[年报]古井贡Ｂ(200596):2021年年度报告（英文版）
原标题:古井贡Ｂ:2021年年度报告（英文版） Documents Available for Reference (I) Financial statements signed and sealed by the Company’s legal representative, the Company’s Chief Accountant and the head of the Company’s financial department (equivalent to financial manager); (II) The original copy of the Independent Auditor's Report stamped by the CPA firm as well as signed and stamped by the engagement certified public accountants; (III) All originals of the Company’s documents and announcements that have been publicly disclosed in the Reporting Period on the media designated by the China Securities Regulatory Commission; and (IV) This Report disclosed in other securities markets.
Part II Corporate Information and Key Financial Information I Corporate Information
The independent audit firm hired by the Company:
√ Applicable □ Not applicable
√ Applicable □ Not applicable
Indicate by tick mark whether there is any retrospectively restated datum in the table below. □ Yes √ No
gains and losses was negative for the last three accounting years, and the latest independent auditor’s report indicated that there was uncertainty about the Company’s ability to continue as a going concern. □ Yes √ No Indicate by tick mark whether the lower of the net profit attributable to the listed company’s shareholders before and after exceptional gains and losses was negative. □ Yes √ No VII Accounting Data Differences under China’s Accounting Standards for Business Enterprises (CAS) and International Financial Reporting Standards (IFRS) and Foreign Accounting Standards 1. Net Profit and Equity under CAS and IFRS □ Applicable √ Not applicable No difference for the Reporting Period. 2. Net Profit and Equity under CAS and Foreign Accounting Standards □ Applicable √ Not applicable No difference for the Reporting Period. 3. Reasons for Accounting Data Differences Above □ Applicable √ Not applicable VIII Key Financial Information by Quarter Unit: RMB
have been disclosed in the Company’s quarterly or interim reports. □ Yes √ No IX Exceptional Gains and Losses √ Applicable □ Not applicable Unit: RMB
No such cases for the Reporting Period. Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items: □ Applicable √ Not applicable No such cases for the Reporting Period. Part III Management Discussion and Analysis I Industry Overview for the Reporting Period (I) Principal Activity of the Company The Company primarily produces and markets liquor and spirits. According to the Industry Categorization Guide for Listed Companies (Revised in 2012) issued by the CSRC, liquor and spirits making belongs to the “liquor, beverage and refined tea making industry" (C15). The Company’s principal operations remained unchanged in the Reporting Period. (II) Status of the Industry and Position of the Company in the Industry 1. Status of the Liquor and Spirits Industry Since the beginning of the 21st century, China's liquor and spirits industry has experienced three development stages. Before 2012, with rapid economic growth, the income of urban and rural residents rose fast, and the demand for liquor and spirits continued to increase, while production and sales of liquor and spirits continuously expanded at a fast pace. As a result, the liquor and spirits industry witnessed booming supply and demand. During that period, national liquor and spirits brands and local regional renowned liquor enterprises achieved rapid development. In the context of the rise in both the demand and price of liquor and spirits, the sales income and total profits of liquor enterprises increased quickly. From the second half of 2012 to 2016, China's economy once again entered a period of adjustment, as the Chinese government introduced a string of policies to restrict the spending on official overseas visits, official vehicles and official hospitality, such as the "Eight-point Decision" and "Six Prohibitions", which include restrictions on the consumption of high-end alcohol with public funds. Consumption scenarios such as commercial consumption and government consumption were limited, leading to a drop in consumer demand in a short time. Moreover, liquor prices were under huge pressure. China's liquor and spirits industry entered a period of profound adjustment. After 2012, both the output growth and income growth of China's liquor and spirits industry slowed down. The liquor and spirits industry began to recover in the second half of 2016, with a rise in consumption demand by end-users, propelling the growth of the overall income and profits of the industry. Since 2017, the overall demand and price of liquor and spirits have increased, and the recovery of mid- and high-end liquor and spirits has picked up. In the future, benefiting from the consumption upgrade and the change of consumption concept, the growth of sub-high-end liquor and spirits will be the key driver for the development of the liquor and spirits industry. The consumption upgrade is the major driving force for the development of the liquor and spirits industry. Liquor enterprises need to fully grasp the great opportunities from the extensive consumption upgrade and strive to better meet the consumption needs of the market through quality improvement, market segmentation and product innovation and other means, so as to advance the transformation and upgrade of the product structure. From January to December 2021, in China, the total output of alcoholic beverage made and brewed by the enterprises above the designated size in the alcoholic beverages industry was 54,068,500 kiloliter, increased by 3.95% year on year, of which, the output of liquor and spirits was 7,156,300 kiloliter, decreased by 0.59% year on year. With the acceleration of consumption upgrading, among Chinese residents, it gradually shows such a trend of consumption upgrading that "you should drink less liquor, but you should drink better liquor". During the period of the 14th Five-year Plan, the consumption growth of sub-high-end liquor and spirits will bring more fierce competition in the sector of high-end liquor and spirits. 2. Position of the Company in the Industry China has a long history of liquor. There are a large number of liquor production enterprises in the country, but the regional distribution of liquor consumers is particularly evident. The liquor and spirits industry is characterized by full competition, with a high degree of marketization. The market competition is fierce, and the industry adjustments are constantly deepening. In the national a single regional market, the competitive strengths of the enterprises depend on their brand influence in the region, the recognition of the companies by regional consumers and comprehensive marketing capacity. As one of China’s traditional top eight liquor brands, the Company is the first listed liquor and spirits company with both A and B stocks. It is located in Bozhou City, Anhui Province in China, the hometown of historic figures Cao Cao and Hua Tuo, as well as one of the world’s top 10 liquor-producing areas. No changes have occurred to the main business of the Company in the Reporting Period. As the main product of the Company, the Gujing spirit originated as a “JiuYunChun Spirit”, together with its making secrets, being presented as a hometown specialty by Cao Cao, a famous warlord in China’s history, to Emperor Han Xiandi (name: Liu Xie) in A.D. 196, and was continually presented to the royal house since then. With crystalline liquid, rich aroma, a fine flavor and a lingering aftertaste, the Gujing spirit has helped the Company win four national distilled spirit golden awards, a golden award at the 13th SIAL Paris, the title of China’s “Geographical Indication Product”, the recognition as a “Key Cultural Relics Site under the State Protection”, the recognition with a “National Intangible Cultural Heritage Protection Project”, a Quality Award from the Anhui provincial government, a title of “National Quality Benchmark”, among other honors. In 2021, Gujing Distillery ranked fourth in th China's liquor and spirits industry with a brand value of RMB200.672 billion in the 13 "Hua Liquor Cup" (list of Chinese liquor brands by value). In April 2016, Gujing Distillery signed a strategic cooperation agreement with Huanghelou Liquor Co., Ltd., opening a new era of cooperation in China's famous liquor industry. Yellow Crane Tower Baijiu is the only famous Chinese liquor in Hubei. Its unique style is "soft, mellow, elegant and cool, and has a long lingering fragrance". It won the two China gold medal in liquor appreciation in 1984 and 1989. At present, Huanghelou liquor industry has three bases: Wuhan, Xianning and Suizhou. Among them, Huanghelou Liquor Culture Expo Park in Wuhan base has been approved as national AAA scenic spot, and Huanghelou forest wine town in Xianning base has been approved as national AAA scenic spot. In January 2021, Gujing Distillery and Mingguang signed a strategic cooperation agreement. The unique mung bean flavor adds to the famous liquor family of Gujing. Anhui Mingguang Distillery Co., Ltd. has such representative products as Mingguang Jianiang, Mingguang Daqu, Mingguang Youye, Mingguang Tequ, and 53% alcohol Minglueye. In December, the ancient Mingguang liquor-making technique was selected into the six batch of provincial intangible cultural heritage list. II Principal Activity of the Company in the Reporting Period The Company is subject to the Guideline No. 14 of the Shenzhen Stock Exchange on Information Disclosure by Industry—for Listed Companies Engaging in Food and Liquor & Wine Production. Main sales model The Company's key sales model is dealer model. Under the dealer model, the Company will select one or more dealers for sales of a product brand (or product sub-brand) according to the market capacity. Distribution model: √ Applicable □ Not applicable 1. Operating Performance by Distribution Channel and Product Category Unit: RMB
□ Applicable √ Not applicable Online direct sales √ Applicable □ Not applicable The major product varieties sold online are Aged Original Liquor Series, and Gujinggong Liquor Series, among others. The main online sales platforms are Gujing Distillery platform, Tmall, JD.com, and Suning.com. Any over 30% YoY movements in the selling price of main products contributing over 10% of current total operating revenue □ Applicable √ Not applicable Model and contents of purchase The Company primarily adopts the bidding and strategic cooperation models. It also adopts the base planting model in order to ensure the quality of some raw materials. Major suppliers: Purchase contents
□ Applicable √ Not applicable Any over 30% YoY movements in prices of main purchased raw materials □ Applicable √ Not applicable Main production model The Company's existing production model is sales-based production. Specifically, the Logistics Control Center is responsible for coordinating the implementation of production plans, release of material production plans, and delivery and tracking of products, and prepares balanced production plans on a quarterly basis according to the product inventory. The logistics distribution system is coordinated according to the production schedule and inventory with a view to ensuring timely delivery of products. Commissioned production □ Applicable √ Not applicable Breakdown of cost of sales
1. Output, sales volume and inventory of main products for the Reporting Period and respective YoY changes thereof Unit: ton
Unit: ton
No significant changes occurred to the Company’s core competitiveness in the Reporting Period. IV Analysis of Core Businesses 1. Overview The year 2021 marks the beginning of the "14th Five-Year Plan", and the normalization of the prevention and control of COVID-19. In the face of complex external environment and all the more fierce competition in the industry, the Company continued to follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly implemented the guiding principle of the 19th CPC National Congress and the various plenary sessions of the 19th CPC Central Committee, the guiding principle of the Central Economic Work Conference, and the guiding principle of the provincial and municipal Party congresses, implemented the new concept for development, centered on the annual objectives of the Company, and adhered to long-term perspective mindset, the concept of excellence, and the awareness of high-quality products, to successfully complete various objectives and tasks throughout the year. For 2021, the Company recorded operating revenue of RMB13.27billion, up 28.93% compared to the prior year; a net profit attributable to the Company as the parent of RMB2.298billion, increasing 23.90% from the year earlier; earnings per share of RMB4.45, 20.92% higher than last year; and net cash generated from operating activities of RMB5.254 billion, going up 44.96% on a year-on-year basis. In the 13th "Hua Zun Cup" Chinese liquor brand valuation, the brand value of "Gujinggong" reached a record high of RMB200.672 billion. The overall operating performance of the Company in the Reporting Period (I) The Company rapidly promoted the “nationwide, sub-high-end” strategy, and reached a new high of brand value The Company adhered to the nationwide, sub-high-end, and "Gu 20+" development strategy, and continuously intensified "Three Ones Project". It continuously intensified efforts for brand building, adhered to the brand orientation of "liquor made in China is favored in the world", and grandly held the activities of the Corporate Day of Gujinggong Liquor in Expo 2020 Dubai. The brand influence of "liquor made in China is favored in the world" was continuously increased. (II) Higher efficiency and higher quality The Company continuously optimized its liquor-making process, comprehensively promoted liquor-making standardized production, and steadily improved the quality of its original liquor. Quality was improved and efficiency was increased for filling production of finished liquor products, and the project of automatic filling was steadily promoted. (III) The Company continuously intensified research and development, and further increased strength for research and development The Company carried out experiments and research for liquor-making, further optimized and improved production process. It was granted three patents of invention, and 55 patents of utility models; it successively and honorably won the "Prize for Outstanding Contribution in Science and Technology of China's Liquor and Spirits industry", and the "Second Prize of Anhui Science and Technology Progress Award", which was a breakthrough in provincial major special projects. Once again, the Company won "Anhui Provincial People's Government Quality Award". (IV) The Company accelerated promotion of digital construction, and new accomplishment was displayed with integration of “information technology and industrialization” The Company intensified efforts to promote and apply systems, comprehensively empowered digital marketing, scenario-based applications, intelligent parks, and informationized procedures, so as to boost comprehensive management efficacy. In 2021, Gujing's digital construction achievements were successfully selected into the industry-level platform of industrial Internet of things. (V) The Company continuously promoted mechanism innovation, and enhanced organizing vitality The Company continuously optimized and vitalized appraisal mechanism, and delegated more power to grassroots level for making self-decisions on appraisal. Besides, it realized the match of remuneration with performance in market-oriented pilot units. It established a normalized exit mechanism of personnel, adhered to the practice that the person ranking the last place in appraisal will be laid off, and that positions will be rotated for improving multiple skills. Thus, it further stimulated management vitality, and promoted the cultivation of comprehensive talents. (VI) The Company maintained the integrity of thoughts to vitalize the driving force of Party building The Company promoted its high-quality development with high-quality Party-building. Its staff members at various levels solidly carried out the learning and education of Party history, earnestly implemented the guiding principle of the important "July 1” remarks made by General Secretary Xi Jinping, and that of the Sixth Plenary Session of the 19th CPC Central Committee, made in-depth understanding of the decisive significance of the “Two Establishments", enhanced the "Four Consciousnesses", firmly believed in the "Four Self-confidences", and implemented the "Two Maintenances". The Company carried forward the great spirit of Party-building and used it into the whole process of corporate operation and management. As a result, work style in the Company was continuously improved, and ideological and political awareness and the self-consciousness for actions constantly became better. (VII) In the Reporting Period, the Company was still under pressure and had deficiencies as follows. (1) Brand driving force was not strong enough, and nationwide promotion was yet to be intensified. (2) The internal management system of the Company was not excellent, the mechanism was not vigorous, and its internal power was yet to be stimulated. (3) The supply chain management was not fully modernized, its service was not sound, and its efficiency was not high. 2. Revenue and Cost Analysis (1) Breakdown of Operating Revenue Unit: RMB
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