[年报]贵州茅台(600519):贵州茅台2023年年度报告（英文版）
原标题:贵州茅台:贵州茅台2023年年度报告（英文版） KWEICHOW MOUTAI CO., LTD. ANNUAL REPORT 2023 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 2023, all shareholders will be distributed a cash dividend of RMB 308.76 (before tax) for every 10 shares, with a total profit distribution of RMB 38,786,363,272.80. 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 Prompts 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 recorded 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 ................................................................................... 9 Section IV Corporate Governance ............................................................................................................ 28 Section V Environment and Social Responsibility ................................................................................... 47 Section VI Significant Events ................................................................................................................... 53 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 I. 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 I. Corporate Information
II. Contact Information
III. Company profile
IV. Information disclosure and the place where the report is available
V. Stock information
VI. Other information
VII. Key Accounting Data and Financial Indicators in the past three years (I) Key accounting data Monetary Unit: Yuan Currency: RMB
"deferred income taxes related to assets and liabilities arising from individual transactions not applicable to initial recognition exemptions" shall be implemented as of January 1, 2023. The Company has retroactively adjusted the relevant financial data for the comparative period, as detailed in Section 10 of the financial report, specifically in Part 5, "Important Accounting Policies and Accounting Estimates," Subsection 24, "Changes in Important Accounting Policies and Estimates." The relevant financial data mentioned in the remainder of this annual report are all retroactively adjusted data. (II) Key financial indicators
Description of the Company's main accounting data and financial indicators for the recent three years at the end of the reporting period □Applicable √N/A VIII. Differences in accounting data by domestic and overseas accounting standards (I) 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 (II) 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 (III) Explanations for above accounting data differences □Applicable √N/A IX. Quarterly key financial data in 2023 Monetary Unit: Yuan Currency: RMB
Explanations for the differences between quarterly data and those disclosed in previous periodical reports □Applicable √N/A X. Non-recurring Items and Their Gains/Losses √Applicable □N/A Monetary Unit: Yuan Currency: RMB
Where the Company recognizes the items not listed in the Explanatory Notice on Information Disclosure of Companies that Issue Securities Publicly No.1 - Non-recurring Profit or Loss as the non-recurring profit or loss items with the significant amount, or defines the non-recurring profit and loss items listed in Explanatory Notice on Information Disclosure of Companies that Issue Securities Publicly No.1 - Non- recurring Profit or Loss as recurring profit or loss items, reasons shall be given. □Applicable √N/A XI. Items measured at fair value √Applicable □N/A Monetary Unit: Yuan Currency: RMB
XII. Others □Applicable √N/A Section III Management’s Discussion and Analysis I. Discussion and analysis of business situation In 2023, under the leadership of the Board of Directors, the company adhered to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly studied and implemented the spirit of the 20th National Congress of the Communist Party of China and the important speech of General Secretary Xi Jinping's inspection tour in Guizhou. The Board actively seized the opportunity presented by the State Council Document No. 2 [2022], fully implemented the deployment of the provincial party committee and provincial government, and focused on the strategic goal of 'double world- leading, three breakthroughs, and five leaps' set by the group company. With Moutai aesthetics as the core value, the Board guided the company to continue walking the high-quality development path of 'five lines'. Through collective efforts and perseverance, which named "Qixin"in Moutai, the company successfully achieved various targets and tasks, made significant progress in promoting high-quality development, and took solid steps towards modernization. II. Industry sector situation in the reporting period See “Industry profile” and “Industry pattern and trend” in this report. III. 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 one of the three famous distilled liquors in the world, and it is also a liquor brand integrating national geographical indication products, organic food and national intangible cultural heritage. 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 as follows: raw material procurement - product manufacturing - product sales. The raw material procurement model specifically involves: sorghum for Moutai liquor is procured through a "company + local government + supplier + cooperative or farmer" model, while wheat is procured through a "company + supplier + cooperative or farm" model. The procurement of other raw and auxiliary materials, as well as packaging materials, is primarily based on the company's production and sales plans, and is conducted through centralized procurement in the market. The production process flow involves: yeast making - Chinese Baijiu making – cellaring - blending - packaging. The sales model includes both Direct selling and wholesale distribution channels. Direct selling channels refer to self- operated sales and digital marketing platforms such as "i Moutai", while wholesale distribution channels involve social dealers, supermarkets, e-commerce platforms, and other channels. IV. Analysis of core competitiveness √Applicable □N/A The Company possesses "five core competences" composed of environment, engineering, quality, brand, and culture, as well as "four core potentials" consisting of unique origin protection, unreplicable microbial colonies, unique brewing techniques handed down for thousands of years, and long-term stored base liquor resources. During the reporting period, there were no significant changes in the company's core competences. V. Business operation briefing for the reporting period Firstly, the company's business performance reached new heights. During the year, the company achieved a total operating revenue of 150.56 billion yuan, an increase of 18.04% year-on-year. Net profit attributable to shareholders of the listed company amounted to 74.734 billion yuan, an increase of 19.16% year-on-year. The main economic indicators maintained double-digit growth, and the company achieved remarkable development results once again. Kweichow Moutai, the world's only liquor brand with a revenue exceeding 100 billion yuan, continued to consolidate its position. Moutai 1935 created an "industry miracle" and became a product with a revenue exceeding RMB 10 billion within just two years of its launch. The revenue of Moutai Prince exceeded 4 billion yuan, while the revenue of Hanjiang, Guizhou Daqu, and Laimao exceeded 1 billion yuan respectively, forming a product matrix of billion, hundred million, and ten million-level products. Secondly, the company's brand influence continued to grow. The company's market capitalization remained stable above 2 trillion yuan, ranking first among A-share listed companies. Moutai ranked 24th on the "Brand Finance 2024 Global Brand Value Top 500" list with a brand value of 50.1 billion US dollars and third on the "2023 Brand Z Top 100 Most Valuable Chinese Brands" list with a brand value of 88.427 billion US dollars (ranked 18th globally), firmly maintaining its position at the top of the "world's liquor brands". With a brand value of 1.05 trillion yuan and the absolute advantage of being the only trillion-level brand, Moutai topped the Hurun Report's "Most Valuable Chinese Brands" list for the sixth time. Thirdly, the company's corporate governance has been continuously improved. The board of directors successfully completed its reelection, and the new board members are diverse and complementary in their expertise, ensuring the scientific decision-making of the board from diversified perspectives. During the year, the board of directors convened three shareholder meetings to review and approve 17 proposals and held 13 board meetings to review and approve 45 proposals, strictly implementing the "six major powers" of the board. The company has promoted the construction of a comprehensive risk management system, and the risk management ecosystem has taken shape. It was successfully selected as one of the new batch of "Double Hundred Enterprises" by the State-owned Assets Supervision and Administration Commission of the State Council, awarded the Best Practice in Corporate Governance by the China Association for Public Companies, won the National Quality Award for the third time, and the European Quality Award for the first time. The management foundation has been further consolidated, and the company's modern governance capabilities and level have been further enhanced. Fourthly, ESG management improved quality and efficiency. ESG concept was practised in an all-round manner, and deeply integrated into production, operation, reform and development. In order to improve ESG governance framework, the Company established an ESG Promotion Committee, including Environment Sub-committee, Society Sub-committee and Governance Sub-committee and nine working groups. The Company systematically sorted out core issues and key projects in four steps of topic identification, overall planning, integration and implementation, and improvement and innovation in line with international norms, national policies, and advanced practices. Therefore the Company has optimized its overall ESG management system, fully leveraged the effectiveness of management mechanisms, and continuously empowered the implementation and effectiveness of ESG. Fifthly, shareholder returns have been stable with a slight increase. The company has effectively improved the quality of information disclosure, enhancing its pertinence, effectiveness, and readability. Through voluntary disclosures such as production and operation data, it has promptly demonstrated the status of its high-quality development to the market, earning an A-level (excellent) evaluation for information disclosure from the Shanghai Stock Exchange. With a candid and open attitude, the company has actively communicated with investors, achieving the highest frequency in recent years. It participated in investor exchange activities abroad for the first time and held an earnings presentation in the trading hall of the Shanghai Stock Exchange, with the number of video views ranking among the top in A-share companies. The company was awarded the Best Practice for Earnings Presentation by the China Association for Public Companies. During the year, the company once again implemented a special dividend, distributing a total of 56.55 billion yuan in cash dividends, accounting for 75.67% of the company's net profit attributable to shareholders in 2023. The dividend amount increased by approximately 1.8 billion yuan compared to the previous year, reaching a new high, rewarding investors with practical actions. (I) Main business analysis 1. Analysis of accounting item changes related to the income statement and the cash flow statement Monetary Unit: Yuan Currency: RMB
Reasons for the changes in operating revenue: mainly due to the increase of sales volume, the change in the selling channel and product structure and the adjustment to the selling prices of main products in the current period. Reasons for the changes in operating costs: mainly due to the increase in sales volume and production cost and changes in product structure in the current period. Reasons for changes in selling and distribution expenses: mainly due to the increase in advertising and marketing fees in the current period. Reasons for changes in general and administrative expenses: mainly due to the increase in trademark license fees and depreciation of fixed assets in the current period. Reasons for changes in financial expenses: mainly due to the increase in the interest income from deposits with commercial banks in the current period. Reasons for changes in research and development expenses: mainly due to increase in research and development projects in the current period. Reasons for changes in net cash flow from operating activities: mainly due to the increase in cash received from the company's sales of goods in the current period and the decrease in the net increase in term deposits that cannot be withdrawn in advance by the company's holding subsidiary, Kweichow Moutai Group Finance Co., Ltd. Reasons for changes in the net cash flows from investing activities: mainly due to in the increase in acquisition of negotiable certificate of deposits by the Company’s holding subsidiary Kweichow Moutai Group Finance Co., Ltd. and the Company’s additional investment in industrial development fund, in the current period. Reasons for changes in net cash flows from financing activities: mainly due to the increase in cash dividends distributed in the current period. Detailed explanation of major changes in the Company's business type, profit composition or profit source in the current period □Applicable √N/A 2. Income and cost analysis √Applicable □N/A (1) Main business grouped by business segment, by product, by region and by sales model. Monetary Unit: Yuan Currency: RMB
(2) Analysis of production volume, sales volume and inventory √Applicable □N/A
(3) Execution situation of major acquisition contracts and major sales contracts □Applicable √N/A (4) Cost Analysis Table Monetary Unit: RMB
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