[一季报]泸州老窖(000568):2024年第一季度报告（英文）
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时间：2024年05月10日 20:16:36 中财网 |
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原标题: 泸州老窖:2024年第一季度报告（英文）
Stock Code: 000568 Stock abbreviation: Luzhou Laojiao Announcement No. 2024-17 Luzhou Laojiao Co., Ltd.
Q1 2024 Report
Luzhou Laojiao Co., Ltd. (hereinafter referred to as the “Company”) and all the members of the
Company’s Board of Directors hereby guarantee that the contents of this Report are true, accurate
and complete and free of any misrepresentations, misleading statements or material omissions.Important Statements:
1. 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.
2. The responsible person for the Company, the responsible person for accounting work and the responsible person for the Company’s financial affairs (Accounting Supervisor) have warranted that
the financial statements in this report are true, accurate and complete. 3. Whether the financial statements of this report have been audited by an auditor □Yes ? No
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.
1. Key financial information
1.1 Key accounting data and financial indicators
Whether the Company performed a retroactive adjustment to or restatement of accounting data. □Yes ? No
| | Q1 2024 | Q1 2023 | YoY change (%) | | Operating revenues (CNY) | 9,188,402,377.79 | 7,610,153,819.27 | 20.74% | | Net profits attributable to
shareholders of the
Company (CNY) | 4,573,950,129.90 | 3,712,618,630.92 | 23.20% | | Net profits attributable to
shareholders of the
Company before non-
recurring gains and losses
(CNY) | 4,552,423,532.38 | 3,688,940,523.35 | 23.41% | | Net cash flows from
operating activities (CNY) | 4,359,428,564.46 | 1,508,783,232.53 | 188.94% | | Basic earnings per share
(CNY/share) | 3.12 | 2.53 | 23.32% | | Diluted earnings per share
(CNY/share) | 3.12 | 2.53 | 23.32% | | Weighted average ROE | 10.43% | 10.30% | 0.13% | | | 31 March 2024 | 31 December 2023 | Change (%) | | Total assets (CNY) | 68,625,774,236.07 | 63,294,455,201.60 | 8.42% | | Net assets attributable to
shareholders of the
Company (CNY) | 46,230,637,475.21 | 41,391,410,494.89 | 11.69% |
1.2 Non-recurring gains and losses
?Applicable □ N/A
Unit: CNY
| Item | Q1 2024 | Note | | Government grants recognised in
profit or loss (exclusive of those that
are closely related to the Company's
normal business operations and
given in accordance with defined
criteria and in compliance with
government policies, and have a
continuing impact on the Company's
profit or loss) | 5,509,692.79 | | | Gain or loss on fair-value changes in
financial assets and liabilities held by
a non-financial enterprise, as well as
on disposal of financial assets and
liabilities (exclusive of the effective
portion of hedges that is related to
the Company's normal business
operations) | 18,413,458.10 | | | Other non-operating income and
expenditure except above-mentioned
items | 4,797,550.61 | | | Less: Corporate income tax | 7,131,378.07 | | | Minority interests (after tax) | 62,725.91 | | | Total | 21,526,597.52 | -- |
Other items that meet the definition of non-recurring gain/loss: 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.
1.3 Changes in key financial data and indicators and reasons for the changes ? Applicable ? N/A
A. The closing balance of prepayment increased by CNY 77,475,068.78 compared to the opening balance, indicating an increase of 38.30%. It was mainly due to the increased prepayment to suppliers
as a result of more product promotions.
B. The closing balance of other current assets decreased by CNY 85,714,794.74 compared to the opening balance, indicating a decrease of 48.51%. It was mainly due to the offsetting in the current
period of the overpaid tax in the prior period.
C. The closing balance of construction in progress decreased by CNY 1,226,827,228.78 compared to the opening balance, indicating a decrease of 71.39%. It was mainly due to the transfer of construction
in progress that became ready for its intended use to fixed assets. D. The closing balance of deferred tax assets decreased by CNY 206,842,908.10 compared to the opening balance, indicating a decrease of 30.67%. It was mainly due to the decreased unrealized profits of internal transactions and the relevant reversal in the first unlocking period of the restricted
share incentive plan.
E. The closing balance of employee benefits payable decreased by CNY 208,591,469.23 compared to the opening balance, indicating a decrease of 39.82%. It was mainly due to the settlement in the current
period of performance-based pay for last year.
F. The closing balance of non-current liabilities due within one year increased by CNY 1,464,196,674.97 compared to the opening balance, indicating an increase of 1855.34%. It was mainly
due to the reclassification of bonds payable due within one year. G. The closing balance of treasury stock decreased by CNY 233,103,448.24 compared to the opening balance, indicating a decrease of 37.80%. It was mainly due to the relevant reversal in the first unlocking period of the restricted share incentive plan in the current period. H. The closing balance of other comprehensive income decreased by CNY 19,096,034.51 compared to the opening balance, indicating a decrease of 30.25%. It was mainly due to the decreased fair value of
equity investments in the current period.
I. Financial expenses in the current period decreased by CNY 29,142,448.51 compared to the same period of last year. It was mainly due to the increased interest income in the current period. J. Investment income in the current period decreased by CNY 40,028,178.22 compared to the same period of last year, indicating a decrease of 68.30%. It was mainly due to the decreased earnings of
investee Huaxi Securities.
K. Net cash flows from operating activities in the current period increased by CNY 2,850,645,331.93
compared to the same period of last year, indicating an increase of 188.94%. It was mainly due to the
increased cash received from sale of goods and the decreased cash paid for goods purchased and services received in the current period.
L. Net cash flows from investing activities in the current period increased by CNY 98,599,536.50 compared to the same period of last year. It was mainly due to the increased net cash flows from the
purchase and redemption of wealth management products (collective asset management plans) from securities firms in the current period.
M. Net cash flows from financing activities in the current period decreased by CNY 3,918,505,260.73
compared to the same period of last year, indicating a decrease of 68.12%. It was mainly due to the
receipt of less bank loan in the current period compared to the same period of last year.
2. Shareholder information
2.1 Total numbers of common shareholders and preference shareholders with resumed voting rights as well as shareholdings of top 10 shareholders
Unit: Share
| Total number of common
shareholders at the end of the
reporting period | 118,425 | Total number of preference shareholders with
resumed voting rights at the end of the reporting
period (if any) | 0 | | | | | Shareholdings of the top 10 shareholders (exclusive of shares lent in refinancing) | | | | | | | | Name of
shareholder | Nature of
shareholder | Shareholding
percentage | Total shares
held | Number of
holding
restricted
shares | Pledged, marked or frozen
shares | | | | | | | | Status of
shares | Number of
shares | | Luzhou
Laojiao Group
Co., Ltd. | State-owned
corporation | 25.89% | 381,088,389.00 | 0.00 | N/A | 0.00 | | Luzhou
XingLu
Investment
Group Co.,
Ltd. | State-owned
corporation | 24.86% | 365,971,142.00 | 0.00 | N/A | 0.00 | | Hong Kong
Securities
Clearing
Company
Limited | Outbound
corporation | 3.34% | 49,090,871.00 | 0.00 | N/A | 0.00 | | Bank of China
Co., Ltd. –
Baijiu index
classification
securities
investment
fund by China
Merchants
Fund | Other | 2.67% | 39,287,696.00 | 0.00 | N/A | 0.00 | | China
Securities
Finance
Corporation | Other | 2.30% | 33,842,059.00 | 0.00 | N/A | 0.00 | | Limited | | | | | | | | Bank of China
Co., Ltd.－
Blue chip
selected
hybrid
securities
investment
fund by E
Fund | Other | 1.46% | 21,470,000.00 | 0.00 | N/A | 0.00 | | Industrial and
Commercial
Bank of China
Co., Ltd.-
Newly growth
hybrid
securities
investment
fund by
Invesco Great
Wall | Other | 0.92% | 13,598,087.00 | 0.00 | N/A | 0.00 | | Central Huijin
Asset
Management
Co., Ltd. | State-owned
corporation | 0.92% | 13,539,862.00 | 0.00 | N/A | 0.00 | | China Life
Insurance
Company
Limited-
Tradition-
common
insurance
product-005L
－CT001 Hu | Other | 0.66% | 9,670,232.00 | 0.00 | N/A | 0.00 | | Agricultural
Bank of China
Co., Ltd. -
Consumption
industry stock
- based
securities
investment
fund by E
Fund | Other | 0.58% | 8,507,232.00 | 0.00 | N/A | 0.00 | | Shareholdings of the top 10 non-restricted shareholders | | | | | | | | Name of shareholder | Number of non-restricted shares held | Type of shares | | | | | | | | Type | Number | | | | | Luzhou Laojiao Group Co., Ltd. | 381,088,389.00 | CNY common
shares | 381,088,389.0
0 | | | | | Luzhou XingLu Investment
Group Co., Ltd. | 365,971,142.00 | CNY common
shares | 365,971,142.0
0 | | | | | Hong Kong Securities Clearing
Company Limited | 49,090,871.00 | CNY common
shares | 49,090,871.00 | | | | | Bank of China Co., Ltd. – Baijiu
index classification securities
investment fund by China
Merchants Fund | 39,287,696.00 | CNY common
shares | 39,287,696.00 | | | | | China Securities Finance
Corporation Limited | 33,842,059.00 | CNY common
shares | 33,842,059.00 | | | | | Bank of China Co., Ltd.－Blue
chip selected hybrid securities
investment fund by E Fund | 21,470,000.00 | CNY common
shares | 21,470,000.00 | | | | | Industrial and Commercial
Bank of China Co., Ltd.-Newly
growth hybrid securities | 13,598,087.00 | CNY common
shares | 13,598,087.00 | | | |
| investment fund by Invesco
Great Wall | | | | | Central Huijin Asset
Management Co., Ltd. | 13,539,862.00 | CNY common
shares | 13,539,862.00 | | China Life Insurance Company
Limited-Tradition-common
insurance product-005L－
CT001 Hu | 9,670,232.00 | CNY common
shares | 9,670,232.00 | | Agricultural Bank of China Co.,
Ltd. - Consumption industry
stock - based securities
investment fund by E Fund | 8,507,232.00 | CNY common
shares | 8,507,232.00 | | Related parties or acting-in-concert | 1. Luzhou Laojiao Group Co., Ltd. and Luzhou XingLu Investment
Group Co., Ltd. are both holding state-owned companies under
the jurisdiction of SASAC of Luzhou. The two companies signed
the agreement of persons acting in concert on 31 December
2015. For details, please refer to the announcement of the
Company on 5 January 2016 - Announcement on the agreement
of persons acting in concert signed by shareholders. The
announcement number is 2016-1 (http://www.cninfo.com.cn/). The
two companies signed the renewed agreement of persons acting
in concert on 27 May 2021. For details, please refer to the
announcement of the Company on 29 May 2021 - Announcement
on the renewed agreement of persons acting in concert signed by
shareholders. The announcement number is 2021-18
(http://www.cninfo.com.cn/).
2. In addition, whether there is an association between the
remaining shareholders or they belong to persons acting in
concert is unknown. | | | | | | | | | | | | | | Top 10 shareholders participating in securities
margin trading (if any) | N/A | | |
5% or greater shareholders, top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing shares lending
□Applicable ? N/A
Unit: Share
| 5% or greater shareholders, top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing shares
lending | | | | | | | | | | Full name
of
sharehold
er | Shares in the common
account and credit
account at the period-
begin | | Shares lent in
refinancing and not yet
returned at the period-
begin | | Shares in the common
account and credit
account at the period-
end | | Shares lent in
refinancing and not yet
returned at the period-
end | | | | Total
shares | As % of
total share
capital | Total
shares | As % of
total share
capital | Total
shares | As % of
total share
capital | Total
shares | As % of
total share
capital | | Bank of
China Co.,
Ltd. –
Baijiu
index
classificati
on
securities
investmen
t fund by
China
Merchants
Fund | 43,016,97
9.00 | 2.92% | 55,000.00 | 0.00% | 39,287,69
6.00 | 2.67% | 0.00 | 0.00% |
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares □Applicable ? N/A
2.2 Total number of preferred shareholders and shareholdings of the top 10 preferred shareholders
□Applicable ? N/A
3. Other significant events
?Applicable □ N/A
A. On 23 January 2024, the Company held the 38th Meeting of the 10th Board of Directors and the 20th Meeting of the 10th Board of Supervisors, at which the Proposal on the Repurchase and Retirement of Certain Restricted Shares and the Adjustment of Repurchase Price and the Proposal on the Satisfaction of Unlocking Conditions for the First Unlocking Period of the 2021 Restricted Share Incentive Plan were reviewed and approved respectively. In accordance with the relevant provisions of the incentive plan of the Company and the authorization of the First Extraordinary General Meeting of Shareholders of 2021, the Board of Directors of the Company agreed to adjust the grant price and repurchase price of the reserved restricted shares under the incentive plan from
CNY 89.466 per share to CNY 85.241 per share in view of the implementation of the Company's profit distribution plan for 2022. Meanwhile, as the unlocking conditions had been satisfied for the first
unlocking period of the 2021 Restricted Share Incentive Plan, a total of 2,734,640 restricted shares
held by 435 eligible awardees were unlocked for public trading on 22 February 2024.
B. The Company invested in the technical upgrade program of intelligent brewing (Phase I) with the wholly-owned subsidiary, Luzhou Laojiao Brewing Co., Ltd., as the implementer. The total investment
amount approximated CNY 4,782.5090 million. For further information, see Announcement No. 2022-24 on the Implementation of Luzhou Laojiao’s Technical Upgrade Program of Intelligent Brewing (Phase I) by Subsidiary. The program is currently under construction.
4. Financial statements
4.1 Financial statements
4.1.1 Consolidated balance sheet
Prepared by: Luzhou Laojiao Co., Ltd.
Unit: CNY
| Item | 31 March 2024 | 31 December 2023 | | Current assets: | | | | Cash and cash equivalents | 32,136,543,172.14 | 25,952,025,091.28 | | Settlement reserves | | | | Lending funds | | | | Held-for-trading financial assets | 1,283,685,143.48 | 1,426,992,098.83 | | Derivative financial assets | | | | Notes receivables | | | | Accounts receivables | 12,002,086.85 | 17,461,378.98 | | Accounts receivables financing | 5,340,069,606.45 | 5,938,171,007.93 | | Prepayment | 279,784,255.48 | 202,309,186.70 | | Premiums receivable | | | | Reinsurance accounts receivable | | | | Reinsurance contract reserve | | | | Other receivables | 23,436,341.61 | 22,716,893.12 | | Including：Interests receivable | | | | Dividends receivable | | | | Buying back the sale of financial
assets | | | | Inventories | 11,826,979,701.00 | 11,622,043,947.46 | | Including: Data resource | | | | Contract assets | | | | Assets held for sale | | | | Non-current assets due within one
year | | | | Other current assets | 90,969,937.23 | 176,684,731.97 | | Total current assets | 50,993,470,244.24 | 45,358,404,336.27 | | Non-current assets: | | | | Disbursement of loans and advances | | | | Investments in debt obligations | | | | Investments in other debt obligations | | | | Long-term receivables | | | | Long-term equity investments | 2,735,747,753.90 | 2,708,254,833.50 | | Investments in other equity
instruments | 380,146,500.05 | 402,893,468.80 | | Other non-current financial assets | | | | Investment property | 37,444,407.41 | 37,785,416.77 | | Fixed assets | 9,726,243,826.32 | 8,613,223,465.46 | | Construction in progress | 491,641,651.75 | 1,718,468,880.53 | | Productive biological assets | | | | Oil and gas assets | | | | Use right assets | 33,203,550.65 | 23,260,955.23 | | Intangible assets | 3,400,980,661.48 | 3,397,873,791.08 | | Including: Data resource | | | | Development expenses | | | | Including: Data resource | | | | Goodwill | | | | Long-term deferred expenses | 826,302.51 | 960,005.91 | | Deferred tax assets | 467,586,709.82 | 674,429,617.92 | | Other non-current assets | 358,482,627.94 | 358,900,430.13 | | Total non-current assets | 17,632,303,991.83 | 17,936,050,865.33 | | Total assets | 68,625,774,236.07 | 63,294,455,201.60 | | Current liabilities: | | | | Short-term loans | | | | Borrowings from the central bank | | | | Loans from other banks | | | | Held-for-trading financial liabilities | 70,204.81 | 9,763.87 | | Derivative financial liabilities | | | | Notes payable | | | | Accounts payable | 2,256,892,679.03 | 2,357,223,733.21 | | Advance from customer | | | | Contract liabilities | 2,534,857,788.92 | 2,672,977,090.30 | | Financial assets sold for repurchase | | | | Deposits from customers and inter-
bank | | | | Customer brokerage deposits | | | | Securities underwriting brokerage
deposits | | | | Employee benefits payable | 315,275,242.18 | 523,866,711.41 | | Taxes payable | 2,200,240,887.24 | 2,939,627,533.00 | | Other payable | 897,050,396.10 | 1,150,721,162.53 | | Including：Interests payable | | | | Dividends payable | | 29,684,819.82 | | Handling charges and commissions
payable | | | | Reinsurance accounts payable | | | | Liabilities held for sale | | | | Non-current liabilities due within one
year | 1,543,114,827.38 | 78,918,152.41 | | Other current liabilities | 329,169,207.59 | 347,485,071.57 | | Total current liabilities | 10,076,671,233.25 | 10,070,829,218.30 | | Non-current liabilities: | | | | Insurance contract reserves | | | | Long-term loans | 11,990,200,000.00 | 10,000,300,000.00 | | Bonds payable | | 1,498,716,737.02 | | Including：Preference shares | | | | Perpetual bonds | | | | Lease liabilities | 30,191,987.53 | 22,356,404.47 | | Long-term payables | | | | Long-term payroll payables | | | | Accrued liabilities | | | | Deferred income | 25,153,241.10 | 27,772,083.74 | | Deferred tax liabilities | 132,374,510.44 | 142,773,028.22 | | Other non-current liabilities | | | | Total non-current liabilities | 12,177,919,739.07 | 11,691,918,253.45 | | Total liabilities | 22,254,590,972.32 | 21,762,747,471.75 | | Owners' equity | | | | Share capital | 1,471,987,769.00 | 1,471,987,769.00 | | Other equity instruments | | | | Including: preference shares | | | | Perpetual bonds | | | | Capital reserves | 5,236,750,959.91 | 5,185,481,523.22 | | Less: treasury stock | 383,640,162.35 | 616,743,610.59 | | Other comprehensive income | 44,034,435.00 | 63,130,469.51 | | Special reserves | | | | Surplus reserves | 1,471,987,769.00 | 1,471,987,769.00 | | General risk reserve | | | | Undistributed profits | 38,389,516,704.65 | 33,815,566,574.75 | | Total equity attributable to owners of
the parent company | 46,230,637,475.21 | 41,391,410,494.89 | | Non-controlling interests | 140,545,788.54 | 140,297,234.96 | | Total owners' equity | 46,371,183,263.75 | 41,531,707,729.85 | | Total liabilities and owners' equity | 68,625,774,236.07 | 63,294,455,201.60 |
Legal representative：Liu Miao
Person in charge of accounting affairs：Xie Hong
Person in charge of accounting department：Song Ying
4.1.2 Consolidated income statement
| Item | Q1 2024 | Q1 2023 | | 1. Total operating revenue | 9,188,402,377.79 | 7,610,153,819.27 | | Including: Operating revenue | 9,188,402,377.79 | 7,610,153,819.27 | | Interest income | | | | Earned premium | | | | Fee and commission
income | | | | 2. Total operating costs | 3,126,339,967.34 | 2,770,392,001.49 | | Including: Cost of sales | 1,068,393,034.10 | 906,489,329.36 | | Interest expense | | | | Handling charges and
commission expenses | | | | Refunded premiums | | | | Net payments for
insurance claims | | | | Net provision for
insurance contracts | | | | Bond insurance expense | | | | Reinsurance Expenses | | | | Taxes and surcharges | 1,143,231,107.37 | 934,103,786.18 | | Selling and distribution
expenses | 720,930,095.03 | 691,058,449.80 | | General and administrative
expenses | 228,669,867.50 | 249,290,819.83 | | Research and Development
expenses | 30,290,921.53 | 25,482,226.00 | | Financial expenses | -65,175,058.19 | -36,032,609.68 | | Including：Interest expenses | 150,321,893.20 | 125,103,651.63 | | Interest income | 216,342,852.29 | 163,408,426.49 | | Plus: Other income | 8,033,544.51 | 6,947,563.04 | | Investment income ("-" for losses) | 18,575,635.03 | 58,603,813.25 | | Including: income from
investment in associates and joint
ventures | 22,958,991.23 | 54,967,950.44 | | Income from the
derecognition of financial assets
measured at amortized cost | | | | Foreign exchange gains ("-"
for losses) | | | | Net gain on exposure hedges
(“-” for losses) | | | | Gains from the changes in fair
values(“-“ for losses) | 22,796,828.52 | 20,126,830.02 | | Credit impairment losses (“-”
for losses) | 386,569.13 | 506,094.24 | | Impairment losses(“-“ for
losses) | | | | Gains from disposal of
assets("-" for losses) | | -623,989.76 | | 3. Operating profits ("-" for losses) | 6,111,854,987.64 | 4,925,322,128.57 | | Plus: non-operating income | 5,625,187.06 | 5,024,545.38 | | Less: non-operating expenses | 827,636.45 | 170,523.97 | | 4. Total profits before tax ("-" for
total losses) | 6,116,652,538.25 | 4,930,176,149.98 | | Less: income tax expenses | 1,538,281,406.31 | 1,208,293,895.10 | | 5. Net profit ("-" for net loss) | 4,578,371,131.94 | 3,721,882,254.88 | | 5.1 By operating continuity | | | | 5.1.1 Net profit from continuing
operation ("-" for losses) | 4,578,371,131.94 | 3,721,882,254.88 | | 5.1.2 Net profit from discontinued
operation ("-" for losses) | | | | 5.2 By ownership | | | | 1) Attributable to owners of the
parent company | 4,573,950,129.90 | 3,712,618,630.92 | | 2) Attributable to non-controlling
interests | 4,421,002.04 | 9,263,623.96 | | 6. Net of tax from other
comprehensive income | -18,978,063.93 | -113,249,020.72 | | Net of tax from other comprehensive
income to the owner of the parent
company | -19,096,034.51 | -112,841,779.49 | | 6.1 Other comprehensive income
cannot reclassified into the profit and
loss: | -17,060,226.55 | -115,179,464.55 | | 1) Remeasure the variation of net
indebtedness or net asset of defined
benefit plans | | | | 2) Share in other comprehensive
income that cannot be classified into
profit and loss under equity method | | | | 3) Changes in fair value of
investments in other equity
instruments | -17,060,226.55 | -115,179,464.55 | | 4) Changes in fair value of the
company’s credit risks | | | | 5) Other | | | | 6.2 Other comprehensive income
that will be reclassified into the profit
and loss | -2,035,807.96 | 2,337,685.06 | | 1) Share in other comprehensive
income that will be classified into
profit and loss under equity method | -2,180,946.52 | 2,835,340.65 | | 2) Changes in fair value of
investments in other debt obligations | | | | 3) Other comprehensive income
arising from the reclassification of
financial assets | | | | 4) Allowance for credit impairments in
investments in other debt obligations | | | | 5) Reserve for cash-flow hedge | | | | 6) Balance arising from the
translation of foreign currency
financial statements | 145,138.56 | -497,655.59 | | 7) Others | | | | Net of tax from other comprehensive
income to non-controlling interests | 117,970.58 | -407,241.23 | | 7. Total comprehensive income | 4,559,393,068.01 | 3,608,633,234.16 | | Total comprehensive income
attributable to owners of the parent
company | 4,554,854,095.39 | 3,599,776,851.43 | | Total comprehensive income
attributable to non-controlling
interests | 4,538,972.62 | 8,856,382.73 | | 8. Earnings per share | | | | (1) Basic earnings per share | 3.12 | 2.53 | | (2) Diluted earnings per share | 3.12 | 2.53 |
Legal representative：Liu Miao （未完）
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