张裕Ｂ：2021年第一季度报告全文（英文版）.PDF

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1、Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report1Yantai Changyu Pioneer Wine Co., Ltd.2021 First Quarter Report2021-Final 02April 2021Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report2I. Important NoticeThe Companys board of directors, board of supervisors, directors, su

2、pervisors and seniorexecutives guarantee the truthfulness, accuracy and completeness of contents contained in thisquarter report as well as no unfaithful facts, misleading statements or significant omissionsand undertake individual and collective legal liabilities.All directors attended the board me

3、eting for deliberating this quarter report.Mr. Zhou Hongjiang (person in charge of the Company), Mr. Jiang Jianxun (person in chargeof accounting work), and Ms. Guo Cuimei (person in charge of accounting institution andperson in charge of accounting) declare to assure the truthfulness, accuracy and

4、completenessof the financial statement in this quarter report.Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report3II、Corporate Information1. Key accounting data and financial indicatorsWhether the Company needs to make retroactive adjustments or restate the accounting data ofprevious fis

5、cal years.YesNoThis report periodThe same period oflast yearMore or less than the sameperiod of last year (%)Operating revenue (CNY)1,134,006,251805,715,04840.75%Net profit attributed to theshareholders of the listedcompany (CNY)286,745,340234,499,91022.28%Net profit attributed to theshareholders of

6、 the listedcompany after deducting theirregular profit and loss (CNY)280,760,222225,980,14124.24%Net cash flows from theoperating activities (CNY)314,895,523-118,493,699not availableBasic earnings per share(CNY)0.420.3423.53%Diluted earnings per share(CNY)0.420.3423.53%Weighted average for earningra

7、te of the net assets2.75%2.23%0.52%The end of thisreport periodThe end of last yearMore or less than the endof last year (%)Total assets (CNY)13,456,572,81313,102,481,5412.70%Net Assets attributed to theshareholders of the listedcompany (CNY)10,539,609,39410,267,832,6442.65%Details of non-recurring

8、gains and lossesYes NoUnit：CNYItemFrom beginning of yearto end of report periodExplanationGain on disposal of non-current assets (including thereversal of accrued impairment provision)-6,232Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report4Government grants credited in profit and loss

9、(exceptfor those recurring government grants that are closelyrelated to the entitys operation, in line with relatedregulations and have proper basis of calculation)6,454,025Other non-operating income and expenses1,395,626Less: Income tax effect1,839,989Minority interests effect (after-tax)18,312Tota

10、l5,985,118-The reasons shall be made clear and definitely as to the non-recurring profit and loss that theCompany has defined by virtue of the Explanatory Announcement on Public CompanysInformation Disclosure No.1 - Non-recurring Profit and Loss and as to regarding the non-recurringprofit and loss a

11、s recurrent profit and loss as specified in the Explanatory Announcement on PublicCompanys Information Disclosure No.1 Non-recurring Profit and Loss.AvailableNot availableThere is no situation that non-recurring profit and loss is defined and specified as recurrent profitand loss in accordance with

12、the Explanatory Announcement on Public Companys InformationDisclosure No.1 - Non-recurring Profit and Loss during the report period.Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report52. The total number of shareholders and top 10 shareholders at the end of the report period1) The number

13、 of the common shareholders and preferred shareholders with recovered voting power as well as the shareholding of top10 shareholdersUnit:shareTotal number of common shareholders at the endof report period53,529Total number of preferred shareholders with recoveredvoting power at the end of report per

14、iod (if have)0Shareholding of top 10 shareholdersName of ShareholdersCharacter ofshareholdersPercentage(%)Shares heldNumber ofrestricted sharesPledged or frozenShare statusAmountYANTAI CHANGYU GROUP COMPANYLIMITEDDomestic non-state-owned legal person50.40%345,473,8560GAOLING FUND, L.P.Foreign legal

15、person3.08%21,090,2190CHINA SECURITIES FINANCE CORPState-owned legalperson1.75%11,966,3650BBH BOS S/A FIDELITY FD - CHINAFOCUS FDForeign legal person1.61%11,015,2260SHENWAN HONGYUAN SECURITIES(HONGKONG) LIMITEDForeign legal person1.06%7,284,1520FIDELITY PURITAN TRUST: FIDELITYSERIES INTRINSIC OPPORT

16、UNITIESFUNDForeign legal person0.93%6,350,7620GUOTAI JUNAN SECURITIES(HONGKONG) LIMITEDForeign legal person0.78%5,335,5450Haitong International Securities CompanyLimited-Account ClientForeign legal person0.70%4,789,3870CENTRAL HUIJIN ASSETMANAGEMENT LTD.State-owned legalperson0.69%4,761,2000China Me

17、rchants Securities (HK) Co., Ltd.Foreign legal person0.63%4,284,7070Shareholding of top 10 shareholders with unrestricted sharesYantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report6Name of ShareholdersNumber of unrestricted shares heldType of shareType of shareAmountYANTAI CHANGYU GROUP C

18、OMPANY LIMITED345,473,856 A share345,473,856GAOLING FUND, L.P.21,090,219 B share21,090,219CHINA SECURITIES FINANCE CORP11,966,365 A share11,966,365BBH BOS S/A FIDELITY FD - CHINA FOCUS FD11,015,226 B share11,015,226SHENWAN HONGYUAN SECURITIES(HONGKONG) LIMITED7,284,152 B share7,284,152FIDELITY PURIT

19、AN TRUST: FIDELITY SERIES INTRINSICOPPORTUNITIES FUND6,350,762 B share6,350,762GUOTAI JUNAN SECURITIES(HONGKONG) LIMITED5,335,545 B share5,335,545Haitong International Securities Company Limited-Account Client4,789,387 B share4,789,387CENTRAL HUIJIN ASSET MANAGEMENT LTD.4,761,200 A share4,761,200Chi

20、na Merchants Securities (HK) Co., Ltd.4,284,707 B share4,284,707The explanation for the associated relationship and accordantaction of the top 10 shareholdersAmong the top 10 shareholders, Yantai Changyu Group Company Limited has noassociated relationship or accordant action relationship with the ot

21、her 9 listedshareholders, and the relationship among the other shareholders is unknown.Explanation for the top 10 common shareholders who involved infinancing activities and stock trading business(if any)NoWhether or not the Companys top 10 common shareholders and top 10 common shareholders with unr

22、estricted shares promise to buy backtrading during the report periodYesNoThere are no top 10 common shareholders and top 10 common shareholders with unrestricted shares in the Company promise to buy backtrading during the report period.2) The table of the total number of the preferred shareholders a

23、nd the shareholding status of the top 10 preferred shareholdersAvailableNot availableYantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report7III 、Major Issue1.1. Situation and reason of change in major financial data and financial index during thereport periodAvailableNot availableCompared w

24、ith the beginning of the report period, at the end of the report period, in theconsolidated balance sheet, monetary fund increased by 19.58%, mainly due to the receipt ofmonetary funds for sales of products during the report period; receivables financing increased by21.55%, mainly due to the receipt

25、 of notes receivables from sales of products during the reportperiod; accounts prepaid decreased by 66.89%, mainly due to the completion of procedure andsettlement for the amount prepaid for raw materials at the beginning of the report period; non-current liabilities due within one year decreased by

26、 33.67%, mainly due to the repayment of duelong-term bank loan during the report period.Compared with the same period of last year, in the consolidated profit statement during the reportperiod: operating income increased by 40.75%, operating costs increased by 51.55%, taxes andsurcharges increased b

27、y 45.50%, net profit increased by 21.70%, mainly due to the increase inproduct sales during the report period; selling expenses increased by 79.84%, mainly due to theCompanys increased marketing investment; financial expenses increased by 58.18%, mainly due tothe implementation of the new lease stan

28、dards in 2021that the amortization of financing expenseswas included in financial expenses.Compared with the same period of last year, in the consolidated cash flow statement during thereport period: cash received from sales of goods and rending of services increased by 44.02%,mainly due to the incr

29、ease in monetary funds received from sales of products during the reportperiod; other cash paid related to operating activities increased by 49.85%, mainly due to theincrease in cash paid for marketing investment; cash received from acquiring loans decreased by97.29%, mainly due to a decrease in obt

30、ained bank loan; cash paid to repay debt decreased by80.79%, mainly due to the decrease in the cash used for the repayment of bank loan; the cash andcash equivalents increased significantly (from negative to positive), mainly due to the increase incash received from sales of products during the repo

31、rt period.2.2. Analysis explanation of major issues process, influence and solutionAvailableNot availableImplementation progress of share repurchaseAvailableNot availableImplementation progress of reducing or repurchasing shares by the way of centralized biddingAvailableNot availableYantai Changyu P

32、ioneer Wine Co., Ltd. 2021 First Quarter Report83. The commitments that the Companys actual controllers, shareholders, related parties, purchasers, the Company and other relatedparties do not implement completely exceeding the time limit within report periodAvailableNot availableCommitmentsCommitmen

33、tPartyCommitmentTypeCommitment contentCommitmenttimeCommitmentperiodImplementationCommitments at sharereformCommitments madein acquisition reportor equity changesreportCommitments at assetrestructuringCommitments at theinitial public offeringor refinancingYantaiChangyuGroup Co.,Ltd.Solve horizontalc

34、ompetitionNon-horizontal competition1997.05.18PermanentHas been fulfilling the commitmentYantaiChangyuGroup Co.,Ltd.Define the useof trademarkuse feeAccording to Trademark LicenseContract, the annual trademark usefee of trademarks including “张裕”(Changyu) paid by the Company toYantai Changyu Group Co

35、., Ltd.should be mainly used by YantaiChangyu Group Co., Ltd. topublicize trademarks including “张1997.05.181997.05.18to2019.04.04According to Trademark LicenseContract, the annual trademark use feecharged by Yantai Changyu Group Co.,Ltd.should be mainly used to publicizetrademarks including “张裕” (Ch

36、angyu)and contractual products. Except theperiod from 2013 to 2017 when YantaiChangyu Group Co., Ltd. Didnt strictlyYantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report9裕” (Changyu) and contractualproducts.fulfill the commitment, Yantai ChangyuGroup Co., Ltd. has been fulfilling thecommit

37、ment.Equity incentivecommitmentsCommitments madeto the minorityshareholders of theCompanyYantaiChangyuGroup Co.,Ltd.CompensatingunredeemedcommitmentThe CNY231,768,615 that was notused for publicity of trademarksand contract products as promisedwill be offset by the four-yeartrademark use fee from 20

38、19 to2022. If insufficient, the shortfallwould be filled in one time in 2023.If there is any excess, the excessportion of the trademark use feewould be collected from the yearwith excess occurrence.2019.04.042019.04.04to2023.12.31Has been fulfilling the commitmentCommitment undertimelyimplementation

39、 or notNoFor commitments that exceed thetime limit and are not completed,specific reasons of not completingthe implementation and the nextstepAccording to Trademark License Contract (hereafter referred to as “this Contract”), Changyu Group promised that theannual trademark use fee paid by the Compan

40、y to Changyu Group would be mainly used by Changyu Group to publicizethese trademarks and contractual products. However, the above-mentioned “mainly” is not a specific number. During theimplementation process, due to inconsistent understanding, it is easy to cause divergence and leads to problems.Fr

41、om 2013 to 2017, Changyu Group collected a total of CNY420,883,902 trademark use fee, of which 51% was used topublicize trademarks including Changyu and contract products with amount of CNY214,650,790. The amount has beenused to publicize trademarks including Changyu and contract products is CNY50,0

42、25,181, with a balance ofCNY164,625,609. In 2018 and 2019, the trademark use fee collected of 2017 and 2018 is CNY155,623,907, of which 51%is used to publicize trademarks including Changyu and contract products with amount of CNY79,368,193. The amount hasbeen used to publicize trademarks including C

43、hangyu and contract products is CNY12,225,187, with a balance ofYantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report10CNY67,143,006. From 2013 to 2018, the accumulated balance of Changyu Group using to publicize trademarks includingChangyu and contract products is CNY231,768,615. The abov

44、e balance that was not used for publicity of trademarks andcontract products as promised will be offset by the four-year trademark use fee from 2019 to 2022. If insufficient, theshortfall would be filled in one time in 2023. If there is any excess, the excess portion of the trademark use fee would b

45、ecollected from the year with excess occurrence.If Changyu Group is not able to implement the above-mentioned commitment owing to various reasons, the Company willtimely supervise and urge Changyu Group to fulfill its commitment and request Changyu Group to raise funds through bankloaning, assets sa

46、les and equity sales etc. in order to implement the commitment.For detailed information, please refer to Announcement of Commitment Issues of Yantai Changyu Group Co., Ltd. disclosedon April 4th, 2019.4. Investment in financial assets1) Situation of security investmentAvailableNot availableThere is

47、no security investment during the report period.2) Situation of derivative investmentAvailableNot availableThere is no derivative investment during the report period.5. Progress of investment projects with raised fundsAvailableNot available6. Forecast of business performance from January to June of

48、2021A warning and reason explanation for predicting that the cumulative net profit from the beginning of the year to the end of the next report periodmay be a loss or there will be a significant change compared with the same period of previous yearAvailableNot availableYantai Changyu Pioneer Wine Co

49、., Ltd. 2021 First Quarter Report117. Major contracts during daily operationsAvailableNot available8. Entrusted InvestmentAvailableNot availableThere is no entrusted investment during the report period.9. Situation of illegal external guaranteeAvailableNot availableThere is no illegal external guara

50、ntee during the report period.10. Situation of non-operating fund occupation of controlling shareholders and related partiesAvailableNot availableThere is no non-operating fund occupation of controlling shareholders and related parties during thereport period.11. The activities registration form of