[中报]泸州老窖(000568):2023年半年度报告（英文版）
原标题:泸州老窖:2023年半年度报告（英文版） August 2023 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. Other directors attended the board meeting to deliberate this report by themselves except the following directors.
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 ................................................ 32 Section VI Significant Events ................................................................................... 40 Section VII Changes in Shares and Information about Shareholders....................... 47 Section VIII Preferred Shares ................................................................................... 54 Section IX Information about Bond .......................................................................... 55 Section X Financial Report ....................................................................................... 58 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); and 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, email address and other contact information 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 2022 Annual Report. 3.2. Information disclosure and place where the interim report is kept ? Applicable ? N/A? No change occurred to the website of the stock exchange, media and other websites designated by the Company for information disclosure, as well as to the place where the disclosed documents are kept in the reporting period. The said information can be found in the 2022 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. Affected by the population size, demographic structure as well as changes in supply and demand, the baijiu industry has entered into an era of competition for existing customers, facing multiple pressures such as consumption downturn and intensified competition. Since the beginning of the year, the domestic consumer market has been recovering. With favorable national policies for expanding domestic demand and boosting consumption, the demand side may continue to improve and bring new development opportunities for the industry. 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". During the Reporting Period, with a focus on the development theme of "promoting reform, enhancing collaboration, focusing on main areas and achieving leapfrog development", the Company seized the opportunities and went all out with a pragmatic and progressive attitude to promote the development of the Company to a new level. For H1 2023, operating revenue amounted to CNY 14.593 billion, up 25.11% year on year; and the net profit attributable to the shareholders of the listed company reached CNY 7.09 billion, up 28.17% year on year, maintaining good and rapid growth. A. Main operations and results in the Reporting Period a. Actively innovating marketing strategy and steadily enhancing market share and market competitiveness The Company continuously focused on consumer cultivation, strategic market building and key project support. The offline consumer operation system was continuously improved, the construction of the online sales shop matrix was completed, the "Hundred Cities Program" was steadily promoted, and the Chunlei Action was effective. The Company's ability to enhance market share and market competitiveness has improved dramatically. b. Continuously enhancing the brand connotation and achieving effective brand development Relying on mainstream media, the Company further enhanced the brand's influence through public relations communication on the themes of "Living Dual National Treasures" and technological innovation. The brand's reputation was further improved by constructing emotional resonance with consumers through the Fengcang Dadian, the poetic drama tour of "Yellow River" and other activities. The brand image of Luzhou Laojiao was comprehensively established by integrating Luzhou Laojiao's branding activities and integrating online and offline information dissemination. c. Continuously strengthening the reform of scientific research and making fruitful innovations and breakthroughs The Company launched the construction of a scientific research center platform to promote the win-win development of the university and enterprises, conducted analysis and inventory of the effectiveness of scientific and technological projects to enhance result orientation, and boosted technological publicity and promotion to achieve technology-empowered brand marketing. In the first half of 2023, the Company declared nine vertical scientific research projects at all levels, and won seven honors of scientific and technological awards from associations including China National Light Industry Council and China Alcoholic Drinks Association. It participated in the formulation and revision of two national standards and five group standards, and was granted 42 patents. In addition, 17 scientific research papers of the Company were published. d. Making every effort to promote the development of major projects to a new level The Company accelerated the construction of the Technical Upgrade Project of Intelligent Brewing, completed the overall project plan design, preliminary design of the first phase of the project, bidding for participating units and project investigation. Major projects such as the display platform of the production scheduling command center and the Qu-preparation MES system of the Huangyi Brewery Eco-Park were advanced. The Company's intelligent brewing and supply chain system security achieved a higher level. e. Firmly fulfilling social responsibilities and achieving preliminary results in party building empowerment The Company continuously practiced the corporate philosophy of "Baijiu for the World, a Shared Future", and deeply implemented rural revitalization arrangements. The Company's village members stationed in Guntang Village, Maiwa Township, Hongyuan County, were awarded the "Excellent Village Members in Aba Prefecture", and Guntang Village under the paired assistance of the Company was awarded the "Excellent Key Village of Rural Revitalization in Aba Prefecture". The Company continuously played the integration role of party building position, and achieved preliminary results in "1 + N" party building clustering. The party group service center was upgraded, and a unique brand culture of party building was gradually formed. B. Priorities in the second half of the year a. Strengthening marketing and accelerating the layout of intelligent empowerment By continuously following the marketing theme of "strategic concentration, accelerated breakthrough, operation upgrade, and full personnel activation", the Company will effectively promote the development of business standards. It will comprehensively advance the effective implementation of the "Hundred Cities Program" and fully integrate resources. With a focus on the digital upgrade of the front-line business, the Company will continuously improve the marketing service and guarantee capacity. Additionally, it will constantly boost digital empowerment for consumer development, adhere to the healthy and benign development of the market, and make every effort to promote sales expansion. b. Strengthening culture cultivation and boosting brand empowerment The Company will continuously integrate thematic marketing to effectively build consumer empathy and publicize brand stories. Activities such as poem and baijiu culture will be continuously organized to stimulate public resonance and enhance the enterprise's reputation. Platforms such as the mobile museum will be fully leveraged to revitalize the cultural communication of Luzhou Laojiao and shape a tangible and emotional brand culture. The publicity effect of creative activities will be strengthened to increase brand popularity and enhance consumer loyalty. c. Strengthening the management model and enhancing collaboration efficiency The Company will accelerate the formation of an integrated online and offline digital collaboration support system to promote professional, systematic and intelligent decision-making by the management. Centering on the actual needs of sales and production, the Company will make every effort to optimize procedures and policies. Information-based management will be enhanced to realize the empowerment of big data. The Company will strengthen the lean organization and management to improve collaboration efficiency. d. Boosting project construction and supporting industrial upgrade The Company will continue to promote the construction of major projects such as the Luzhou Laojiao Technical Upgrade Project of Intelligent Brewing, the conservation and restoration of cultural cellar caves of baijiu production workshops of Luzhou Laojiao in Xiaoshi region, the baijiu culture scenario building and the surrounding environment improvement project, and accelerate the layout of intelligent brewing, intelligent production as well as culture and tourism integration, to consolidate and expand the advantages of Luzhou Laojiao in production capacity guarantee and brand culture. e. Strengthening talent efficiency gains and promoting talent development Adhering to dynamic and fine management, the Company will continuously optimize talent allocation to support business development. Adhering to quality improvement and efficiency enhancement, the Company will continuously optimize the selection and appointment of talent to create a talent base. Adhering to the enhancement of personnel efficiency, the Company will optimize the talent structure and strengthened echelon building. Adhering to a multi-dimensional orientation, the Company will optimize talent incentives and stimulated self-motivation. Adhering to a people-oriented spirit, the Company will optimize employee services to create a harmonious corporate atmosphere. The Company will further play the integration role of party building position, and create a benchmark position in sales, production and other grassroots front lines to provide better education-based guidance and services to party members and present the Company's development achievements in a three-dimensional manner. It will refine work to support rural revitalization and social welfare, strongly promote regional development, and make due contribution to consolidating and expanding poverty alleviation results and comprehensively boosting rural revitalization. Brand operation The Company has always insisted on "dual brands, three product series, and major single products": The National Cellar 1573 series has been one of the three high-end baijiu products in China; Luzhou Laojiao's brand rejuvenation plan saw remarkable results, and the product series showed a good momentum of development; innovative products such as Health, Gogoon and Chinese-style fruit baijiu continued to be cultivated, and have become the driving force for the Company's young, fashionable, healthy and international development. 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 main sales models of the Company, please refer to the contents under the heading “Distribution models” in “1. Business scope in the reporting period” of Section III. 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
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 1996. 1,619 cellars of Luzhou Laojiao which have been continuously used for over 100 years, together 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 Baijiu” 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, 4 masters of Chinese brewing, 2 masters of Chinese baijiu, 2 Chinese liquor connoisseurs, 1 master of Chinese baijiu technique, 11 senior professor engineers, 7 experts who receive special allowances from the State Council, 4 national technicians, 2 national model workers, 5 national Labor Day Medal winners, 3 academic and technologic leaders of Sichuan province, 1 expert with outstanding contribution in Sichuan province, 1 innovation leader of Tianfu, 1 excellent engineer of Tianfu, 3 craftsmen of Tianfu, 2 craftsmen of Sichuan province, 1 technological elite of Tianfu, 4 technicians 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 ? Applicable ? N/A No such changes in the Reporting Period. Breakdown of operating revenues Unit：CNY
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