泸州老窖：2021年第三季度报告（英文版）.PDF

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1、Q3 2021 Report of Luzhou Laojiao Co., Ltd. 1 Stock Code: 000568 Stock abbreviation: Luzhou Laojiao Announcement No. 2021-50 Luzhou Laojiao Co., Ltd. Q3 2021 Report Luzhou Laojiao Co., Ltd. (hereinafter referred to as the “Company”) and all the members of the Companys Board of Directors hereby guaran

2、tee that the contents of this Report are true, accurate and complete and free of any misrepresentations, misleading statements or material omissions. Important Statements: 1. The Board of Directors, Board of Supervisors, directors, supervisors and senior management guarantee that the information pre

3、sented in this report is free of any false records, misleading statements or material omissions, and shall individually and together be legally liable for truthfulness, accuracy and completeness of its contents. 2. The responsible person for the Company, the responsible person for accounting work an

4、d the responsible person for the Companys financial affairs (Accounting Supervisor) have warranted that the financial statements in this report are true, accurate and complete. 3. Whether the financial statements of this report have been audited by an auditor Yes No 4. This report has been prepared

5、in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail. 1. Key financial information 1.1 Key accounting data and financial indicators Whether the Company performed a retroactive adjustment to or restatement of a

6、ccounting data. Yes No Q3 2021 YoY change Q1-Q3 2021 YoY change Operating revenues (CNY) 4,792,727,587.31 20.89% 14,109,824,614.36 21.65% Net profits attributable to shareholders of the Company (CNY) 2,049,184,699.30 28.48% 6,275,501,421.55 30.32% Net profits attributable to shareholders of the Comp

7、any before non-recurring gains and losses (CNY) 2,068,265,688.40 30.83% 6,276,915,821.28 30.37% Net cash flows from operating activities (CNY) 3,956,052,904.17 41.42% Q3 2021 Report of Luzhou Laojiao Co., Ltd. 2 Basic earnings per share (CNY/share) 1.40 28.44% 4.28 30.09% Diluted earnings per share

8、(CNY/share) 1.40 28.44% 4.28 30.09% Weighted average ROE 8.45% 0.60% 25.22% 2.05% 30 September 2021 31 December 2020 Change Total assets (CNY) 37,363,838,387.94 35,009,203,823.45 6.73% Net assets attributable to shareholders of the Company (CNY) 26,349,917,611.28 23,074,858,552.59 14.19% 1.2 Non-rec

9、urring gains and losses Applicable N/A Unit: CNY Item Q3 2021 Q1-Q3 2021 Note Gain or loss from disposal of non-current assets (including the write-off portion of the impairment provision) 365,697.35 546,546.66 Government grants accounted for, in the profit or loss for the current period (except for

10、 the government grants closely related to the business of the Company and continually given at a fixed amount or quantity in accordance with the national policies and standards) 17,490,162.36 24,716,983.55 Gain or loss on fair-value changes on held-for-trading financial assets and liabilities & inco

11、me from disposal of held-for-trading financial assets and liabilities and available-for-sale financial assets (exclusive of the effective portion of hedges that arise in the Companys ordinary course of business) 423,406.31 423,406.31 Other non-operating income and expenditure except above-mentioned

12、items -42,427,599.47 -24,999,703.72 Less: Corporate income tax -6,085,264.33 54,043.37 Minority interests (after tax) 1,017,919.98 2,047,589.16 Total -19,080,989.10 -1,414,399.73 - Other items that meet the definition of non-recurring gain/loss: Applicable N/A No such cases for the reporting period.

13、 Explain the reasons if the Company classifies any non-recurring gain/loss item mentioned in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public-Non-Recurring Gains and Losses as a recurring gain/loss item. Applicable N/A No such cases f

14、or the reporting period. 1.3 Changes in key financial data and indicators and reasons for the changes Applicable N/A Q3 2021 Report of Luzhou Laojiao Co., Ltd. 3 A. The closing balance of prepayment increased by CNY 151,045,934.45 compared to the opening balance at the beginning of the year, indicat

15、ing an increase of 202.24%. It was mainly due to the increased prepayment to suppliers. B. The closing balance of other receivables decreased by CNY 82,227,814.43 compared to the opening balance at the beginning of the year, indicating a decrease of 64.73%. It was mainly due to the amount recovered

16、from the deposit contract disputes in the current period. C. The closing balance of inventories increased by CNY 1,912,927,591.86 compared to the opening balance at the beginning of the year, indicating an increase of 40.74%. It was mainly due to the increased production capacity as a result of the

17、technical renovation project of brewing that was put into production in the current period. D. The closing balance of other current assets decreased by CNY 87,884,241.58 compared to the opening balance at the beginning of the year, indicating a decrease of 56.13%. It was mainly due to the decreased

18、overpaid taxes in the current period. E. The closing balance of construction in progress decreased by CNY 857,871,338.97 compared to the opening balance at the beginning of the year, indicating a decrease of 42.63%. It was mainly due to that construction in progress that met the expected conditions

19、for use was transferred to fixed assets in the current period. F. The closing balance of taxes payable decreased by CNY 1,079,423,559.63 compared to the opening balance at the beginning of the year, indicating a decrease of 52.76%. It was mainly due to the payment in the current period of taxes paya

20、ble as at the end of last year. G. The closing balance of non-current liabilities due within one year decreased by CNY 22,107,973.86 compared to the opening balance at the beginning of the year, indicating a decrease of 30.61%. It was mainly due to the payment of bond interest in the current period.

21、 H. Research and Development expenses in the current Q1-Q3 period increased by CNY 19,867,039.05 compared to the same period of last year, indicating an increase of 40.53%. It was mainly due to the increased research and development investments in the current period. I. Financial expenses in the cur

22、rent Q1-Q3 period decreased by CNY 65,861,013.46 compared to the same period of last year, indicating a decrease of 57.65%. It was mainly due to the increased deposit interest income in the current period. J. Other income in the current Q1-Q3 period increased by CNY 13,172,454.11 compared to the sam

23、e period of last year, indicating an increase of 100.35%. It was mainly due to the increased government grants received in the current period. K. Non-operating expenses in the current Q1-Q3 period increased by CNY 18,154,760.09 compared to the same period of last year, indicating an increase of 41.2

24、4%. It was mainly due to the cash donations to disaster-struck areas in the current period. L. Net profit attributable to owners of the parent company in the current Q1-Q3 period increased by CNY 1,460,122,454.99 compared to the same period of last year, indicating an increase of 30.32%. It was main

25、ly due to the increased sales revenue from mid- and high-end baijiu. Q3 2021 Report of Luzhou Laojiao Co., Ltd. 4 M. Net profit attributable to non-controlling interests in the current Q1-Q3 period increased by CNY 39,430,096.59 compared to the same period of last year. It was mainly due to the incr

26、eased operating profits of non-wholly-owned subsidiaries in the current period. N. Net cash flows from operating activities in the current Q1-Q3 period increased by CNY 1,158,588,013.37 compared to the same period of last year, indicating an increase of 41.42%. It was mainly due to the increased cas

27、h received from sale of goods in the current period. O. Net cash flows from financing activities in the current Q1-Q3 period decreased by CNY 2,227,028,088.52 compared to the same period of last year, indicating a decrease of 245.66%. It was mainly due to the issuance of corporate bonds in the same

28、period of last year. 2. Shareholder information 2.1 Total numbers of common shareholders and preference shareholders with resumed voting rights as well as shareholdings of top 10 shareholders Unit: Share Total number of common shareholders at the end of the reporting period 195,905 Total number of p

29、reference shareholders with resumed voting rights at the end of the reporting period (if any) 0 Shareholdings of the top 10 shareholders Name of shareholder Nature of shareholder Shareholding percentage Total shares held Number of holding restricted shares Pledged, marked or frozen shares Status of

30、shares Number of shares Luzhou Laojiao Group Co., Ltd. State-owned corporation 26.02% 381,088,389 0 Luzhou XingLu Investment Group Co., Ltd. State-owned corporation 24.99% 365,971,142 0 Bank of China Co., Ltd. Baijiu index classification securities investment fund by China Merchants Fund Other 4.23%

31、 61,986,785 0 China Securities Finance Corporation Limited Other 2.31% 33,842,059 0 Hong Kong Securities Clearing Company Limited Outbound corporation 2.15% 31,426,057 0 Bank of China Co., Ltd.Blue chip selected hybrid securities investment fund by E Fund Other 2.14% 31,300,000 0 Q3 2021 Report of L

32、uzhou Laojiao Co., Ltd. 5 Industrial and Commercial Bank of China Co., Ltd.-Newly growth hybrid securities investment fund by Invesco Great Wall Other 1.67% 24,400,000 0 Central Huijin Asset Management Co., Ltd. State-owned corporation 1.12% 16,450,400 0 Agricultural Bank of China Co., Ltd. - Consum

33、ption industry stock - based securities investment fund by E Fund Other 0.72% 10,573,293 0 Bank of China Co., Ltd.Dingyi hybrid securities investment fund by Invesco Great Wall (LOF) Other 0.69% 10,100,000 0 Shareholdings of the top 10 non-restricted shareholders Name of shareholder Number of non-re

34、stricted shares held Type of shares Type Number Luzhou Laojiao Group Co., Ltd. 381,088,389 CNY common shares 381,088,389 Luzhou XingLu Investment Group Co., Ltd. 365,971,142 CNY common shares 365,971,142 Bank of China Co., Ltd. Baijiu index classification securities investment fund by China Merchant

35、s Fund 61,986,785 CNY common shares 61,986,785 China Securities Finance Corporation Limited 33,842,059 CNY common shares 33,842,059 Hong Kong Securities Clearing Company Limited 31,426,057 CNY common shares 31,426,057 Bank of China Co., Ltd.Blue chip selected hybrid securities investment fund by E F

36、und 31,300,000 CNY common shares 31,300,000 Industrial and Commercial Bank of China Co., Ltd.-Newly growth hybrid securities investment fund by Invesco Great Wall 24,400,000 CNY common shares 24,400,000 Central Huijin Asset Management Co., Ltd. 16,450,400 CNY common shares 16,450,400 Agricultural Ba

37、nk of China Co., Ltd. - Consumption industry stock - based securities investment fund by E Fund 10,573,293 CNY common shares 10,573,293 Bank of China Co., Ltd.Dingyi hybrid securities investment fund 10,100,000 CNY common shares 10,100,000 Q3 2021 Report of Luzhou Laojiao Co., Ltd. 6 by Invesco Grea

38、t Wall (LOF) Related parties or acting-in-concert 1. Luzhou Laojiao Group Co., Ltd. and Luzhou XingLu Investment Group Co., Ltd. are both holding state-owned companies under the jurisdiction of SASAC of Luzhou. The two companies signed the agreement of persons acting in concert on 31 December 2015.

39、For details, please refer to the announcement of the Company on 5 January 2016 - Announcement on the agreement of persons acting in concert signed by shareholders. The announcement number is 2016-1 (http:/ The two companies signed the renewed agreement of persons acting in concert on 27 May 2021. Fo

40、r details, please refer to the announcement of the Company on 27 May 2021 - Announcement on the renewed agreement of persons acting in concert signed by shareholders. The announcement number is 2021-18 (http:/ 2. In addition, whether there is an association between the remaining shareholders or they

41、 belong to persons acting in concert is unknown. Top 10 shareholders participating in securities margin trading (if any) N/A 2.2 Total number of preferred shareholders and shareholdings of the top 10 preferred shareholders Applicable N/A 3. Other significant events Applicable N/A A. The Companys thr

42、ee savings deposits of CNY 500 million, including ABC Changsha Yingxin Branch and ICBC Nanyang Zhongzhou Branch are involved in contract disputes. Combined with the assets preservation situation of the public security authorities and professional legal advice issued by lawyers, the Company has made

43、a provision of CNY 200 million for bad debts for the deposit of CNY 500 million for contract disputes. In 2020, the Supreme Peoples Court made a final judgment on the dispute arising out of the deposit contract between the Company and ABC Changsha Yingxin Branch (cancelled during the appeal after th

44、e first-instance judgment, with its rights and obligations assumed by ABC Changsha Kaifu Branch). In respect of the losses that couldnt be recovered through criminal procedures, ABC Changsha Kaifu Branch should bear 40% of the compensation liability, ABC Changsha Hongxing Branch 20%, and the remaini

45、ng losses should be borne by the Company. The Company applied to Hunan Province Higher Peoples Court for enforcement of the verdict. Hunan Province Higher Peoples Court ruled that Hunan Changsha Intermediate Peoples Court should see to the execution of the verdict. Upon the enforcement by Hunan Chan

46、gsha Intermediate Peoples Court, ABC Changsha Kaifu Branch and ABC Changsha Hongxing Branch paid part of the respective compensations as required by the civil judgment. The Company received in July 2021 an amount of CNY 52,812,061.75 from Hunan Changsha Intermediate Peoples Court. Meanwhile, the civ

47、il lawsuit of the Company with ICBC Nanyang Zhongzhou Branch over a deposit dispute is still in the second trial. As of the date of this Report, the Company had recovered a total amount of CNY 267,767,200 for the three disputes. See details in the Companys announcements: Q3 2021 Report of Luzhou Lao

48、jiao Co., Ltd. 7 Date of announcement No. Catalogue Official website 15 October 2014 2014-35 Announcement of significant litigation http:/ 12 November 2014 2014-41 Announcement of significant litigation progress 6 December 2014 2014-43 Announcement of significant litigation progress part II 10 Janua

49、ry 2015 2015-1 Announcement of significant events 4 February 2015 2015-4 Announcement of significant events progress 25 March 2015 2015-11 Announcement of significant litigation progress part III 18 April 2015 2015-20 Announcement of significant litigation progress part IV 22 April 2015 2015-21 Anno

50、uncement of significant events progress part II 24 April 2015 2015-25 Announcement of significant litigation progress part V 15 July 2015 2015-44 Announcement of significant litigation progress part VI 22 July 2015 2015-45 Announcement of significant litigation progress part VII 6 June 2018 2018-17