[年报]贵州茅台(600519):贵州茅台2022年年度报告（英文版）
原标题:贵州茅台:贵州茅台2022年年度报告（英文版） KWEICHOW MOUTAI CO., LTD. ANNUAL REPORT 2022 Important Statements I. 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. II. All directors of the Company attend the meeting of the board of directors. III. Baker Tilly China CPAs has issued a standard unqualified audit report for the Company. IV. 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. V. 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 2022, all shareholders will be distributed a cash dividend of CNY 259.11 (before tax) for every 10 shares, with a total profit distribution of CNY 32,549,341,195.80. If there is any change in the total share capital of the company before the equity registration date for the implementation of equity distribution, the total dividend amount will be maintained unchanged, and the dividend ratio per share will be adjusted accordingly. The above profit distribution proposal shall be submitted to the general assembly of shareholders of the Company for deliberation and approval before implementation. VI. 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. VII. Existence of non-operational embezzlement of funds by controlling shareholders or their associated parties No VIII. Existence of Financial Guarantees to External Parties in Violation of the Regulated Decision Procedures No IX. Over half of the directors’ failure to guarantee the truthfulness, accuracy and completeness of the Company’s disclosed annual report. No X. 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. XI. Information Statement All information and data cited in this Report are objective and authentic. Financial figures herein are rec orded 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 Corporate Governance .................................................................................... 26 Section V Environment and Social Responsibility........................................................... 46 Section VI Significant Events ........................................................................................ 50 Section VII Changes in Shares and Information about Shareholders .......................... 66 Section VIII Preferred Shares ........................................................................................... 71 Section IX Information about Bond .................................................................................. 71 Section X Financial Report ............................................................................................ 71
Section I Definitions 1. Definitions Unless it is otherwise referred in the context, the terms in this report have the following meanings:
Section II Company Profile and Key Financial Results 1. Corporate Information
2. Contact Information
3. Company profile
4. Information disclosure and the place where the report is available
5. Stock information
6. Other information
7. Key Accounting Data and Financial Indicators in the past three years 7.1 Key accounting data Unit: CNY
transferred the equity of Guizhou Xijiu Co., Ltd., which is no longer a member of the company’s holding subsidiary Kweichow Moutai Group Finance Co., Ltd, resulting the customer deposits to reduce ; Second, the company's holding subsidiary, Kweichow Moutai Group Finance Co., Ltd., had a net increase in Deposits with other banks that cannot be withdrawn at any time in the current period. 7.2 Key financial indicators
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 company 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 financial 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 2022 Unit: CNY
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
Section III Management’s Discussion and Analysis 1. Discussion and analysis of business situation In 2022, the Company insisted on the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly studied and implement the spirit of the 20th National Congress of the Communist Party of China and the important speech addressed by the General Secretary Xi Jinping during the inspection in Guizhou, fully implemented the spirit of the 13th Congress of Party Representatives of Guizhou Province and the decision-making arrangements of the provincial party committee and government, and focused on the strategic goal of "double doubling, double consolidation and double building" of the group company as well as the high-quality development path of “five-line” of Moutai. It was not afraid of difficulties and dangers, production and operation, and reform and development. It delivered a strong performance by successfully completing all the objectives and tasks of the year and written a magnificent chapter of forging ahead with perseverance and common dreams and wishes. 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 main business of the Company is the production and sales of Moutai liquor and a series of liquors. The leading product “Kweichow Moutai” is the originator and typical representative of Daqu sauce-flavored liquor in China. It is a brand that embodies national geographical indication products, organic foods and national intangible cultural heritages. The marketing network of the Company covers the domestic market and 64 countries and regions on five continents. Over the years, the Company insisted on the pursuit of product quality. With careful care for brewing ecology, the inheritance and innovation of traditional process, and the continuous development of corporate culture, the Company continuously empowered the enterprise and promoted high-quality development and modernization construction of the enterprise. 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 and the "i Moutai" digital marketing platform channel, while distributor channels refer to social distributors, supermarkets, e- commerce and other channels. 4. Analysis of core competitiveness √Applicable □N/A The Company has five core competitiveness of "ecology, technic, quality, brand and culture". The company also has four core potentials, which are "unique geographical protection of origin, irreproducible microbial colony, unique brewing technology inherited for thousands of years, and high-quality base liquor resources stored for a long time" There was no significant change in the Company's core competitiveness during the reporting period. 5. Business operation briefing for the reporting period First, the Company went against the trend and achieved "excellent" performance. In the overall economic downturn, the Company realized growth against the trend, achieving a total of operating revenue of CNY 127.554 billion, representing a year-on-year increase of 16.53%; It is estimated that the net profit attributable to shareholders of listed companies will reach CNY 62.716 billion, representing a year-on- year increase of 19.55%; the main indicators display steady progress and will hit a record high. In 2022, for Kantar BrandZ's list of the most valuable brands in China, Moutai ranked third with a brand value of USD 108.49 billion, and ranked first among liquor brands; the market value of Kweichow Moutai remained above CNY 2 trillion, ranking first in A shares. Second, the Company has embarked on the journey of "beauty" with dreams. We used the "five-in-one marketing method" to usher in the era of marketing beauty; adhered to the principle of taking "business" as the foundation, "chain" as the reinforcement way, and "circle" as the tool for beauty creation, and built a modern industrial chain ecosystem; insisted on the beauty of scientific and technological inheritance and innovation, implemented the "four projects" and "four plans" for talent training, and built a highland for scientific and technological innovation talents. The Company took "beauty" as the core and strove forward. Third, the Company took the initiative to change and opened up a "new" track. We successfully launched the i Moutai digital marketing platform with the registered users of 30 million. The platform became a phenomenal APP, achieving sales revenue of CNY 11.883 billion. With the launch of Moutai ice cream, "Ice cross the Country" started a journey of alcohol and love among young people. With culture export, the Company appeared at the APEC summit in Thailand and actively spread Moutai culture. The Company took the initiative to integrate with the international market and focused on coordinating the construction of domestic and international markets. Fourth, the Company has accumulated "strong" kinetic energy through reform. The Company completed the separation of institutions and the diversion of personnel, and comprehensively finished the tasks of the three-year action of state-owned enterprise reform, and the efficiency of corporate governance has been significantly improved. The Company started the capacity expansion of Moutai and dealt with a number of long-delayed legacy projects. It started more than 100 scientific and technological projects. Fifth, a hymn of “courage” was composed with the fact that the Company overcame difficulties and forged ahead. The Company united to overcame the difficulties together, insisted on the principle of not leaving the front line on account of minor wounds, and made every effort to ensure the normal operation of production. All posts and lines wrote a touching and unforgettable chapter of struggle. 5.1 Main business analysis A. Analysis of accounting item changes related to the income statement and the cash flow statement Unit: CNY
product structure in the reporting period. Causes for the operating expense change: majorly due to the sales increase, the production costs 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 for the Moutai-flavor series liquor in the reporting period. Causes for the general and administrative expense change: mainly due to the increase in trademark license fees and depreciation of fixed assets in 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: first, the group company transferred the equity of Guizhou Xijiu Co., Ltd., which is no longer a member of the company’s holding subsidiary Kweichow Moutai Group Finance Co., Ltd, resulting the customer deposits to reduce ; Second, the company's holding subsidiary, Kweichow Moutai Group Finance Co., Ltd., had a net increase in Deposits with other banks that cannot be withdrawn at any time in the current period. Causes for the Net cash flow change from investment activities: mainly due to the increase in the cash period and the certificate of deposit with large amount purchased in the previous period. Causes for Net cash flow change from financing activities: Firstly, in December 2022, the company implemented a special dividend plan to repay shareholders. 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 region and by sales model. Unit: CNY
b. Analysis of production volume, sales volume and inventory √Applicable □N/A
c. Execution situation of major acquisition contracts and major sales contracts □Applicable √N/A d. Cost Analysis Table Unit: CNY
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 revenue of CNY 14,158.13 million, accounting for 11.44% of annual total revenue, among which the revenue by the affiliated parties totaled CNY 5,276.56 million, accounting for 4.26% of the total annual revenue. (2) Major suppliers The total acquisition cost paid to the five suppliers is CNY 2,238.48 million, accounting for 35.33% of annual total acquisition cost, among which the total to the affiliated parties is CNY 832.71 million, accounting for 13.14% of annual total acquisition cost. C. Expenses √Applicable □N/A Financial expenses in the reporting period was CNY -1,391.81 million, comparing with that in the last period of CNY -934.52 million, the cost reduction was mainly due to the increase of interest income from commercial bank deposits. D. R&D expenses a. Statement of R&D expenses √Applicable □N/A Unit: CNY
compensation of scientific researchers. b. Statement of R&D employee √Applicable □N/A
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
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