[中报]张 裕Ｂ(200869):2022年半年度报告（英文版）
原标题:张 裕Ｂ:2022年半年度报告（英文版） 2022Semi-annualReport Final2022-03 August26,2022 TableofContents I、ImportantNotice,TableofContentsandDefinition.................................................................3 II、BriefIntroductionfortheCompanyandMainFinancialIndicators ..................................6III、DiscussionandAnalysisofManagementTeam ....................................................................9 IV、CorporateGovernance ..........................................................................................................26 V、EnvironmentalandSocialResponsibility .............................................................................28 VI、Majorissues ...........................................................................................................................30 VII、ChangesinSharesandtheShareholders’Situation .........................................................38 VIII、RelatedSituationofPreferredShares................................................................................43 IX、RelatedSituationofBonds.....................................................................................................43 X、FinancialReport ......................................................................................................................44 I.ImportantNotice,TableofContentsandDefinition Theboardofdirectors，theboardofsupervisors，directors,supervisorsandseniorexecutivesof the Company guarantee the truthfulness, accuracy and completeness of the contentscontained in the semi-annual report with no false records, misleading statements orsignificantomissions,andundertakeindividualandjointlegalliabilities.Mr.HongjiangZHOU(PersoninchargeoftheCompany),Mr.JianxunJIANG(Personinchargeofaccountingwork)andMs.CuimeiGUO(Personinchargeofaccountingorgan&Accountantincharge)assurethetruthfulness,accuracyandcompletenessofthefinancialreportinthesemi-annualreport. Alldirectorshaveattendedthemeetingfordeliberatingthesemi-annualreport.Forward-lookingstatementssuchasfutureplansanddevelopmentstrategiescoveredinthisreportdonotconstituteasubstantialcommitmentoftheCompanytoinvestors.Investorsareadvisedtopayattentiontoinvestmentrisks. RegardingsignificantrisksthattheCompanymayfaceduringthebusinessprocess,pleasereferto“10.Risksandresponsemeasures”in“IIIDiscussionandAnalysisofManagementTeam”inthisreport.Investorsaresuggestedtoreadcarefullyandpayattentiontoinvestmentrisks. TheCompanyhasnoplantodistributecashdividendsandbonussharesandcapitalreservewillnotbetransferredtoequity. ReferenceDocuments (1)Theoriginalof2022Semi-annualReportautographedbythechairman.(2)TheFinancialStatementsautographedandsealedbythechairman,chiefaccountantandaccountantsincharge. (3)TheProspectusandPublicOfferingAnnouncementforStockBin1997;TheProspectusandTheShares’Change&PublicOfferingAnnouncementforStockAin2000.(4)TheoriginalsofalldocumentsandannouncementsthattheCompanymadepublicduringthereportperiodinthenewspapersdesignatedbyChinaSecuritiesRegulatoryCommission.Definition
1.Company’sinformation
1)ContactinformationoftheCompany Whether there is any change in the Company’s registered address, office address,correspondingpostcode,websiteaddressandemailaddressduringthereportperiod?Available ?Notavailable There is no change in the Company’s registered address, office address, correspondingpostcode,websiteaddressandemailaddressduringthereportperiod.Pleasereferto2021AnnualReportfordetailedinformation. 2)Informationdisclosureandfilinglocation Whetherthereisanychangeininformationdisclosureandfilinglocationduringthereportperiod ?Available ?Notavailable Thereisnochangeinthenameofthenewspaperforinformationdisclosure,theaddressofthewebsitedesignatedbytheChinaSecuritiesRegulatoryCommissionforpublishingthesemi-annualreport,andthefilinglocationoftheCompany’ssemi-annualreportselectedbytheCompanyduringthereportperiod.Pleasereferto2021AnnualReportfordetailed3)Otherrelevantinformation Whetherthereisanychangeinotherrelevantinformationduringthereportperiod?Available ?Notavailable 4.Keyaccountingdataandfinancialindicators WhethertheCompanyneeds toretrospectivelyadjustorrestatetheaccountingdataofpreviousfiscalyears. ?Yes ?No
1)DifferencesofnetprofitandnetassetinthefinancialreportdisclosedaccordingtobothinternationalaccountingstandardsandPRCaccountingstandard?Available ?Notavailable Unit：CNY
?Available ?Notavailable TherearenodifferencesofnetprofitandnetassetinthefinancialreportdisclosedaccordingtobothforeignaccountingstandardsandPRCaccountingstandardsduringthereportperiod.3)Explanation of the differences in accounting data under domestic and foreignaccountingstandards ?Available ?Notavailable 6.Itemandamountofnon-recurringgainsandlosses ?Available ?Notavailable Unit：CNY
□Available ?Notavailable Theredoesnotexistspecificsituationofotherprofitandlossprojectsconformingtothedefinitionofnon-recurringprofitandloss. Explanationforregardingthenon-recurringprofitandlossspecifiedintheExplanatoryAnnouncementonPublicCompany’sInformationDisclosureNo.1-Non-recurringProfitandLossasrecurrentprofitandloss □Available ?Notavailable Thereisnosituationregardingthenon-recurringprofitandlossspecifiedintheExplanatoryAnnouncementonPublicCompany’sInformationDisclosureNo.1-Non-recurringProfitandLossasrecurrentprofitandloss III.DiscussionandAnalysisofManagementTeam 1.Mainbusinessesduringthereportperiod 1)Basicinformationofmainbusinessduringthereportperiod Duringthereportperiod,theCompany’smainbusinessesareproductionandoperationofwine and brandy, thus providing domestic and foreign consumers with healthy andfashionablealcoholicdrinks.Comparedwithearlierstage,therearenosignificantchangeshappenedtotheCompany’smainbusinesses.ThewineindustrythattheCompanyinvolvedinisstillingrowthstage.Althoughbeingaffectedbymanyfactorsfortheshort-term,thecompetitioninthemarketisfierceandthedemandinwineconsumptionisstillweak.However,seenfromthelongterm,thewholedomesticwinemarketisontherisingtrend.TheCompanyisattheforefrontinthedomesticwinemarket. 2)Licenseobtained th AsofJune30,2022,theCompanyanditssubsidiarieshaveobtained10foodproductionlicenses(alcohol),ofwhichthefoodproductionlicenseshavingbeenobtainedsincethebeginningof2021areasfollows:
Duringthereportperiod,theredidnotexistthetrademarkownershipdispute,foodqualityissueorfoodsafetyincidentetc.thathadasignificantimpactontheCompany.Brandoperation TheCompany’sproductsweredividedintotwoseries:wineandbrandy.Forwine,mainbrands included Changyu, Noble Dragon, AFIP, Changyu Moser XV, Longyu, GoldenIcewineValley,Zenithwirl,Vermouth,Rena,BaronBalboa,J.LORMIN,Atrio,KilikanoonandIWCCandsoon.ForBrandy,mainbrandsincludedKoya,Mminni,Pagese,RoulletFransacandsoon. Majorsalesmode TheCompany’smainsalesmodewasthedistributionmode,andmainsaleschannelwasofflinesales,thatis,theCompany’sproductsweredistributedtosalesterminalsthroughapproximately4600distributorsathomeandabroadandultimatelyprovidedtoconsumers.Distributionmode ? ? Available Notavailable ①TheCompanyadoptedthesettlementmethodofcashandcarrywiththedistributors,andmainlyadoptedbuyoutdistributionmode.Situationofchangeinthenumberofdistributorsisshownasfollows.
?Available ?Notavailable Salesofonlinedirectsales ?Available ?Notavailable
Procurementmodeandprocurementcontent Unit:CNY’0000
?Available ?Notavailable Theyear-on-yearchangeinthepriceofmajoroutsourcedrawmaterialsexceeds30%?Available ?Notavailable Majorproductionmode TheproductionmodeoftheCompanyisself-produce. Commissionedprocessingandproduction ?Available ?Notavailable Majorcomponentsofoperatingcosts Unit:CNY
InthecompetitivelandscapeofChina’swineindustry,theCompanyhasthefollowingcompetitiveadvantagesovertheplayersintheindustry: Firstly,theCompanyhasalargebrandinfluence.Mainbrandsusedhavealonghistory.“Changyu”,“NobleDragon”and“AFIP”areall“Chinafamousbrands”thathavestronginfluenceandgoodreputation. Secondly,theCompanyhassetupanationwidemarketingnetwork.TheCompanyhasformed a “three-level” marketing network system mainly composed of the Company’ssalesmenanddistributorsandtheonlinesalesplatformhashadacertainscaleandinfluence,owingstrongmarketingabilityandmarketexploitationability. Thirdly,theCompanyhasstrongscientificprowessandaproductR&Dsystem.Relyingonthecountry’s“State-levelWineR&DCenter”,theCompanyhasownedpowerfulwinemakerteam,masteredadvancedwinemakingtechnologyandproductionprocessesandhadstrongproductinnovationcapacityandperfectqualitycontrolsystem. Fourthly,theCompanyisinpossessionofalotofgrape-growingbasesthatarecompatiblewithitsdevelopmentrequirements.TheCompanyhasdevelopedagreatdealofvineyardsinthemostsuitableareasforwinegrapegrowinginChinasuchasShandong,Ningxia,Xinjiang,Liaoning,HebeiandShaanxi,anditssubsidiaryoverseasenterprisesalsoownmatchinggrape bases in local area, making the overall scale and structure generally meet theCompany’sneedsforfuturedevelopment. Fifthly,productsinhigh,mediumandlow-gradeaswellasvarietiesandcategoriesareallcomplete.Over100varietiesofseriesproductssuchaswine,brandyandsparklingwinecoversvariousgrades,includinghigh,mediumandlow-grade,whichcanmeetdifferentconsumergroup’demands.TheCompanyhastakenthedominantstatusinthedomesticwineindustry after many years’development and has comparative advantages in the futurecompetition. Sixthly, the Company has a relatively perfect motivation system. Most of Company’semployeesindirectlyholdtheCompany’sequitythroughcontrollingshareholders.Therearehighconsistencybetweenemployeebenefitsandshareholdersbenefits,infavorofmotivatingemployeestocreatevalueforshareholders. Seventhly,theCompanyhassetupflexibleandefficientdecision-makingmechanism.TheCompany’scoremanagementteamalwaysmaintainsaworkingstyleofunityandpragmaticandflexibleandefficientdecision-makingmechanism,whichmakestheCompanycandealwithmarketchangesmorecalmly. Eighthly,theglobalproductioncapacitylayouthasbeenbasicallycompleted.TheCompanyhascompletedproductioncapacitylayoutinChina,France,Chile,Spain,Australiaandothermajor wine producing countries in the world, enabling making better use of globalhigh-qualityrawmaterialresources,capital,talentsandadvancedproductionprocessesandtechnologies to provide consumers with diversified quality products and better serveconsumers. Basedontheabovereasons,theCompanyhasformedrelativelystrongcorecompetenceandwillmaintainarelativelydominantpositioninthefuturepredictablemarketcompetition.3.Analysisinmainbusiness Summarization During thereport period, affected by variousfactors such as COVID-19 epidemic, thedomesticwinedemandstillweak,themarketcompetitionwasveryfierce,andthemarketingactivitieswereseverelyrestricted.TheCompanyinsistedintakingthemarketasthecenter,insistedthedevelopmentstrategyof“Focusonhighquality,Focusonmiddle-and-highlevel,Focusonbigproduct”andthemarketingconceptof“Increasingsalesfromtheterminalandcontinuously-cultivatedconsumers”withoutwavering,andactivelyexploredandcreatedanewdevelopmentpatternforwineandbrandyinChina.Inthefirsthalfyear,theCompanyrealizedthebusinessincomeofCNY1953.09millionwithayear-on-yearincreaseof4.19%and the net profit attributable to shareholders of the parent company realizedCNY358.45millionwithayear-on-yeardecreaseof3.59%.Duringthereportperiod,theCompanymainlydidfollowingwork: Firstly,thereformofthemarketsystemhasbeenadvancedbothinscopeandindepth,andthesignificantprogresshasbeenmadeinthecomprehensivedigitaltransformation.Duringthereportperiod,theLongyubusinessdivision,ChateauWinebusinessdivision,NobleDragonbusinessdivision,Brandybusinessdivision,ImportedWinebusinessdivision,OnlinebusinessdivisionandTourismbusinessdivisionestablishedbytheCompanyhavebasicallytakenshape.People,fundsandmaterialshavebeenbasicallyconfiguredinplace,andacorrespondingcompensationassessmentandresponsibilitysystemhavebeenformulated.Thebusinessdivisionsadjustedandoptimizedthedistributionofdistributors,establishedasalesstructure,whichisbothindependentandcoordinated,coveringallbusinesssegments,allitemsanddifferentconsumergroups,andestablishedmarketingstrategieswiththeirowncharacteristics, in order to provide organizational guarantee for further refinement anddeepeningofthemarket;enableconsumerdataassets toempower customerexperience,products,marketing,dealersandbusiness,andcomprehensiveimprovethedigitalexecutionlevelofallemployeesandthedigitaloperationteam. Secondly, continue to promote marketing innovation, strive to expand new marketingchannels,andpromoteproductsales.Duringthereportingperiod,theCompanycontinuedtodeepen cooperation with e-commerce platforms such as JD.com and Tmall, increasedinvestment in self-operated e-commerce business resources and talent introduction, andlaunchedalargenumberofhigh-qualityshortvideosonplatformssuchasKuaishouandTikTok(Chineseversion),whichachievedgoodcommunicationeffectsthatboostedproductsalesandachievedasignificantincreaseinonlinesalesamount.Activelyexpandemergingsaleschannelssuchas“circlemarketing”,givefullplaytotheleadingroleofconsumerleaders,andcontinuouslyexpandtheconsumergroupofhigh-endproducts.Thirdly,continueto strengthen quality management, and steadily improved theproductquality.The Company further strengthened the brand winemaker system, promoted theproductionunittoassumethemainresponsibilityforexternalpackagingqualityandthesupplier roles of A and B, so as to steadily improve product quality. The Companyparticipatedinthe2022BerlinWineCompetition,inwhich10productsincludingLongyuM12CabernetSauvignondryredwine,LongyuM8blendeddryredwine,ChangyuNobleDragonN398dryredwine,ChangyuRieslingN118drywhitewine,ChateauTinlotdryredwine,XingjiangChateauBaronBalboadryredwine,ShanxiChateauRenaR388ShirazdryredwineandR588Shirazdryredwine,LiaoningGoldenIcewineValleyGoldenDiamondandBlackDiamondIcewinewongoldaward.TheCompanyparticipatedintheTheThirtiethSession Mundus Vini World Wine Competition, in which Longyu 2021 M6 CabernetSauvignondrywhitewine,XingjiangChateauBaronBalboa2019Chardonnaydrywhitewine,LiaoningGoldenIcewineValley2019GoldenDiamondIcewineand2019BlackDiamondIcewinerespectivelywonthegoldawards. Fourthly, accelerate technological and product innovation, research and develop specialvarieties,andpromotetheinstitutionalreformofproductionunitstobettermeetmarketdemand,reduceproductioncostsandimproveproductionefficiency. Fifthly,completetheteasingoutofdomesticgrapebases,introduceandabsorbadvancedplantingtechnology,andfurtherimprovethemanagementlevelofgrapebases,whichisconductivetoimprovinggrapeproductsandqualityandoptimizingthevarietystructure.Sixthly,intensifythecrackdownoncross-regionalpricereductionofproducts,strengthenfinancialmanagementandauditsupervision,maintainthegoodmarketorder,andpreventoperationalrisk.Duringthereportingperiod,theCompanyintensifiedthepunishmentforcross-regional price reduction of products, which better maintained the market order;strengthenedfinancialbudgetmanagement,andin-depthanalysisandevaluatetax-relatedriskmatterstoavoidedmajorfinancialandtaxrisks;auditthekeyexpensesoftheproductionandsalessystem,the2021profitauthenticityandtheintegrityandeffectivenessofassetsof17businessunits;completetheoutgoingauditof35unitmanagersinsalesandtourismsystem;completespecialauditssuchasnon-performingassetsandeconomicresponsibilityinvestigationtoeffectivelypreventandcontrolbusinessrisks. TheCompanyhasactivelytakentheabovemeasurestopromoteproductsales;however,inthefirsthalfofthisyear,theCOVID-19epidemicoccurredfrequentlyacrossthecountry,whichledtotherestrictionsoncatering,on-sitemeetings,entertainmentandothergatheringactivitiesforpeopleintheaffectedareas.Thewineconsumptionscenewasgreatlyreduced,andalargenumberofmarketingactivitiesweredifficulttocarryoutnormally,especiallytheYangtzeRiverDeltaregion,whichisanimportantsalesareafortheCompany,hasbeenaffectedbytheepidemicforalongtime.Theflowofpeopleandlogisticshavebeenblockedresultedintheinabilityofproductstobedeliveredtocustomersandconsumersintime,whichdraggeddowntheCompany’soverallsalesperformance. InordertoachievetheCompany’sbusinesstargetsetatthebeginningoftheyear,inthesecondhalfof2022,theCompanywillfocusonfollowingtasks: Thefirstistofurtherimprovethemarketsystemwithsevenmajorbusinessdivisionsasthemainbody,deepenthereformoftheproductionsystem,andenhancetheabilityofenterprisetoadapttomarketchanges. Thesecondistostrengthentheconstructionoftalentteam,increasetalentintroductionandrecruitment,establishandimprovethemanagementtraineesystem,formascientificandreasonable talent echelon, and continuously inject new impetus into the Company’sdevelopment. th ThethirdistotaketheopportunityoftheCompany’s130 anniversaryoftheestablishment,doagoodjobofthecelebration,increasethepromotionofChangyubrand,improvebrandawarenessandreputation,andpromoteproductsales. Thefourthistodoagoodjobinfieldmanagementbeforegrapeharvesting,andstrivetoimprovethequalityofgrapes;scientificallyorganizetheharvestingofgrapesandotherrawmaterials,completethetaskofgrapeharvestingwithqualityandquantity,andprovidereliablerawmaterialguaranteeforthefuturedevelopmentoftheCompany.Thefifthistocontinuetostrengthensafetyproductionmanagement,checkandeliminatesafetyhazardsonebyone,ensurethatsafetyresponsibilitiesandvarioussafetymanagementmeasuresarefullyimplemented,andpreventmajorproductionandoperationaccidentsandrisks. Year-on-yearchangeinkeyfinancialdata Unit:CNY
ThereisnosignificantchangeintheprofitformandprofitsourceoftheCompanyduringthereportperiod. Compositionofoperatingrevenue Unit:CNY
?Available ?Notavailable Unit:CNY
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