2023-08-30-深交所-张_裕Ｂ_2023年半年度报告（英文版）_155页_1mb

报告摘要

Yantai Changyu Pioneer Wine Co., Ltd. 2023 Semi-annual Report Summary

Core Content Overview

Yantai Changyu Pioneer Wine Co., Ltd. (Changyu) is a leading Chinese wine and brandy producer listed on the Shenzhen Stock Exchange with stock codes 000869 and 200869. The report covers key financial indicators, management strategies, corporate governance, and the company's core competitiveness for the first half of 2023.

Main Financial Indicators

Item	2023 (CNY)	2022 (CNY)	Year-on-Year Change (%)
Operating Revenue	1,966,738,485	1,953,092,135	0.70%
Net Profit (Shareholders)	363,569,436	358,459,603	1.43%
Net Profit (After Non-recurring)	324,321,975	344,309,022	-5.80%
Net Cash Flows from Operating Activities	527,919,786	606,273,595	-12.92%
Basic Earnings per Share	0.53	0.52	1.92%
Weighted Average Return on Equity	3.40%	3.37%	0.03%
Total Assets	12,821,273,302	13,171,506,378	-2.66%
Net Assets (Shareholders)	10,645,880,226	10,579,053,733	0.63%

Non-recurring Gains and Losses

Total non-recurring gains and losses: 39,247,461 CNY
Main components:
- Profits and losses on disposal of non-current assets: 16,228,006 CNY
- Government grants: 28,971,185 CNY
- Other non-operating income and expenditure: -332,706 CNY

Sales and Distribution

Main sales model: Distribution through approximately 5,060 distributors
Distribution changes by region:
- Eastern China: +147
- South China: +1
- Central China: -12
- North China: -2
- Northwest China: -9
- Southwest China: -7
- Northeast China: -6
- Hong Kong, Macao, Taiwan and overseas: +93
Top 5 Distributors' Sales:
- 1st: 35,992,127 CNY (1.83% of total sales)
- 2nd: 23,575,149 CNY (1.20%)
- 3rd: 22,988,172 CNY (1.17%)
- 4th: 20,211,001 CNY (1.03%)
- 5th: 18,457,173 CNY (0.94%)
Sales by model:
- Distribution: 1,711,154,537 CNY (59.12% gross margin)
- Direct Sales: 255,583,948 CNY (58.52% gross margin)
- Total: 1,966,738,485 CNY (59.05% gross margin)

Production and Inventory

Product	Sales (Ton)	Yield (Ton)	Inventory (Ton)	Year-on-Year Change (%)
Liquor and Alcoholic Beverages	42,790	35,128	22,411	-5.98% / -3.03% / +8.94%
Wine	29,779	25,918	14,471	-7.85% / -15.20% / +6.05%
Brandy	13,012	9,210	7,940	-1.41% / +62.69% / +14.62%

Core Competitiveness

Strong brand influence: Brands like "Changyu", "Noble Dragon", and "AFIP" are well-known and respected.
National marketing network: A "three-level" system with a significant online presence.
Advanced R&D and production capabilities: Utilizes the "State-level Wine R&D Center" and has a strong winemaker team.
Extensive grape-growing bases: Operates in Shandong, Ningxia, Xinjiang, Liaoning, and has overseas vineyards.
Diverse product range: Over 100 varieties of wine and brandy, covering high, medium, and low grades.
Equity-based motivation system: Employees and middle management hold equity through controlling shareholders and participate in the restricted share incentive plan.
Efficient decision-making: Management maintains a pragmatic and flexible approach.
Global production layout: Established in China, France, Chile, Spain, and Australia to leverage global resources.

Business Analysis

The wine industry faced challenges due to slowing domestic economic growth and competition from other alcoholic products.
Sales volume declined in Q1 2023 due to health issues among employees, impacting performance.
The Company focused on high-quality, middle-to-high-end products and core consumer groups, promoting "fight the war of annihilation" strategies.
Improved product quality, marketing innovation, and consumer cultivation activities helped reverse the decline in Q2.
Despite these efforts, the Company struggled to meet 2023 financial budget and restricted share incentive plan targets.

Key Strategies for H2 2023

Profit Assessment: Align profit targets with the restricted share incentive plan, focusing on sales, production, and cost optimization.
Cultural Experience Centers: Build and promote cultural experience centers to enhance brand presence and high-end product sales.
Circle Marketing: Implement targeted marketing strategies in key markets to drive sales and brand awareness.
Continued Reform: Improve production efficiency and reduce inventory through institutional reforms and order-driven business models.
Service Enhancement: Strengthen service awareness and quality to support long-term growth and competitiveness.

Conclusion

Changyu maintains a strong position in the domestic wine industry with a comprehensive range of products, a robust brand portfolio, and an efficient distribution system. While facing market challenges, the company has taken proactive measures to improve performance and ensure future competitiveness. The Company has no plans to distribute dividends or bonus shares and continues to focus on internal growth and strategic development.

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