[中报]泸州老窖(000568):2022年半年度报告（英文版）
原标题:泸州老窖:2022年半年度报告（英文版） Section I Important Statements, Contents and Definitions The Board of Directors, Board of Supervisors, directors, supervisors and senior management guarantee that the information presented 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. Liu Miao, responsible person for the Company, Xie Hong, responsible person for accounting work and Yan Li, responsible person for the Company’s financial affairs (Accounting Supervisor) have warranted that the financial statements in this report are true, accurate and complete. All the directors attended the board meeting to deliberate this report by themselves. Affected by risks, uncertainties and assumptions, the forward-looking statements concerning business objectives and future plans made in this report based on the subjective assumptions and judgments of the future policies and economic conditions may be significantly different from the actual results. Such statements shall not be considered as virtual promises of the Company to investors, and the investors and relevant persons shall maintain adequate risk awareness and shall understand the differences between plans, forecasts and commitments. In this report, the potential risks in the operation of the Company have been disclosed. Investors are kindly reminded to pay attention to possible investment risks. The Company has no interim dividend plan, either in the form of cash or stock. This report has been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail. Contents Section I Important Statements, Contents and Definitions ............................................ 2 Section II Company Profile and Key Financial Results .................................................. 6 Section III Management Discussion and Analysis .......................................................... 9 Section IV Corporate Governance .................................................................................. 28 Section V Environmental and Social Responsibility .................................................... 30 Section VI Significant Events ......................................................................................... 34 Section VII Changes in Shares and Information about Shareholders ......................... 41 Section VIII Preferred Shares .......................................................................................... 49 Section IX Information about Bond ................................................................................ 50 Section X Financial Report ............................................................................................. 53 Documents Available for Reference 1. Financial statements signed and stamped by the responsible person for the Company, the responsible person for accounting work and the responsible person for the Company’s financial affairs (Accounting Supervisor); 2. The originals of all company documents and announcements that are disclosed to the public during the reporting period. Definitions
Section II Company Profile and Key Financial Results 1. Corporate information
2. Contact us
3. Other Information 3.1. Contact Information of the Company Whether any change occurred to the registered address, office address and their zip codes, website address and email address of the Company in the reporting period. ? Applicable ? N/A? No change occurred to the said information in the reporting period, which can be found in the 2021 Annual Report. 3.2. Information disclosure and place where the interim report is kept Whether any change occurred to the information disclosure and place where the interim report is kept. ? Applicable ? N/A? No change occurred to the newspapers designated by the Company for information disclosure, the website designated by the CSRC for disclosing the interim report and the place where the interim is kept in the reporting period. The said information can be found in the 2021 Annual Report. 3.3. Other information Whether any change occurred to other information in the reporting period. ? Applicable ? N/A? 4. Key accounting data and financial indicators Whether the Company performed a retroactive adjustment to or restatement of accounting data. ? Yes ? No
5. Differences in accounting data under domestic and overseas accounting standards 5.1. Differences in the net profits and net assets disclosed in the financial reports prepared under the international and China accounting standards ? Applicable ? N/A? 5.2. Differences in the net profits and net assets disclosed in the financial reports prepared under the overseas and China accounting standards ? Applicable ? N/A? No such differences for the reporting period. 6. Non-recurring gains and losses ? Applicable ? N/A Unit: CNY
No such cases for the reporting period. 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 for the reporting period. Section III Management Discussion and Analysis 1. Business scope in the reporting period The Company operates within the baijiu subdivision industry which belongs to the liquor & wine, beverage and refined tea production industry with specialized baijiu product design, production and sales as its main business model. Its primary products include baijiu series such as "National Cellar 1573" and "Luzhou Laojiao", and its main comprehensive performance indicators rank high in the baijiu industry. In recent years, although the baijiu industry has seen a shrink in total consumption, a decrease in the number of consumers, fluctuations of the pandemic, and other impacts, opportunities such as policy support, brand concentration, and market purification have also emerged. The industry's leading enterprises have ushered in a period of great development potential. The Company shall comply with the disclosure requirements for companies engaging in food & liquor and wine production of the Guidelines No. 3 of the Shenzhen Stock Exchange on Self-regulation of Listed Companies—Industry-specific Information Disclosure. The Company holds five food business licenses, and its production model is self-production. The Company’s main business is the research and development, production and sales of baijiu series such as "National Cellar 1573" and "Luzhou Laojiao". In the Reporting Period, the Company upheld the development theme of "improving development quality, strengthening cultural empowerment, and accelerating breakthroughs", striving for success on key tasks through solid work. The Company continuously promoted the "seven concentrations", continuously upgraded the height of the brand, firmly consolidated the foundation of quality, and comprehensively strengthened risk prevention, thus maintaining the momentum of benign and rapid development. For H1 2022, operating revenue amounted to CNY 11.664 billion, up 25.19% year on year; and the net profit attributable to the shareholders of the listed company reached CNY 5.532 billion, up 30.89% year on year. Excellent results have been achieved in a market condition full of competition and uncertainty. A. Main operations and results in the Reporting Period a. Adhering to promoting "seven concentrations" to steadily increase the market volume The Company comprehensively launched the "Hundred Cities Program" to promote the nationalized market layout in-depth, and continuously improve the capacity for marketing synergy. The Company optimized and upgraded the "Wave Program" to reach core offline consumers with precision, steadily enhancing consumption innovation capabilities. The Company deepened the implementation of the accelerated the promotion of the "Three-network Integration, Five-flow Interconnection, and Multi-code Interrelation" project, continuously deepening the digital and intelligent transformation in marketing. b. Continuously upgrading the height of the brand to return to the value and image of a famous baijiu brand The Company adhered to shaping the brand's characteristic IP and enhanced the brand's cultural memory from the dimensions of culture, sports, and festivals, further strengthening the brand's presence. The Company innovated the brand concept and continuously constructed the consumption scenarios, further enriching the high-end, fashionable, and youthful brand connotation of Luzhou Laojiao. The Company made full use of the unique core assets as a "Living Dual National Treasures" brand to create a brand cultural IP of the intangible cultural heritage, further enhancing the brand value and consumer experience. c. Making every effort to promote major projects and accelerating the layout of intelligent production The Company accelerated the planning and construction of a series of major projects such as the brewing digital and intelligent transformation project, the technical upgrade project of intelligent brewing, and the technical upgrade project of the Intelligent Packaging Center to promote the standardization of the brewing system, the automation of production, the digitalization of the process, and the refinement of management, taking the construction of intelligent factories to a new level. d. Firmly consolidating the foundation of quality and accelerating the application of scientific research achievements Strengthening scientific research management and paying close attention to project implementation, the Company carried out nine key research projects of applied and prospective nature with a focus on fields such as functional microorganisms for brewing, production process innovation, and clean production, participated in the formulation or revision of four national standards and 11 group standards, applied for 47 patents, and was granted 36 patents, with breakthroughs in key achievements. e. Comprehensively strengthening risk prevention to safeguard the development of the Company First, the Company strengthened political supervision and fully fulfilled the responsibility for the comprehensively rigorous Party self-governance. Second, the Company prevented integrity risk with the continued implementation of the full coverage of discipline and law education. Third, the Company prevented management risk through the accurate governance of key areas and key links. Fourth, the Company carried out special supervision of hidden danger governance for safety and environmental protection and effectively strengthened the Company's closed-loop management of hidden danger governance for safety and environmental protection. B. Priorities in the second half of the year In the second half of 2022, the Company will focus on the following work: a. Strengthening marketing progress and comprehensively optimizing the layout In accordance with the marketing policy of "strategic concentration, operation upgrade, and full personnel activation", the Company will continue to promote the "seven concentrations" and make every effort to promote sales expansion. Focusing on the strategy implementation, the Company will strengthen the closed-loop operation and promote the organizational effectiveness of the sales system. The Company will focus on the front-line business, strengthen the promotion of empowerment in the front line, accelerate the digital construction, and continuously improve the marketing service and guarantee capacity. b. Strengthening culture cultivation and boosting brand empowerment The Company will accelerate the construction of cultural projects such as "Luzhou Laojiao Museum and renovation and upgrading of the National Cellar Square" and continue to improve the image and service level of scenic spots such as the Cellars of National Treasure, Chunyang Cave, and Qiankun Baijiu Castle, continuously enhancing the experience and participation of consumers and visitors of Luzhou Laojiao. The Company will continue to promote consumer-centric characteristic brand activities, expanding the influence and coverage of brand marketing activities such as the "Seven Star Feast". c. Strengthening intelligent production and constantly consolidating the foundation The Company will promote the digital management of the whole production procedure, continue to research the brewing mechanism, green brewing, and other cutting-edge key technologies, and continuously improve the resource utilization rate and production efficiency of brewing. The Company will continue to deepen the Company-university-research institute integration to boost the technology upgrade of the intelligent brewing industry. The Company will continue to intensify and accelerate the joint research of various horizontal technology projects so as to accelerate breakthroughs and achievement applications in the fields such as brewing raw grain research and brewing process research. d. Strengthening management synergy and accelerating empowerment upgrade The Company will further optimize, deepen, and refine the "14th Five-Year Plan", focusing on the formation of special plans and implementation plans involving the departments of human resources, finance, material, production, supply, and marketing. The Company will accelerate the process of online organization, personnel, and business in various fields through procedure and policy optimization, build a knowledge sharing system, and continuously improve the synergy efficiency. e. Strengthening talent efficiency gains and continuing to tap the momentum The Company will continuously optimize the scientific and effective career position system, continue to improve the creation, implementation, evaluation, and incentive mechanisms for scientific projects, and implement talent cultivation through projects. Specifically, by encouraging the elite talent and reserve talent to lead and found projects, the Company will enrich the talent's professional knowledge, broaden the horizon of openness and innovation, and enhance the management leadership with the promotion of projects. f. Strengthening Party building and driving the growth of the Company The Company will continuously follow, study, publicize, and implement the spirit of the 20th National Congress of the Communist Party of China, the spirit of the 12th Provincial Congress of the Communist Party of China, and the spirit of the 9th Municipal Congress of the Communist Party of China to consolidate ideological consensus and achieve synergy. It will continue to deepen Party building for development, promote the foundation of grass-roots "five-type Party organizations", and boost the deep integration and mutual promotion of Party building work and the work of the Company, so as to test the work and combat effectiveness of the Party organization with results of reform and development. Brand operation The Company firmly followed the development path of "Return to the Value of a Famous Chinese Baijiu Brand" and focused on the strategy of “dual brands, three product series, and major single products”. Specifically, National Cellar 1573 has been widely recognized as a high-end Chinese baijiu; Luzhou Laojiao 1952 has taken up the mission of leading the revival of the Luzhou Laojiao series brand with its price and image; Tequ and Cellar Age Baijiu focused on synergistic development and secured the key price zone; Touqu realized operational upgrade of the price, quota, and brand, and the Hey Guys launched the core city layout and tasting promotion, which laid a solid foundation for the development of Luzhou Laojiao; innovative products continuously explored new models, achieved new breakthroughs, and accelerated the opening of the core market to quickly open up the situation. With years of efforts, the Company has successfully transformed into a new leading baijiu producer that is "comprehensively consumer-centric". Main sales models: Currently, the Company has two main sales models: 1. Traditional channel operation model: It is mainly authorized distribution of the offline distributors. The Company establishes cooperative relationships with the distributors by product lines and regions. The Company directly supplies goods to the distributors, and then distributors sell them to consumers and terminal outlets. 2. Emerging channel operation model: It is mainly online sales operations. The Company establishes cooperative relationships with e-commerce platforms, self-media and webcasters, and sells the goods to consumers through flagship stores, specialty stores, live streaming rooms on online platforms and other network terminals. Distribution models: ? Applicable □N/A 1. Main sales models Unit: CNY
2. Distributors Unit: Number
3. Main settlement method for distributors and distribution method The Company's main settlement method for distributors is payment before delivery. The distribution method is authorized distribution. 4. Top five distributors
5. Information on top five distributors
Store sales terminals accounted for more than 10% □ Applicable ? N/A Online direct sales ? Applicable □N/A For the sales of the Company's main products, please refer to the contents under the heading "Business segment, products or geographical segments contributing over 10% of the operating revenues or profits" in “3. Analysis of main business” of Section III. The Company's main products are sold online. Its main cooperation platforms include JD.com and Tmall. Sales price of main products contributing over 10% of the total operating revenues for the current period changed by more than 30% from the previous reporting period □ Applicable ? N/A Purchase model and purchase content Unit: CNY
The purchase of raw materials from cooperatives or farmers accounted for more than 30% of the total purchase amount □ Applicable ? N/A The price of main raw materials purchased externally changed by more than 30% year-on-year □ Applicable ? N/A Main production model: The Company's main production model is self-production. Commissioned processing and production □ Applicable ? N/A Main breakdown items of cost of sales Unit: CNY
Production volume and inventory 1. Production volume, sales volume and inventory of main products
2. Inventory at the end of the reporting period Unit: Ton
3. Capacity Unit: Ton
2. Analysis of core competitiveness A. Geographical advantage Luzhou City, where the Company is located, sits in the transitional area between the southern rim of the Sichuan Basin and the Yunnan-Guizhou Plateau, featuring a warmer and more humid sub-tropical climate compared to other areas at the same latitude, with a temperature above 0℃ throughout the year. The unique climate and soil are agreeable to grow grains for baijiu brewing. The glutinous red sorghum and soft wheat grown in this area are the primary raw materials for the baijiu of the Company. The cellars in which the Company brews its baijiu are made of the local loessal clay characterized by strong viscosity, rich minerals and excellent moisture retention. In addition, the abundant and quality water in the region creates a unique geographical advantage for the production of the Company’s baijiu. B. Advantage of cellars and brewing technique Aged cellars are the most essential condition for a strong aromatic baijiu maker to produce good quality baijiu. The Cellars of National Treasure 1573, founded in 1573, was granted by the State Council as the first Cultural Relic of National Importance in the industry under the Protection of the State in December with its 16 ancient brewing workshops and three natural cellar holes, were all selected as the fourth batch of Cultural Relics of National Importance under the Protection of the State in 2013. They are unique resources that cannot be replicated. In both 2006 and 2012, Luzhou Laojiao Daqu Cellars were twice selected into the preliminary list of China for World Heritage. In November 2018, Luzhou Laojiao Cellars and Brewing Workshops were selected into China’s Industrial Heritage List. The time-honored Traditional Brewing Technique of Luzhou Laojiao is a 24-generation inheritance and a classic brewing technique for strong aromatic baijiu. This technique was selected as the first batch of National Intangible Cultural Heritage in May 2006. The Cellars of National Treasure 1573 and the Traditional Brewing Technique of Luzhou Laojiao together provide the most essential basis and assurance for the quality of the product series of National Cellar 1573 and Luzhou Laojiao. Additionally, Huangyi Brewery Eco-Park has moved into full production in late 2020. Upholding the cultural connotations of “inheritance of ancient ways, pure-grain brewing, traditional techniques, and intelligent technologies”, the Company carried out brewing technical renovation featuring automatic, intelligent and information technology-based transformation. As such, it has established a baijiu brewery eco-park comprising brewing workshops, leaven making workshops, and base baijiu storage cellars, along with energy and sewage treatment facilities. This brewery eco-park brings with it new production capacities of 100,000 tons of quality pure-grain solid baijiu and 100,000 tons of leaven in addition to a new storage capacity of 380,000 tons of baijiu per year, marking a substantial increase in the Company’s production capacity. C. Brand advantage Brand is a key business resource for baijiu producers. The Company’s reputation is greatly built on its superiority in brand. National Cellar 1573, which is of a connoisseurship level, is a world-famous high- end brand. Luzhou Laojiao Tequ, a classic brand for strong aromatic baijiu, was selected in 1952 by the first national tasting competition judges as one of the four most famous baijiu brands in China. It is the only strong aromatic baijiu brand that won the title of “National Famous Liquor” for five consecutive times, as well as the pioneer with regard to the “Tequ” variety of baijiu. In recent years, the Company has successfully put in place a brand system of “dual brands, three product series, and major single products” with great clarity and focus. The programs carried out to promote the brand of National Cellar 1573 and revive the brand of Luzhou Laojiao have produced remarkable results, with significant improvement in brand influence. The Company’s baijiu is increasingly known by consumers as a national brand of strong aromatic baijiu and of authentic flavor. D. Quality and R&D advantage The Company is committed to producing high-quality baijiu, advocating a healthy lifestyle and “making the quality visible”. The first “Organic Sorghum Planting Base” was established and the six-factor management system (including organic, quality, safety, environment, measurement and energy) was built and improved. The research platforms are established, including National Engineering Research Center of Solid-State Brewing, National Liquor Test Center, National Postdoctoral Workstation, etc, which all support the innovation and upgrading of products with their strong technical force. In recent years, the Company has put in a lot of efforts in researching Tequ production, brewing informatization & automation. Relying on the technological innovation platforms such as the National Industrial Design Center, and continuously deepening the cooperation with universities and scientific research institutes including the Chinese Academy of Sciences and the Jiangnan University, the Company has undertaken dozens of national- or provincial-level projects and has been granted hundreds of invention or utility model patents. And remarkable results have been achieved with respect to improvement of the quality of base Baijiu, as well as production efficiency improvement. E. Talent advantage The Company has 1 inheritor of national intangible cultural heritage, 5 masters of Chinese brewing, 3 masters of Chinese baijiu, 1 master of Chinese baijiu technique, 2 Chinese liquor connoisseurs, 8 senior professor engineers, 7 experts who receive special allowances from the State Council, 4 national technicians, 3 academic and technologic leaders of Sichuan province, 2 craftsmen of Sichuan province, 1 technological elite of Sichuan province, as well as hundreds of highly skilled personnel including national baijiu judges, senior brewing technicians and brewing technicians. The comprehensive and professional personnel system assures the sound development of the Company. 3. Analysis of main business Overview See contents under the heading “1. Business scope in the reporting period” above. Year-on-year changes in key financial data Unit：CNY
Significant changes to the profit structure or sources of the Company in the reporting period No such changes in the Reporting Period. Breakdown of operating revenues Unit：CNY
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