAnnouncement on Public Companys Information Disclosure No.1-Non-recurring Profit andLoss as recurrent profit and lossYantai Changyu Pioneer Wine Co.,Ltd.2022 Semi-annual Report9III.Discussion and Analysis of Management Team1.Main businesses during the report period1)Basic information of main business during the report periodDuring the report period,the Companys main businesses are production and operation ofwine and brandy,thus providing domestic and foreign consumers with healthy andfashionable alcoholic drinks.Compared with earlier stage,there are no significant changeshappened to the Companys main businesses.The wine industry that the Company involvedin is still in growth stage.Although being affected by many factors for the short-term,thecompetition in the market is fierce and the demand in wine consumption is still weak.However,seen from the long term,the whole domestic wine market is on the rising trend.The Company is at the forefront in the domestic wine market.2)License obtainedAs of June 30th,2022,the Company and its subsidiaries have obtained 10 food productionlicenses(alcohol),of which the food production licenses having been obtained since thebeginning of 2021 are as follows:Producer nameFood categoryObtaining timeObtaining methodFood production license numberYantai Chateau Koya BrandyCo.,Ltd.Alcohol2021.04.02Approval fromgovernment authoritySC11537063601165Yantai Changyu PioneerWine Co.,Ltd.Alcohol2021.06.01Approval fromgovernment authoritySC11537060100050Yantai ChateauChangyu-Castel Co.,Ltd.Alcohol2021.06.08Approval fromgovernment authoritySC11537063600172Chateau Changyu IcewineCo.,Ltd.LiaoningAlcohol2021.03.25Approval fromgovernment authoritySC115210522003703)Explanation for other significant eventsDuring the report period,there did not exist the trademark ownership dispute,food qualityissue or food safety incident etc.that had a significant impact on the Company.Brand operationThe Companys products were divided into two series:wine and brandy.For wine,mainbrands included Changyu,Noble Dragon,AFIP,Changyu Moser XV,Longyu,GoldenIcewine Valley,Zenithwirl,Vermouth,Rena,Baron Balboa,J.LORMIN,Atrio,Kilikanoonand IWCC and so on.For Brandy,main brands included Koya,Mminni,Pagese,RoulletFransac and so on.Major sales modeThe Companys main sales mode was the distribution mode,and main sales channel wasYantai Changyu Pioneer Wine Co.,Ltd.2022 Semi-annual Report10offline sales,that is,the Companys products were distributed to sales terminals throughapproximately 4600 distributors at home and abroad and ultimately provided to consumers.Distribution modeAvailableNot available The Company adopted the settlement method of cash and carry with the distributors,andmainly adopted buyout distribution mode.Situation of change in the number of distributors isshown as follows.RegionNumber at the endof 2021Increased number duringthis report periodNumber on June30th,2022Eastern China1857201877South China5654569Central China476-18458North China365-1364Northwest China184-12172Southwest China4935498Northeast China318-1317HongKong,Macao,Taiwan China and overseas57318591Total4831154846 Sales information of the Companys top 5 distributors during the report periodNo.Customer nameSales amount(CNY）Proportion in total sales（%）1Rank 1st35,061,5061.80%2Rank 2nd24,698,6181.26%3Rank 3rd22,310,4501.14%4Rank 4th14,031,8600.72%5Rank 5th13,530,1530.69%Total-109,632,5875.61%The ratio of sales in self-owned exclusive shop exceeds 10%AvailableNot availableSales of online direct salesAvailableNot availableYantai Changyu Pioneer Wine Co.,Ltd.2022 Semi-annual Report11Sales modelFirst half of 2022First half of 2021Operating income(CNY)Operating cost(CNY)Gross marginOperating income(CNY)Operating cost(CNY)Gross marginDistribution1,719,362,579721,760,53958.02%1,641,730,422666,704,86859.39%Direct sales233,729,556100,094,92757.17%232,730,01594,808,67659.26%Total1,953,092,135821,855,46657.92%1,874,460,437761,513,54459.37%The change in sales prices of major products accounting for more than 10%of total operatingincome in current report period exceeds 30%compared with those in last report periodAvailableNot availableProcurement mode and procurement contentUnit:CNY0000Procurement modeProcurement contentAmount of majorprocurement contentsQualitative and price comparisonRaw materials including grape/bulk wine25,743.36Invitation for bids/qualitative and price comparisonPackaging materials18,474.16Invitation for bids/qualitative and price comparisonBrewing materials618.61Invitation for bids/qualitative and price comparisonGoods and materials for vineyard209.67ContractFuel and power1,251.54Qualitative and price comparisonOther alcoholic products and derivatives1,001.56Amount of purchasing raw materials from cooperatives or farmers exceeds 30%of totalprocedure amountAvailableNot availableThe year-on-year change in the price of major outsourced raw materials exceeds 30%AvailableNot availableMajor production modeThe production mode of the Company is self-produce.Commissioned processing and productionAvailableNot availableMajor components of operating costsUnit:CNYSectorProjectFirst half of 2022First half of 2021Year-on-yearincrease ordecrease(%)AmountProportion in theoperating cost(%)AmountProportion in theoperating cost(%)LiquorBlending liquor373,837,36346.27%338,779,44445.80%0.47%Yantai Changyu Pioneer Wine Co.,Ltd.2022 Semi-annual Report12andalcoholicbeveragePacking material240,932,71529.82%220,802,80029.85%-0.03%Wages26,180,9793.24%22,817,9333.08%0.16%Manufacturing/transportingexpenses167,043,01820.67%157,299,02121.27%-0.59%Unit:CNYSectorProjectFirst half of 2022First half of 2021Year-on-yearincrease ordecrease(%)AmountProportion in theoperating cost(%)AmountProportion in theoperating cost(%)WineBlending liquor267,277,42245.81%242,011,69245.36%0.45%Packing material165,812,42328.42%155,025,71329.06%-0.64%Wages22,169,9703.80%18,985,0773.56%0.24%Manufacturingexpenses128,178,81821.97%117,508,18922.02%-0.06%BrandyBlending liquor106,559,94147.45%96,767,75246.94%0.52%Packing material75,120,29333.45%65,777,08831.90%1.55%Wages4,011,0091.79%3,832,8551.86%-0.07%Manufacturingexpenses38,864,20017.31%39,790,83219.30%-1.99%Yield and inventoryYearCategoryYield(ton)Sales volume(ton)Inventory(ton)First half of 2022Wine30,56332,31513,645Brandy5,66113,1986,927First half of 2021Wine28,22931,42813,697Brandy8,44914,1915,9622.Analysis of core competitivenessIn the competitive landscape of Chinas wine indus
