[中报]张 裕Ｂ(200869):2023年半年度报告（英文版）
原标题:张 裕Ｂ:2023年半年度报告（英文版） TableofContents I、ImportantNotice,TableofContentsandDefinition.................................................................3 II、BriefIntroductionfortheCompanyandMainFinancialIndicators ..................................6III、DiscussionandAnalysisofManagementTeam ....................................................................9 IV、CorporateGovernance ..........................................................................................................25 V、EnvironmentalandSocialResponsibility .............................................................................27 VI、Majorissues ...........................................................................................................................30 VII、ChangesinSharesandtheShareholders’Situation .........................................................39 VIII、RelatedSituationofPreferredShares................................................................................46 IX、RelatedSituationofBonds.....................................................................................................46 X、FinancialReport ......................................................................................................................47 Lastpage Reportdate ...............................................................................................................155 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)Theoriginalof2023Semi-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.Pleasereferto2022AnnualReportfordetailedinformation. 2)Informationdisclosureandfilinglocation Whetherthereisanychangeininformationdisclosureandfilinglocationduringthereportperiod ?Available ?Notavailable Thereisnochangeinthenameofthenewspaperforinformationdisclosure,theaddressofthewebsitedesignatedbytheChinaSecuritiesRegulatoryCommissionforpublishingthesemi-annualreport,andthefilinglocationoftheCompany’ssemi-annualreportselectedbytheCompanyduringthereportperiod.Pleasereferto2022AnnualReportfordetailed3)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 None Explanationforregardingthenon-recurringprofitandlossspecifiedintheExplanatoryAnnouncementonPublicCompany’sInformationDisclosureNo.1-Non-recurringProfitandLossasrecurrentprofitandloss □Available ?Notavailable Thereisnosituationregardingthenon-recurringprofitandlossspecifiedintheExplanatoryAnnouncementonPublicCompany’sInformationDisclosureNo.1-Non-recurringProfitandLossasrecurrentprofitandloss III.DiscussionandAnalysisofManagementTeam 1.Mainbusinessesduringthereportperiod Duringthereportperiod,theCompany’smainbusinesswasproductionandoperationofwineandbrandy. The Company need to comply with the disclosure requirements of “Food and LiquorManufacturing Related Businesses” in Shenzhen Stock Exchange Industry InformationDisclosureGuidelineNo.3-IndustryInformationDisclosure. 1)SituationoftheindustryinwhichtheCompanyoperates Duringthereportperiod,theCompany’smainbusinesswasproductionandoperationofwineandbrandy,thusprovidingdomesticandforeignconsumerswithhealthyandfashionablealcoholicdrinks.Comparedwithearlierstage,therewerenosignificantchangeshappenedtotheCompany’smainbusiness.ThewineindustrythattheCompanyinvolvedinwasstillingrowthstage.Beingaffectedbymanyfactorsincludingslowingdomesticeconomicgrowthandstrongpressurefromalternativesinrecentyears,thecompetitioninthemarketwasfierce,the wine consumption continuously declined, and a large number of wine productionenterpriseswereonthebrinkofloss,evensomewineenterpriseswereeliminatedfromthemarket.However,seenfromthelongterm,theexistingconsumptionconceptmightchangewiththeincreaseofpeople’sincomelevelandtheirpursuitofarelaxed,romanticandhealthylifestyle.Moredomesticwinewouldbedrunkbypeople,andwinewouldentermoreandmorehouseholdconsumption.Thesituationofcurrentlowaverageconsumptionofdomesticwine would gradually improve. The Company was at the forefront in the domesticwinemarketandwassignificantlyaheadofmajordomesticcompetitors.2)Licenseobtained
Duringthereportperiod,theredidnotexistthetrademarkownershipdispute,foodqualityissueorfoodsafetyincidentetc.thathadasignificantimpactontheCompany.Brandoperation TheCompany’sproductsweredividedintotwoseries:wineandbrandy.Forwine,mainbrandsincludedLongyu,AFIP,GoldenIceValley,NobleDragon,Changyu,Zenithwirl,Vermouth,Rena,BaronBalboa,J.LORMIN,Atrio,KilikanoonandIWCCandsoon.ForBrandy,mainbrandsincludedKoya,Liquan,Mminni,Pagese,RoulletFransacandsoon.Majorsalesmode TheCompany’smainsalesmodewasthedistributionmode,andmainsaleschannelwasofflinesales,thatis,theCompany’sproductsweredistributedtosalesterminalsthroughapproximately4000distributorsathomeandabroadandultimatelyprovidedtoconsumers.Distributionmode ?Available ?Notavailable ①Situationofchangeinthenumberofdistributorsisshownasfollows.
?Available ?Notavailable Salesofonlinedirectsales ?Available ?Notavailable
Procurementmodeandprocurementcontent Unit:CNY’0000
?Available ?Notavailable Theyear-on-yearchangeinthepriceofmajoroutsourcedrawmaterialsexceeds30%?Available ?Notavailable Majorproductionmode TheproductionmodeoftheCompanyisself-produce. Commissionedprocessingandproduction ?Available ?Notavailable Majorcomponentsofoperatingcosts ①Classificationofsector Unit:CNY
Unit:CNY
ComparedwiththeparticipantsinthearenaoftheChinesewinecompetitionsector,theCompanyownsfollowingadvantages: Firstly,theCompanyhasalargebrandinfluence.Mainbrandsusedhavealonghistory.“Changyu”,“NobleDragon”and“AFIP”areall“Chinafamousbrands”thathavestronginfluenceandgoodreputation. Secondly,theCompanyhassetupanationwidemarketingnetwork.TheCompanyhasformed a “three-level” marketing network system mainly composed of the Company’ssalesmenanddistributorsandtheonlinesalesplatformhashadacertainscaleandstronginfluence,owingstrongmarketingabilityandmarketexploitationability.Thirdly,theCompanyhasstrongscientificprowessandaproductR&Dsystem.Relyingonthecountry’s“State-levelWineR&DCenter”,theCompanyhasownedpowerfulwinemakerteam,masteredadvancedwinemakingtechnologyandproductionprocessesandhadstrongproductinnovationcapacityandperfectqualitycontrolsystem. Fourthly,theCompanyisinpossessionofalotofgrape-growingbasesthatarecompatiblewithitsdevelopmentrequirements.TheCompanyhasdevelopedagreatdealofvineyardsinthemostsuitableareasforwinegrapegrowingsuchasShandong,Ningxia,XinjiangandLiaoning,anditssubsidiaryoverseasenterprisesalsoownmatchinggrapebasesinlocalarea,making the overall scale and structure generally meet the Company’s needs for futuredevelopment. Fifthly,productsinhigh,mediumandlow-gradeaswellasvarietiesandcategoriesareallcomplete.Over100varietiesofseriesproductssuchaswine,brandyandsparklingwinecoversvariousgrades,includinghigh,mediumandlow-grade,whichcanmeetdifferentconsumergroups’demands.TheCompanyhastakenthedominantstatusinthedomesticwineindustryaftermanyyears’developmentandhascomparativeadvantagesinthefuturecompetition. Sixthly, the Company has a relatively perfect motivation system. Most of Company’semployeesindirectlyholdtheCompany’sequitythroughcontrollingshareholders,andmostoftheCompany’smiddle-and-above-levelbackbonepersonnelparticipatedintherestrictedshareincentiveplanimplementedin2023,resultinginhighconsistencybetweenemployeebenefitsandshareholdersbenefitswhichwasinfavorofmotivatingemployeestocreatevalueforshareholders. 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 Duringthereportperiod,owingthattheadversefactorsbeingfacedwithChina’seconomicdevelopment,includingthecontractionofdemand,supplyimpactandweakexpectation,werenotfundamentallyeliminated,theoverallprofitabilityofdomesticwineenterpriseswasnotgood, and themarket investmentand innovationability wereseriouslyinsufficient,coupled with the extrusion from other strongly competitive alcoholic products, thedevelopmenttrendoftheindustrywasstillnotoptimistic.Inthefirstquarterof2023,affected by the overall environment, the Company, distributors, suppliers and logisticsenterprisescouldnotworknormallyduetothefactthatalargenumberofemployeesfellill,resulting inayear-on-year decline insales volume, which seriously dragged down thehalf-yearperformance. Inthefaceofadversesituation,theCompanyinsistedintakingthemarketasthecenter,insistedthedevelopmentstrategyof“Focusonhighquality,Focusonmiddle-and-highlevel,Focusonbigproduct”andthemarketingconceptof“Increasingsalesfromtheterminalandcontinuously-cultivatedconsumers”withoutwavering,steadilyimprovedproductquality,continuously carried out marketing innovation and consumer cultivation activities, andconstantlyimprovedtheincentivemechanism,achievingfavorableresults.Inthefirsthalfyear,theCompanyrealizedthebusinessincomeofCNY1,966.74millionwithayear-on-yearincreaseof0.70%andthenetprofitattributabletoshareholdersoftheparentcompanyofCNY363.57millionwithayear-on-yearincreaseof1.43%.Duringthereportperiod,theCompanymainlyconductedfollowingwork: Firstly,theCompanyimplementedthefocusstrategy,andpromotedtheproductstructuretofurtherfocusonthemiddle-and-high-end,especiallythehigh-end,andfocusonthecoreproductsthatcouldbringgreatersalesvolumeandprofitcontributions.Besidesthis,theCompanyfocusedonkeycitiesandcoreconsumergroupsto“fightthewarofannihilation”,takingadvantageoftheleadingroleoftypicalcases,strengthenedclassifiedmarketing,andcontinuedtocarryoutbanquetpromotionandcirclemarketingactivities.Secondly,theCompanyfurtherrefinedandclarifiedtherightsandresponsibilitiesoftheLongyu Business Division, Chateau Wine Business Division, Noble Dragon BusinessDivision,BrandyBusinessDivision,ImportedWineBusinessDivision,OnlineBusinessDivisionandTourismBusinessDivision,gavefullplaytotheorganizationaldividendsofthebusinessdivisionstructureandpromotedthehealthydevelopmentofeachbusinesssegment.Thirdly, the Company further improved product quality and constantly improved theproduction compliance rate, better adapting to market changes and meeting consumerdemand. Fourthly, the Company consolidated the achievements of the institutional reform inproductionunits,promotedtheintegrationofproductionbusiness,improvedthebusinessmodel of order driving, and continuously compressed the inventory of finished goods,reducingproductioncostsandimprovingproductionefficiency. Fifthly,theCompanypromotedthespiritsof“Originality”,“Justice”and“SincereService”,striving to improve its product quality, management ability, service level and serviceawareness. Sixthly,theCompanyformulatedandimplementedtherestrictedshareincentiveplan,furtherimproving the enthusiasm and initiative of the backbone personnel and promoting thedevelopmentoftheenterprise. By taking above measures, in the second quarter the Company reversed the negativemomentumresultingfromthecontinuousdeclineinthefirstquarter,andbothoperatingincomeandnetprofitachievedthegrowth.Nevertheless,itisstilldifficultfortheCompanytorealizethe2023annualfinancialbudgettargetsandthetargetsstipulatedintherestrictedshareincentiveplan.Forthesakeofachievingthebusinessobjectives,theCompanywillpayspecialattentiontothefollowingtasksinthesecondhalfof2023: Firstly,theCompanywillstrengthentheprofitassessmentincombinationwiththe2023restrictedstockincentiveplan.TheCompanywilldecomposetheassessedprofittargetstoeachmiddle-levelbackboneineachbusinesssegmentsuchassales,production,plantingandmanagement, to improve theirinitiativein increasing product sales, optimizing productstructure,reducingcontrollablecosts,reducingexpensespertonandotheraspects,andtoimproveprofitability. Secondly,theCompanywillpromotetheconstructionofculturalexperiencecentersandvigorouslyimplementcirclemarketingtoincreasehigh-endproductsales.TheCompanywillgivefullplaytoitscorecompetitiveadvantages,selectsomekeymarketstopromotetheconstructionofculturalexperiencecenters,andeffectivelyempowerindicatorgrowthandbrandpromotion.TheCompanywillchoosethecirclesthataremoresuitableforitsbrandcharacteristics,theeasiesttoreach,andownthemostobviousinput-outputeffect,clarifyspecificworkplansincludingdevelopmentpath,targetassessment,trackingandscheduling,andsummaryandimprovement,soastoachievecity-level breakthroughsand promotehigh-endproductsales. Thirdly,theCompanywillcontinuetocarryoutbanquetpromotionactivitiestofurtherconsolidateandenhancethemarketpositionofmid-endproducts.ForNobleDragonandbelow-levelwineproducts,aswellasmid-levelbrandyproducts,theCompanywillpayspecial attention to the banquet scene, put forward different banquet requirements andassessment requirements for the markets at different development stages, continuouslyconductthebanquetpromotion,andstrivetoachievesalesbreakthroughinthecitiesthroughthebreakthroughofthebanquetscene. Fourthly, the Company will accelerate the research in production technology and newproducts,developproductswithChinesecharacteristics,moresuitableforChinesetastesandeatinghabits,moreinlinewithyoungpeople’spreferences,andincreasethereserveofnewproducts,soastomeettheneedsofconsumersatalllevels. Fifthly,theCompanywillcontinuetopromotedigitaltransformation,makefulluseofconsumerdata, deeply study theconsumer behaviorpreferences to betterguide marketsegmentation,productdevelopment,mediainput,channelpromotion,brandmarketingandotheractivities.In addition,itwilltakeadvantageofenterprisewechattoimprovethecommunicationefficiencyofallstaffandrelatedpartiesandactivateterminalstoresthroughthe“iChangyu”applet. Sixthly,theCompanywilldoagoodjobinfieldmanagementbeforegrapeharvestingtostrivetoimprovegrapequality.Itwillalsoscientificallyorganizetheharvestingofgraperawmaterialandcompletetheharvestingtaskwithqualityandquantity,providingreliablerawmaterialguaranteeforthefuturedevelopmentoftheCompany. Year-on-yearchangeinkeyfinancialdata Unit:CNY
?Available ?Notavailable ThereisnosignificantchangeintheprofitformandprofitsourceoftheCompanyduringthereportperiod. Compositionofoperatingrevenue Unit:CNY
?Available ?Notavailable Unit:CNY |
