[年报]贵州茅台(600519):贵州茅台2021年年度报告（英文版）
原标题:贵州茅台:贵州茅台2021年年度报告（英文版） KWEICHOW MOUTAI CO., LTD. ANNUAL REPORT 2021 Important Statements The Board of Directors, Board of Supervisors, directors, supervisors and the senior management of the Company guarantee that the information presented in this report is free of any false records, misleading statements or material omissions, and shall bear individual and joint legal liabilities for the truthfulness, accuracy and completeness of its contents. The situation of directors who did not attend the board meeting in person Position Name Reason Proxy Independent director Lu Jinhai Pandemic prevention Zhang Jingzhong Baker Tilly China CPAs has issued a standard unqualified audit report for the Company. Ding Xiongjun, responsible person for the Company, Jiang Yan, responsible person for accounting work, and Cai Congying, responsible person for the Company’s financial affairs (Accounting Supervisor), have warranted that the financial statements in this report are true, accurate and complete. The proposed profit distribution plan or the proposed plan of capitalization of capital reserves in the reporting period approved by the resolution of the Board of Directors On the basis of a total capital of 1,256,197,800 shares by the end of 2021, all shareholders will be distributed a cash dividend of CNY 216.75 (before tax) for every 10 shares, with a total profit distribution of CNY 27,228,087,315.00, and the remaining CNY 133,488,774,605.19 will be reserved for future annual distribution. The above profit distribution proposal shall be submitted to the general assembly of shareholders of the Company for deliberation and approval before implementation. Risk disclosure statement for forward-looking statements Forward-looking statements in this report concerning future plans or development strategies do not constitute substantial promises to investors, due to the related uncertainty. Investors are advised to be aware of their own investment risks. Existence of non-operational embezzlement of funds by controlling shareholders or their associated parties No Existence of Financial Guarantees to External Parties in Violation of the Regulated Decision Procedures No Over half of the directors’ failure to guarantee the truthfulness, accuracy and completeness of the Company’s disclosed annual report No Significant risk statements The Company has elaborated the potential risks in the chapter of “The Company Discussion and Analysis on its Future Development”. Investors are advised to pay their due attention. Information Statement All information and data cited in this Report are objective and authentic. Financial figures herein are recorded in CNY, unless otherwise specified. This Report is prepared in Chinese and English, respectively. In case of any ambiguity in the Chinese and English texts, the Chinese text shall prevail. Contents Section I Definitions ................................ ................................ ................................ ................................ .. 5 Section II Company Profile and Key Financial Results ................................ ................................ ........ 5 Section III Management’s Discussion and Analysis ................................ ................................ .............. 8 Section IV C orporate Governance ................................ ................................ ................................ ... 23 Section V Environment and Social Responsibility ................................ ................................ ............... 41 Section VI Significant Events ................................ ................................ ................................ ........... 46 Section VII Changes in Shares and Information about Shareholders ................................ ........... 59 Section VIII Preferred Shares ................................ ................................ ................................ ............... 63 Section IX Information about Bond ................................ ................................ ................................ ...... 63 Section X Financial Report ................................ ................................ ................................ ............. 64 Documents Available for Reference References include the accounting statements signed and stamped by the respective individuals in charge of the company, the company accounting work, and the accounting department (their accounting supervisor). References include the audit report original signed and stamped by the certified public accountant and stamped by the accounting firm. The originals of company documents and announcements that are publicly disclosed in China Securities Journal and Shanghai Securities News during the reporting period. Section I Definitions 1. Definitions Unless it is otherwise referred in the context, the terms in this report have the following meanings: Terms and Definitions CSRC refers to China Securities Regulatory Commission SSE refers to Shanghai Stock Exchange Company, the company refers to Kweichow Moutai Co., Ltd. Controlling shareholder, group company refers to China Kweichow Moutai Distillery (Group) Co., Ltd. Reporting period refers to Fiscal Year of 2021 This report, the report refers to Annual Report 2021 Section II Company Profile and Key Financial Results 1. Corporate Information of “the Company” Name of the Company in Chinese 贵州茅台酒股份有限公司 Abbr. of the Company name in Chinese (if any) 贵州茅台 Name of the Company in English Kweichow Moutai Co., Ltd. Legal Representative Ding Xiongjun Secretary of t he board Representative for securities affairs Name Jiang Yan Cai Congying Address Maotai Town, Renhuai City, Guizhou Province Maotai Town, Renhuai City, Guizhou Province Tel. 0851-22386002 0851-22386002 Fax 0851-22386193 0851-22386193 [email protected] [email protected] 2. Contact Information 3. Company profile Registered address Maotai Town, Renhuai City, Guizhou Province Office address Maotai Town, Renhuai City, Guizhou Province Zip code of office address 564501 Website address http://www.moutaichina.com/ E-mail address [email protected] 4. Information disclosure and the place where the report is available Media name and its website address where the report is disclosed China Securities Journal and Shanghai Securities News Website address of the stock exchange where the report is disclosed http://www.sse.com.cn/ Place where the report is available The office of the Board of Directors 5. Stock information Stock information Stock type Stock exchange where the shares are listed Stock abbreviation Stock code Previous stock Abbreviation (if any) A shares Shanghai Stock Exchange Kweichow Moutai 600519 6. Other information Appointed accounting firm (domestic) Name Baker Tilly China CPAs Office address Building 12, Foreign Language Culture and Creativity Park, 19 Chegongzhuang West Road, Haidian District, Beijing Name of the signing accountant Tong Wenguang, Liu Zonglei, Yang Shu 7. Last Years’ Key Accounting Data and Financial Indicators 7.1 Key accounting data Unit: CNY Key accounting date 2021 2020 Change (%) 2019 Operating proceeds 106,190,154,843.76 94,915,380,916.72 11.88 85,429,573,467.25 Net profits attributable to shareholders of the Public Company 52,460,144,378.16 46,697,285,429.81 12.34 41,206,471,014.43 Net profits attributable to shareholders of the Public Company after deducting non-recurring gains and losses 52,581,102,656.24 47,016,420,742.73 11.84 41,406,909,012.08 Net cash flows from operating activities 64,028,676,147.37 51,669,068,693.03 23.92 45,210,612,632.56 31 December 2021 31 December 2020 Changes of the Same Period(%) 31 December 2019 Net assets attributable to shareholders of the Company 189,539,368,797.29 161,322,735,087.56 17.49 136,010,349,875.11 Total assets 255,168,195,159.90 213,395,810,527.46 19.58 183,042,372,042.50 Share capital 1,256,197,800.00 1,256,197,800.00 1,256,197,800.00 7.2 Key financial indicators Key financial indicators 2021 2020 Change (%) 2019 Basic earnings per share (CNY/share) 41.76 37.17 12.34 32.80 Diluted earnings per share (CNY/share) 41.76 37.17 12.34 32.80 Basic earnings per share after non-recurring gains and losses (CNY/share) 41.86 37.43 11.84 32.96 Weighted average ROE (%) 29.90 31.41 -1.51 33.09 Weighted average ROE after non-recurring 29.97 31.63 -1.66 33.25 gains and losses (%) 8. Differences in accounting data by domestic and overseas accounting standards 8.1 Differences in the net profits and net assets attributable to shareholders of the comp any disclosed in the financial reports prepared under the international accounting standards and China accounting standards □Applicable √N/A 8.2 Differences in the net profits and net assets attributable to shareholders of the Company disclosed in the fin ancial reports prepared under the overseas accounting standards and China accounting standards □Applicable √N/A 8.3 Explanations for above accounting data differences □Applicable √N/A 9. Quarterly key financial data in 2021 Unit: CNY Q1 (Jan.-Mar.) Q2 (Apr.-Jun.) Q3 (Jul.-Sept.) Q4 (Oct.-Dec.) Operating proceeds 27,270,884,813.14 21,816,392,982.87 25,554,926,006.54 31,547,951,041.21 Net profits attributable to shareholders of the Company 13,954,462,085.61 10,699,523,465.97 12,612,188,608.39 15,193,970,218.19 Net profit attributable to ordinary shareholders of the company after deducting non-recurring profit and loss 13,969,463,370.71 10,679,654,343.72 12,707,913,515.40 15,224,071,426.41 Net cash flows from operating activities -1,484,892,858.66 23,204,363,591.63 15,032,826,622.95 27,276,378,791.45 Explanations for the differences between quarterly data and those disclosed in previous periodical reports □Applicable √N/A 10. Non-recurring Items and Their Gains/Losses √Applicable □N/A Unit: CNY Non - recurring gains and losses Amount in 2021 Note (if applicable) Amount in 2020 Amount in 2019 Gain or loss from disposal of non - current assets -11,920,829.77 -100,113.92 -510,515.56 Government grants accounted for, in the profit or loss for the current period (except for the government grants closely related to the business of the Company and c ontinuously given at a fixed amount or quantity in accordan ce with certain standards) 4,616,000.00 2,028,500.00 Gains and losses from changes in fair value arising from holding trading financial assets, derivative financial assets, trading financial -3,750,122.23 4,966,170.34 -14,018,472.46 liabilities and derivative financial liabilities, as well as investment income from disposal of trading financial assets, derivative financial assets, trading financial liabilities, derivative financial liabilities and other debt investments, except for the effective hedging business associated with the company’s regular business operations. Other non-operational income and expenditure in addition to the items listed above. -210,928,052.99 -438,037,777.35 -258,459,086.43 Other items of gains and losses that fall into the category of non - recurring gains and los ses 61,031,069.26 237,455.55 Less: I ncome tax impact -40,237,983.93 -107,726,441.35 -68,247,018.61 Minority shareholder equity impact (after tax) 244,326.28 -4,044,011.11 -4,303,058.19 Total -120,958,278.08 -319,135,312.92 -200,437,997.65 11. Items evaluated at fair values √Applicable □N/A Unit: CNY Item Opening balance Closing balance Change Amount of impact on current profit Other non-current financial assets 9,830,052.91 -9,830,052.91 -3,750,122.23 Total 9,830,052.91 -9,830,052.91 -3,750,122.23 Section III Management’s Discussion and Analysis 1. Discussion and analysis of business situation In 2021, Adhering to be guided by Xi Jinping’s Thought of Socialism with Chinese Characteristics for a New Era, the company comprehensively carried out the spirit of the important speech of President Xi’s inspection of Guizhou, fully implemented the strategic plan of the provincial party committee and the provincial government, followed the requirements of “high-quality development, big-stride forward”, focused on “dual-doubling, dual-consolidating and dual-construction” target demanded by the group company, and coordinated the work of epidemic prevention and control, production and operation, reform and development in an integrated manner. In all, the Company has made remarkable and excellent achievements, painted the picture of the era of “five lines” development, stepped onto the new path of development of a high quality and strong industry, and realized a grand start in the “14th Five Year Plan” development. 2. Industry sector situation in the reporting period See “Industry profile” and “Industry pattern and trend” in this report. 3. Business scope in the reporting period The Company’s main business is the production and sales of Moutai and a series of liquors. The leading product “Kweichow Moutai” is one of the three most famous distilled liquors in the world, and is also a brand of Chinese Baijiu that embodies national geographical hallmark products, organic foods and national intangible cultural heritages. The Company’s business model is: raw materials acquisition – merchandise production – sales. The acquisition of raw materials is carried out according to the Company's production and sales plan; the production process of products is as follows: yeast making - Chinese Baijiu making – cellaring - blending - packaging; the sales model is as follows: the Company's products are sold through direct sales and distributor channels. Direct sales channels refer to self-operated channels, while distributor channels refer to social distributors, supermarkets, e-commerce and other channels. 4. Analysis of core competitiveness √Applicable □N/A The Company possesses “four core potentials”, i.e, unique territorial protection of product origin, irreplicable microbial colonies, unique brewing techniques inherited for generations over a thousand years and long-term cellaring base of high-quality Chinese Baijiu resources. In addition, the company also owns famous brands, outstanding quality, long-standing culture and long history. No significant changes in the core competitiveness of the Company has ever taken place during the reporting period. 5. B usiness operation briefing for the reporting period Firstly, the new blueprint has been inspiring. The Company pursued high-quality development for the all situations, formulated the “14th Five Year Plan” development program, confirmed the “five-color-lines” development path, affirmed the “one base and one benchmark” target, comprehensively carried out top-level designs, built a new system of corporate governance, drew a “concentric circle” of dream building for thousands of people, and opened a new chapter of building a high-quality and strong industry. Secondly, new achievements have accumulated into powerful potentials. The Company has been adhering to the motto of “quality is the soul of lifeline”, and established the quality concept of five craftsmanships of the new era, built a “365 quality management system”, deeply delved into the “nine series” of Moutai culture. Major projects such as packaging logistics park and Tongminba liquor base in Xishui County were orderly carried forward. Safety and environmental protection management were taken to a new level. The Moutai culture and sports center was brought into use. All these have been building a more solid foundation for a high-quality and strong industry. Thirdly, the new business performance is remarkable. The Company has achieved a total operating proceeds of CNY 109.46 billion, an increase of 11.71% year-on-year; the total profit is CNY 74.53 billion, a year-on-year increase of 12.59%; the net profit attributable to the owner of the parent company is CNY 52.46 billion, with a year-on-year increase of 12.34%. All indicators have maintained double-digit growth, and the comprehensive strength of the Company has once again reached a new level. 5. 1 M ain business analysis A.Analysis of accounting i tem changes related to the income statement and the cash flow statement Unit: CNY Item Amount in the reporting period Amount in the same reporting period of last year Yo Y Change (%) Operating proceeds 106,190,154,843.76 94,915,380,916.72 11.88 Operating costs 8,983,377,809.96 8,154,001,476.28 10.17 Sales expenses 2,737,369,434.78 2,547,745,650.95 7.44 General and administrative expenses 8,450,274,065.03 6,789,844,289. 39 24.45 Financial expenses - 934,523,406.02 - 234,610,582.44 N/A R&D expenses 61,923,213.59 50,398,036.33 22.87 Net cash flows from operating activities 64,028,676,147.37 51,669,068,693.03 23.92 Net cash flows from investment activities - 5,562,445,704.3 4 - 1,805,227,155.72 N/A Net cash flows from financing activities - 26,564,141,388.96 - 24,127,536,908.26 N/A Causes for the operating proceeds change: mainly due to the increase of sales and the product structure change in the reporting period. Causes for the operating expense change: majorly due to the sales increase, the production cost increase, and the product structure change in the reporting period. Causes for the sales expense change: mainly due to the advertising and marketing expense increases fo r the the Moutai - flavor series liquor in the reporting period. Cause s for the general and administrative expense change: mainly due to employee compensation increase and maintenance cost increase i n the reporting period. Causes for the financial expense change: mainly due to the increase of commercial bank interest income increase in the reporting period. Causes for the R&D expense change: majorly due to the increase of R&D project increases in the reporting period. Causes for the Net cash flow change from operating activities: mainly due to the increase of cash received from sales of goods and rendering of services in the reporting period. Causes for the Net cash flow change from investment activities: mainly due to the increase of cash payment u sed to buy certificates of deposit in the reporting period. Causes for Net cash flow change from financing activities: mainly caused by the increase of cash dividend distribution in the reporting period. Detailed reasons for any significant changes to the business type, profit structure or profit sources of the Company in the reporting period. □Applicable √N/A B. Income and cost analysis √Applicable □N/A a. Main business grouped by business segment, by product, by geographical zoning and by sales model. Unit: CNY Main business grouped by business segment Business segment Operating proceeds Operating costs Gross profit margin YoY Change of operating proceeds (%) YoY change of operating costs (%) YoY change of gross profit margin (%) Liquor 106,059,290,342.18 8,890,990,510.72 91.62 11.85 9.99 0.14 Main business grouped by product Product Operating proceeds Operating costs Gross profit margin YoY Change of operating proceeds (%) YoY change of operating costs (%) YoY change of gross profit margin (%) Moutai 93,464,512,115.94 5,577,910,539.00 94.03 10.18 9.36 0.04 Other liquor 12,594,778,226.24 3,313,079,971.72 73.69 26.06 11.06 3.55 Main business grouped by geographical zoning Geographical zonging Operating proceeds Operating costs Gross profit margin YoY Change of operating proceeds (%) YoY change of operating costs (%) YoY change of gross profit margin (%) Domestic 103,440,817,492.55 8,649,283,176.18 91.64 11.96 9.83 0.16 Overseas 2,618,472,849.63 241,707,334.54 90.77 7.66 15.96 -0.66 Main business condition by sales model Sales model Operating proceeds Operating costs Gross profit margin YoY Change of Operating proceeds (%) YoY change of operating costs (%) YoY change of gross profit margin (%) Wholesale agency 82,029,927,984.26 7,958,382,622.48 90.30 0.55 6.06 -0.50 Direct sales 24,029,362,357.92 932,607,888.24 96.12 81.49 60.89 0.50 b. Analysis of production volume, sales volume and inventory √Applicable □N/A Main product Unit Production volume Sales volume Inventory YoY change of production volume (%) YoY change of sales volume (%) YoY change of inventory (%) Liquor Ton 84,721.17 66,438.69 260,746.17 12.72 3.72 4.62 c. Execution situation o f major acquisition contracts and major sales contracts □Applicable √N/A d. Coast Analysis Table Unit: CNY Condition by business segment By business segment Main breakdown items of cost Amount in the reporting period As % of total cost (%) Amount in the same reporting period of previous year As % of total cost in previous year (%) YoY change (%) Description of reasons Liquor 8,890,990,510.72 100 8,083,371,418.24 100 9.99 Condition by product By product Main breakdown items of cost Amount in the reporting period As % of total Amount in the same reporting As % of cost in YoY change (%) Description of reasons cost (%) period of previous year previous year (%) Liquor Direct materials costs 5,006,828,759.74 56.32 4,426,309,798.99 54.76 13.12 Direct labor costs 2,776,100,778.17 31.22 2,626,407,879.93 32.49 5.70 Manufacturing costs 592,850,869.35 6.67 553,108,867.79 6.84 7.19 Fuels and energies 271,547,032.80 3.05 244,593,638.55 3.03 11.02 Transportation costs 243,663,070.66 2.74 232,951,232.98 2.88 4.60 Total 8,890,990,510.72 100.00 8,083,371,418.24 100.00 9.99 e. Any share changes of subsidiaries merger scope changes in the reporting period □Applicable √N/A f. Information about significant changes or adjustments of the Company’s businesses, products or services □Applicable √N/A g. Major customers and suppliers (1)Major customers The top five customers constitute a total proceeds of CNY 14,982.74 million, accounting for 14.13% of annual total proceeds, among which the proceeds by the affiliated parties totaled CNY 5,240.25 million, accounting for 4.94% of the total annual proceeds. (2)Major suppliers The total acquisition cost paid to the five suppliers is CNY 2,917.35 million, accounting for 43.33% of annual total acquisition cost, among which the total to the affiliated parties is CNY 842.89 million, accounting for 12.52% of annual total acquisition cost. C. Expenses √Applicable □N/A Financial expenses in the reporting period was CNY -934,523,406.02, comparing with that in the last period of CNY -234,610,582.44, the cost reduction was mainly due to the increase of interest income from commercial bank deposits. D.R&D e xpenses a. Statement of R&D expenses √Applicable □N/A Unit: CNY R&D expenses in this period 190,053,124.36 Total R&D expenses 190,053,124.36 as （%）in operating proceeds 0.18 Note: The R&D expenses in this period include the R&D expenses listed in the operating costs and the compensation of scientific researchers. b. Statement of R&D employee √Applicable □N/A Number of R&D employees 659 as (%) in the total number of the Company’s employees 2.20 Educational background structure of R&D employees Educational background structure type Number in each educational background structure Doctorate 53 Master’s degree 153 Undergraduate 405 Junior college 42 High school and below 6 Age structure of R&D employee Age structure type Number in each age structure under 30 (excluding 30) 134 30-40 (including 30 but excluding 40) 371 40-50 (including 40 but excluding 50) 113 50-60 (including 50 but excluding 60) 34 over 60 7 c. Explanation □Applicable√ N/A d. Reasons for the significant changes in R&D employees and their impacts on the Company’s future development □Applicable√ N/A E. Cash flows √ Applicable □N/A Unit: CNY Item Amount in this period Amount in last period Change (%) Net increase customer and interbank deposits 7,511,166,145.93 3,189,100,199.87 135.53 Receipt of other cash related to business activities 1,643,536,862.48 221,421,226.63 642.27 Net increase in loans and advances to customers 484,244,272.00 2,978,755,728.00 -83.74 Net increase in lending funds -400,000,000.00 200,000,000.00 N/A Net increase in central and interbank deposits 559,089,326.28 -2,506,406,682.56 N/A Cash paid for interests, fees, and commissions 163,462,728.48 107,241,768.26 52.42 Cash received from investment recoveries 6,079,930.68 314,906,521.48 -98.07 Cash received from investment returns 860,000.00 N/A Net cash received from disposal of fixed assets, intangible assets and other long-term assets 2,463,474.29 495,904.85 396.76 Cash received from other investment relate activities 9,983,452.63 6,675,319.03 49.56 Cash paid to acquire or construct fixed assets, intangible assets and other long-term assets 3,408,784,532.01 2,089,769,498.78 63.12 Cash paid for investments 2,150,000,000.00 20,000,000.00 10,650.00 Cash paid for other investment related activities 23,048,029.93 17,535,402.30 31.44 Net cash flow from investment activities -5,562,445,704.34 -1,805,227,155.72 N/A Cash paid for other financing related activities 88,121,549.59 36,507,157.75 141.38 Impact of fluctuation in exchange rate on cash and cash equivalents -2,026,542.60 380,639.36 N/A (1) The net increase in customer and interbank deposits is mainly due to the Company’s holding subsidiary, Kweichow Moutai Group Finance Co., Ltd. gathered more funds from other member companies of the group company than the previous reporting period. (2) The increase in the cash received from other business related activities, is mainly due to the interest income increases from commercial bank deposits in the reporting period. (3) The decrease in the net increase in loans and advances to customers, is mainly due to less loan increase was issued by the Company’s holding subsidiary, Kweichow Moutai Group Finance Co., Ltd. to the member companies of the group company in the reporting period. (4) The decrease in the net increase in lending funds, is mainly due to the due recovery of interbank loans by the Company’s holding subsidiary, Kweichow Moutai Group Finance Co., Ltd. (5) The increase in the central and interbank deposits is mainly due to the maturity of the fixed term bank deposits deposited by the Company’s holding subsidiary, Kweichow Moutai Group Finance Co., Ltd. in the previous reporting period. (6) The increase in the cash paid for interests, fees and commissions, is mainly due to the increase of interest payments by the Company’s holding subsidiary, Kweichow Moutai Group Finance Co., Ltd. in the reporting period. (7) The decrease in the cash received from investment recoveries, is mainly due to the decrease in the cash received from disposal of non-current financial assets in this period. (8) The increase in the cash received from investment returns, is mainly due to bond interests receive by the Company’s holding subsidiary, Kweichow Moutai Group Finance Co., Ltd. (9) The increase in the net cash received from disposal of fixed assets, intangible assets and other long-term assets, is majorly caused by the increase in the cash received from disposal of fixed assets in this period. (10) The increase in the cash received from other investing activities, is caused by the increase in the performance bond for basic construction in this period. (11) The increase in the cash paid to acquire and construct fixed assets, intangible assets and other long-term assets, is majorly caused by the increase in the land transferring fees in this period. (12) The increase in the cash paid for investments, is majorly caused by the purchase of the certificate of deposit in this period. (13) The increase in the cash paid for other investing activities, is caused by the increase in the return of the performance bond for basic construction in this period. (14) The decrease in the cash paid for other financing activities, is majorly caused by the increase in the cash for purchasing certificate of deposit. (15) The increase in the cash paid for other financing activities, is majorly caused by the adjustment regarding the accounting affairs in leasing according to the new leasing principles. (16) The decrease in the effect of fluctuation in exchange rate on cash and cash equivalents, is caused by the Company’s wholly-owned subsidiary, Kweichow Moutai Paris Trading, whose financial statement of overseas operation has been converted as the foreign currency translation differences in the statement of recording currency. 5.2 Reasons for significant changes of profit caused by non - core business □Applicable√ N/A 5.3 Analysis of assets and liabilities √Applicable □N/A A. Assets and liabilities Unit: CNY Item Amount by the end of this period As % of total assets (%) Amount by the end of last period As % of total assets (%) Change in percentage (%) Explanation about any material change Cash and cash equ ivalents 51,810,243,607.11 20.30 36,091,090,060.90 16.91 43.55 Majorly caused by the increase in commercial bank deposit Notes receivables 1,532,728,979.67 0.72 N/A Mainly because the sales of bank acceptable bills by the Company’s wholly - owned subsidia ry, Kweichow Moutai - Flavor Liquor Marketing Co., Ltd. , has decreased. Prepayment 389,109,841.28 0.15 898,436,259.15 0.42 -56.69 Mainly the intangible assets converted from the pre - paid real - estate funds. Inventories 33,394,365,084.83 13.09 28,869,087,678.06 13.53 15.68 Other current assets 71,527,560.74 0.03 26,736,855.91 0.01 167.52 M ainly the VAT credit increase s Debt investment 170,468,623.71 0.07 20,143,397.78 0.01 746.28 The Company’s holding subsidiary, Kweichow Moutai Group Finance Co., Ltd. p urchased bonds Investment real estate property 5,242,431.75 0.002 N/A The Company’s holding subsidiary, Moutai Custom Marketing (Guizhou) Co., Ltd., leased real estate properties. Fixed assets 17,472,173,182.85 6.85 16,225,082,847.29 7.60 7.69 Righ t - to - use assets 362,785,970.23 0.14 N/A Impacted by the newly - implemented leasing regulations Other non - current assets （未完）  |