[中报]古井贡Ｂ(200596):2023年半年度报告（英文版）
原标题:古井贡Ｂ:2023年半年度报告（英文版） August 2023 Part I Important Notes, Table of Contents and Definitions The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors and senior management of Anhui Gujing Distillery Company Limited (hereinafter referred to as the “Company”) hereby guarantee the factuality, accuracy and completeness of the contents of this Report and its summary, and shall be jointly and severally liable for any misrepresentations, misleading statements or material omissions therein. Liang Jinhui, the legal representative, and Zhu Jiafeng, the Deputy Chief Accountant and Board Secretary, hereby guarantee that the financial statements carried in this Report are factual, accurate and complete. All the Company’s directors have attended the Board meeting for the review of this Report and its summary. Any plans for the future and other forward-looking statements mentioned in this Report shall NOT be considered as absolute promises of the Company to investors. Investors, among others, shall be sufficiently aware of the risk and shall differentiate between plans/forecasts and promises. Again, investors are kindly reminded to pay attention to possible investment risks. Investors’ attention is kindly directed to the risk factors that might have an adverse impact on the fulfillment of the Company’s development strategies and business objectives for the future, as well as to the countermeasures intended to be taken, which have been detailed in “X Risks Facing the Company and Countermeasures” in “Part III Management Discussion and Analysis” of this Report. The Company has no interim dividend plan, either in the form of cash or stock. This Report and its summary have been prepared in both Chinese and English. Should there Documents Available for Reference (I) Financial statements signed and sealed by the Company’s legal representative, as well as Deputy Chief Accountant and Board Secretary; (II) 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 (III) The interim report disclosed in other securities markets.
Part II Corporate Information and Key Financial Information I Corporate Information
1. Contact Information of the Company Indicate by tick mark 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 ? Not applicable No change occurred to the said information in the Reporting Period, which can be found in the 2022 Annual Report. 2. Media for Information Disclosure and Place where this Report is Kept Indicate by tick mark whether any change occurred to the information disclosure media and the place for keeping the Company’s periodic reports in the Reporting Period. □ Applicable ? Not applicable The newspapers designated by the Company for information disclosure, the website designated by the CSRC for disclosing the Company’s periodic reports and the place for keeping such reports did not change in the Reporting Period. The said information can be found in the 2022 Annual Report. 3. Other Information Indicate by tick mark whether any change occurred to other information during the Reporting Period. □ Applicable ? Not applicable IV Key Financial Information Indicate by tick mark whether there is any retrospectively restated datum in the table below. □ Applicable ? Not applicable
□ Applicable ? Not applicable No such differences for the Reporting Period. 2. Net Profit and Equity Differences under CAS and Foreign Accounting Standards □ Applicable ? Not applicable No such differences for the Reporting Period. XI 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 Principal Activity of the Company in the Reporting Period (I) Principal Activity of the Company The Company primarily produces and markets baijiu. According to the Industry Categorization Guide for Listed Companies (Revised in 2012) issued by the CSRC, baijiu 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 Baijiu Industry Since the beginning of the 21st century, China's baijiu 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 baijiu continued to increase, while production and sales of baijiu continuously expanded at a fast pace. As a result, the baijiu industry witnessed booming supply and demand. During that period, national baijiu brands and local regional renowned baijiu enterprises achieved rapid development. In the context of the rise in both the demand and price of baijiu, the sales income and total profits of baijiu 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, baijiu prices were under huge pressure. China's baijiu industry entered a period of profound adjustment. After 2012, both the output growth and income growth of China's baijiu industry slowed down. The baijiu 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 baijiu have increased, and the recovery of mid- and high-end baijiu has picked up. In the future, benefiting from the consumption upgrade and the change of consumption concept, the growth of sub-high-end baijiu will be the key driver for the development of the baijiu industry. The consumption upgrade is the major driving force for the development of the baijiu industry. Baijiu 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. 2. Position of the Company in the Industry China has a long history of baijiu. There are a large number of baijiu production enterprises in the country, but the regional distribution of baijiu consumers is particularly evident. The baijiu 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 market, the competitive edges of the enterprises come from their brand influence, product style and marketing & operation models. In 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 baijiu 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 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 baijiu 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 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 baijiu 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 AAAA 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 Gu Jing. Gu Jing has become a renowned liquor producer in China with three brands, four major flavors and three producing areas. The Company is subject to the disclosure requirements for the “food and liquor & wine production industry” in the Guideline No. 3 of the Shenzhen Stock Exchange for Self-regulation of Listed Companies—Industry-specific Information Disclosure. Brand operation Focusing on "brand, quality and morality", the Company vigorously promotes product development and quality upgrade and gives full play to the leading role of the brand “Gujinggong Liquor”. It proactively participates in the project of China Central Television ("CCTV") titled Promote Chinese Brands to Strengthen China and takes advantage of platforms provided by CCTV, provincial-level satellite TV channels, the Internet and new media to constantly tell the stories of the brand “Gujinggong Liquor”. Additionally, by holding the Gujing Group Enterprise Day of China Pavilion at Expo 2020 Dubai, the Company uses "liquor as the medium" to display the beauty of Chinese culture and convey the values of "Be Honest, Offer Quality Liquor, Be Stronger and Be Helpful to the Society" to the world. The Company has been strengthening the building of access to the end market and creating new marketing forms. It has ceaselessly consolidated and deepened the "Gu 20 Toasts the Success" themed event, focused on the core market exploration and comprehensively launched a range of consumer fostering activities. Through the brand communication mode that combines online publicity and offline experience, the Company has offered core consumers an opportunity to watch and experience its liquor-making process and quality. It has organized a series of brand promotion activities, as a result of which the visibility of the brand “Gujinggong Liquor” has continuously increased. 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
authorised distribution. 4. Top five distributors
Proportion of store sales terminal exceeds 10% □ Applicable ? Not applicable Online direct sales ? Applicable □ Not applicable The major product varieties sold online are Original Vintage 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. Purchase contents
The proportion of raw materials purchased from cooperations or farmers to total purchase amount exceeds 30% □ 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
(1) The inventory of the Original Vintage Series increased 53.51% year on year, primarily because revenue went up and product stocks increased. (2) The output of the Gujinggong Liquor Series decreased48.98%year on year, primarily because previous stocks were sold and the output decreased in the current period. (3) The inventory of the Gujinggong Liquor Series decreased 66.04% year on year, primarily because previous stocks were sold and the output decreased in the current period. (4) The output of the Yellow Crane Tower and Others Liquor Series decreased 45.78% year on year, primarily because previous stocks were sold and the output decreased in the current period. 2. Ending inventory of finished liquor and semi-product
Unit: ton
No significant changes occurred to the Company’s core competitiveness in the Reporting Period. III Analysis of Core Businesses Overview Indicate whether it is the same with the contents disclosed under the heading “Principal Activity of the Company in the Reporting Period” above. ? Yes □ No See contents under the heading “I Principal Activity of the Company in the Reporting Period”. Year-on-year changes in key financial data: Unit: RMB
No such changes in the Reporting Period. Breakdown of operating revenue: Unit: RMB
? Applicable □ Not applicable Unit: RMB
□ Applicable ? Not applicable Any over 30% YoY movements in the data above and why: ? Applicable □ Not applicable Revenue from hotel services increased 74.62% year on year, primarily driven by the increased room revenue. The Company is subject to the disclosure requirements for the “food and liquor & wine production industry” in the Guideline No. 3 of the Shenzhen Stock Exchange for Self-regulation of Listed Companies—Industry-specific Information Disclosure. Breakdown of selling expense: Unit: RMB
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□ Applicable ? Not applicable V Analysis of Assets and Liabilities 1. Significant Changes in Asset Composition Unit: RMB
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