Revenue and Profitability - Revenue increased by approximately 29.4% to approximately RMB 189,139,000 compared to RMB 146,118,000 in 2022[3] - The Group's total revenue for the year ended December 31, 2023, was RMB 189,139,000, an increase from RMB 146,118,000 in 2022, representing a growth of approximately 29.5%[31] - Total profit of reportable segments for 2023 was RMB 9,493,000, slightly up from RMB 9,441,000 in 2022, indicating a growth of 0.55%[33] - Revenue from dry wines surged to RMB 101,103,000 in 2023, up 51.3% from RMB 66,815,000 in 2022, while sweet wines revenue fell to RMB 46,432,000 from RMB 52,960,000, a decrease of 12.3%[44] - The Group's gross profit decreased by 34.7% year-on-year to RMB 28,149,000, with a gross profit margin of 14.9%[89] Loss and Expenses - Basic and diluted loss per share increased to RMB 26.59 cents from RMB 9.00 cents in 2022[3] - The consolidated loss for the year increased significantly to RMB 70,806,000 in 2023 from RMB 27,554,000 in 2022, representing a rise of 156.5%[33] - Total comprehensive expense for the year attributable to owners of the Company amounted to approximately RMB 70,806,000, up from RMB 27,554,000 in 2022[3] - The impairment loss on property, plant, and equipment rose sharply to RMB 19,858,000 in 2023 from RMB 7,776,000 in 2022, an increase of 154.3%[53] - The company reported a loss allowance for trade receivables of RMB 12,196,000 in 2023, compared to RMB 2,348,000 in 2022, reflecting a significant increase of 419.5%[53] Assets and Liabilities - Non-current assets decreased to RMB 199,743,000 from RMB 223,517,000 in 2022[9] - Current assets decreased to RMB 353,691,000 from RMB 383,557,000 in 2022[9] - Total assets decreased to RMB 553,434,000 in 2023 from RMB 607,074,000 in 2022, a decline of 8.84%[37] - Total equity decreased to RMB 497,385,000 from RMB 567,706,000 in 2022[9] - The total liabilities of reportable segments increased to RMB 7,962,000 in 2023 from RMB 4,677,000 in 2022, marking a rise of 70.4%[39] Regional Performance - Segment revenue from the Eastern Region was RMB 81,555,000, making it the highest revenue-generating segment for the Group in 2023[31] - Revenue from the Eastern Region market amounted to RMB 81,555,000, representing a year-on-year increase of approximately 106.0%[100] - Revenue from the South-West Region increased by approximately 88.9% year-on-year to RMB 46,877,000[101] - The North-East Region reported a segment loss of RMB 2,412,000 for the year ended December 31, 2023, compared to a profit of RMB 137,000 in 2022[31] Cash Flow and Working Capital - Bank and cash balances improved to RMB 95,483,000 in 2023 from RMB 70,893,000 in 2022, an increase of 34.8%[37] - The Group's net working capital as of December 31, 2023, was approximately RMB 301,025,000, compared to RMB 344,348,000 in 2022[123] - The Group's trade receivables at the end of 2023 were RMB 136,026,000, down from RMB 139,068,000 in 2022, with a net allowance for losses increasing to RMB 18,779,000 from RMB 6,583,000[62] Corporate Governance and Compliance - The Company has adopted the Model Code for Securities Transactions, ensuring compliance by Directors and relevant employees throughout the year[139] - The Company adhered to the Corporate Governance Code, with a noted deviation regarding the roles of Chairman and CEO being held by the same individual[140] - The audit committee reviewed the Group's accounting principles and internal controls, ensuring compliance with standards[141] - The Group's auditor confirmed that the financial figures for the year ended December 31, 2023, were agreed upon with the audited consolidated financial statements[146] Dividends and Share Capital - The company did not recommend any dividend for the year ended December 31, 2023, consistent with the previous year[54] - The Group's share capital increased to HK$30,156,000 in 2023 from HK$29,406,000 in 2022, following a share consolidation[73] Operational Strategy - The Group will maintain a prudent operating strategy to increase revenues and reduce costs amid economic uncertainties[120] - The average credit terms for sales to customers increased to 180 days in 2023, up from 90 to 180 days in 2022[21] Employee and Salary Information - As of December 31, 2023, the Group employed a workforce of 252 (excluding Directors), a decrease from 263 in 2022[132] - Total salaries and related costs for the year amounted to approximately RMB 17,980,000, down from RMB 18,059,000 in 2022, reflecting a decrease of about 0.44%[132]

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 75,671,000, representing an increase of 11.9% compared to RMB 67,651,000 in the same period of 2022[5]. - Gross profit for the same period was RMB 23,138,000, slightly down from RMB 23,259,000, resulting in a gross profit margin of 30.6%, down from 34.4% in 2022[5][7]. - The company reported a net loss attributable to owners of RMB 5,119,000, compared to a profit of RMB 407,000 in the prior year, leading to a basic and diluted loss per share of RMB (0.17) compared to earnings of RMB 0.01[5]. - The Group recorded total revenue of RMB 75,671,000, representing an increase of approximately 11.9% year-on-year[37]. - The gross profit for the Group during the period decreased slightly to RMB 23,138,000 year-on-year, with a gross profit margin decline of approximately 4 percentage points to 30.6%[38]. - The Group experienced a total comprehensive expense of RMB 1,619,000 for the period, compared to a profit of RMB 4,474,000 in the same period last year[55]. - Loss before tax amounted to RMB 1,619,000, contrasting with a profit of RMB 4,474,000 in the first half of 2022[164]. - The consolidated loss for the period was RMB 1,619,000, a decline from a profit of RMB 4,474,000 in the same period last year[200]. Assets and Liabilities - Non-current assets as of June 30, 2023, were RMB 223,080,000, slightly down from RMB 223,517,000 at the end of 2022[10]. - Current assets increased to RMB 394,285,000 from RMB 383,557,000, while current liabilities rose to RMB 51,106,000 from RMB 39,209,000[10]. - Total equity decreased to RMB 566,087,000 from RMB 567,706,000 at the end of 2022[169]. - Segment assets as of June 30, 2023, totaled RMB 106,478,000, down from RMB 132,681,000 as of December 31, 2022, representing a decrease of 19.7%[200]. - Segment liabilities increased to RMB 7,309,000 as of June 30, 2023, compared to RMB 4,677,000 as of December 31, 2022, reflecting a rise of 56.3%[200]. Cash Flow and Financial Health - Net cash generated from operating activities increased significantly to RMB 37,070,000 for the six months ended June 30, 2023, compared to RMB 7,381,000 in the same period of 2022, representing a growth of approximately 402%[179]. - Cash and cash equivalents at the end of the period rose to RMB 107,896,000, up from RMB 89,097,000 at the end of June 2022, reflecting an increase of approximately 21%[179]. - The repayment of lease liability decreased to RMB 894,000 from RMB 1,691,000, showing a reduction in financial obligations[179]. - The company is committed to prudent financial management and has minimal exposure to foreign exchange fluctuations due to most revenues being denominated in RMB[106]. Market and Operational Insights - The domestic wine market faced challenges due to excess inventories and intensified price wars, impacting the Group's performance[36]. - The overall economic recovery has not led to expected explosive growth in the domestic wine market, which continues to face significant challenges[35]. - The Group's sales of high-end products and gross margin decreased due to weaker demand amid slowing economic growth in China[38]. - The market atmosphere for the second half of 2023 is expected to improve compared to the first half, despite lingering effects from the pandemic[100]. Product and Sales Performance - Sales revenue from sweet wine and dry wine accounted for 82.1% of the total revenue during the Period under Review[37]. - Revenue from the Eastern Region market was RMB 28,746,000, representing a year-on-year increase of 44.6% and accounting for 38.0% of the Group's total revenue[78][80]. - The Group's sales revenue from dry wine products amounted to RMB 39,078,000, accounting for 51.6% of total revenue with a gross profit margin of 32.4%[91][95]. - Sales revenue from sweet wine products was RMB 23,048,000, representing 30.5% of total revenue with a gross profit margin of 19.8%[92][96]. - The Group's other products, including newly launched ginseng wine, generated sales revenue of RMB 5,532,000, accounting for 7.3% of total revenue with a gross profit margin of 42.4%[94]. Strategic Initiatives - The company is focusing on enhancing operational efficiency and exploring new market opportunities to improve future performance[3]. - The Group is actively exploring cooperation with other enterprises to develop more personalized and customized products for corporate clients[58]. - The Group has developed two new herbal wine products, "Ark No. 1" and "Ark No. 2," in collaboration with Ark Times Health Industry Holdings[63]. - The Group's marketing strategy includes increased brand promotion on TV and online media to enhance product recognition[57]. - The Group plans to extend its product line of personalized and customized wine to cater to the growing Z generation and female consumer groups[101]. Shareholder Information - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2023[108]. - As of June 30, 2023, Mr. Wang Guangyuan holds 495,178,720 shares, representing approximately 16.84% of the issued share capital[129]. - As of June 30, 2023, Mr. Li Jerry Y. and Mr. Zhu Minghui each hold 695,178,720 shares, representing approximately 23.64% of the issued share capital[131]. - The company maintained a sufficient public float of not less than 25% of its total issued shares since its listing on the Stock Exchange[144]. Compliance and Governance - The company has adopted the Model Code for Securities Transactions by Directors and confirmed compliance by all directors throughout the period[154]. - The interim results for the period are unaudited and have not been reviewed by the auditors[157]. - The audit committee reviewed the accounting principles and methods adopted by the company, along with risk management and internal controls[158].

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 CHINA TONTINE WINES GROUP LIMITED 中 國 ...

Financial Performance - Revenue for 2022 was RMB 146,118,000, a decrease of 29.87% compared to RMB 208,371,000 in 2021[3]. - Gross profit for 2022 was RMB 35,874,000, resulting in a gross profit margin of 24.55%, down from 32.34% in 2021[3][5]. - Total comprehensive loss attributable to owners of the Company for 2022 was RMB 26,403,000, compared to a profit of RMB 11,336,000 in 2021[3]. - Basic loss per share for 2022 was RMB (0.90) cents, compared to earnings of RMB 0.55 cents per share in 2021[3]. - The total revenue for the Group was RMB 146,118,000, representing a decline of approximately 29.9% year-on-year[53]. - The Group's gross profit was RMB 35,874,000, a significant decrease of 46.8% from RMB 67,395,000 in the previous year[59]. - The gross profit margin fell to 24.6%, down from 32.3%, reflecting a decrease of 7.7 percentage points[59]. - Total comprehensive expense for the year was RMB 27,554,000, primarily due to write-offs of obsolete inventories and increased selling and distribution expenses[67]. Assets and Liabilities - Current assets decreased to RMB 383,557,000 in 2022 from RMB 428,915,000 in 2021, while current liabilities decreased to RMB 39,209,000 from RMB 66,310,000[8]. - Shareholders' equity as of 31 December 2022 was RMB 483,634,000, down from RMB 493,520,000 in 2021[8]. - The current ratio improved to 9.8 in 2022 from 6.5 in 2021, indicating better short-term financial health[8]. - The Group made a provision of approximately RMB 7,265,000 for inventory impairment during the year[54]. Inventory and Receivables - Inventory turnover days increased to 748 days in 2022, compared to 553 days in 2021, indicating slower inventory movement[8]. - Trade receivables turnover days increased to 314 days in 2022 from 162 days in 2021, suggesting longer collection periods[8]. - As of December 31, 2022, trade receivables amounting to RMB 132,485,000, reflecting an increase of 152 days compared to the previous year[92]. Market Conditions - The domestic wine output and sales both declined in 2022, marking it as the most difficult year for the domestic wine industry[22]. - The wine consumption market contracted significantly in 2022, with key sales seasons like the Mid-Autumn Festival and National Day underperforming[45]. - The total volume of imported wine in 2022 was 340 million liters, a year-on-year decrease of 21.1%, with an import amount of RMB9.6 billion, down 12.5%[46]. - The pandemic severely impacted production in Tonghua City, Jilin Province, leading to a significant reduction in production volume and halted sales due to logistics restrictions[64]. Marketing and Sales Strategies - The Group actively explored online sales and promoted "live-broadcast distribution" to adapt to changing consumption patterns, aiming to develop comprehensive marketing channels[28]. - The Group launched promotional videos and utilized live-streaming sales to enhance brand awareness and market penetration, focusing on both online and offline marketing strategies[71]. - The Group's marketing strategy included increased investment in advertising on provincial TV stations to solidify market share and brand exposure[71]. - The Group's selling and distribution expenses amounted to RMB 33,698,000, with advertising and marketing expenses significantly increasing to RMB 23,995,000 compared to the previous year[66]. Product Development - The Group initiated mass production of two new products developed in cooperation with Ji Yao Fang Zhou, expected to launch this year[33]. - The ginseng wine launched by the Group is highly recognized, with plans to expand production capacity and develop related products[34]. - The Group's new products, "Ark No. 1" and "Ark No. 2," are set for mass production to promote a healthy drinking concept[70]. Management and Governance - Mr. Wang Guangyuan has been the executive director and CEO since September 8, 2008, and is a founding member of the management team since the company's establishment in 2001[114]. - The company has a significant shareholder structure, with Mr. Wang Guangyuan holding 51% of the issued share capital of Up Mount International Limited[115]. - The company is committed to maintaining high governance standards, as evidenced by the roles of independent directors in audit and remuneration committees[125]. - The board includes young directors like Mr. Li Jerry Y. and Mr. Zhu Minghui, who bring fresh perspectives from their educational backgrounds in science and finance[121][123]. Future Outlook - The International Monetary Fund raised its forecast for China's economic growth to 5.2% in 2023[35]. - The new epidemic prevention policy introduced in December 2022 is expected to boost the consumer market and positively impact wine manufacturers[50]. - The retail and catering industries in Mainland China have shown signs of recovery, indicating a return of consumer sentiment[30]. - The introduction of the "New Ten Standards" policy for epidemic control is expected to revive the wine market, as social consumption gradually picks up[109][110].

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 CHINA TONTINE WINES GROUP LIMITED 中 國 ...

Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 67,651,000, representing an increase of 4.0% from RMB 64,492,000 in 2021[4]. - Gross profit for the same period was RMB 23,259,000, up 28.4% from RMB 18,117,000 in 2021[4]. - The net profit attributable to owners of the Company was RMB 407,000, a significant recovery from a loss of RMB 7,908,000 in the previous year[4]. - Basic and diluted earnings per share were both RMB 0.01, compared to a loss of RMB 0.39 per share in 2021[4]. - Gross profit margin improved to 34.4% in 2022 from 28.1% in 2021[5]. - Net profit margin turned positive at 0.6%, recovering from a negative margin of 12.3% in the previous year[5]. - Profit and total comprehensive income for the period was RMB 4,474,000, marking a turnaround from a loss in the corresponding period last year[59]. - Profit before tax was RMB 4,474,000, compared to a loss of RMB 6,461,000 in the previous year[197]. Liquidity and Financial Health - Current ratio increased to 8.7 in 2022 from 6.5 in 2021, indicating improved liquidity[12]. - Quick ratio also improved to 4.5 in 2022 from 3.3 in 2021, reflecting better short-term financial health[12]. - The Group's cash and cash equivalents amounted to approximately RMB 89,097,000 as of June 30, 2022, indicating a healthy liquidity position[145][146]. - Cash and bank balances increased to RMB 89,097,000 from RMB 85,866,000 at the end of 2021[199]. Inventory and Cost Management - Inventory turnover days increased significantly to 1,021 days in 2022 from 553 days in 2021, indicating slower inventory movement[12]. - Total cost of sales was RMB 44,392,000, representing a year-on-year decrease of 4.3%[54]. - The cost of raw materials decreased by approximately 12.2% year-on-year, accounting for about 71.8% of the total cost of sales[54]. - Total cost of raw materials decreased by 12.2% to RMB 31,861,000 compared to RMB 36,298,000 in the previous year[57]. - Production overheads increased by 79.9% to RMB 4,457,000 from RMB 2,477,000 year-on-year[57]. - The company reported a significant reduction in selling and distribution expenses to RMB 5,151,000 from RMB 4,802,000 in 2021[197]. Regional Performance - For the first half of 2022, the Group recorded a revenue of RMB 19,874,000 in the Eastern Region, accounting for approximately 29.4% of total revenue, an increase of 9.9 percentage points year-on-year[94]. - The South-Central Region generated revenue of RMB 14,515,000, representing 21.5% of total revenue, with a year-on-year increase of 3.9 percentage points[96]. - The Northern Region achieved sales revenue of RMB 11,553,000, accounting for 17.1% of total revenue, reflecting an increase of approximately 58.0% compared to the previous year[98]. - The North-East Region's revenue was RMB 9,569,000, which is 14.1% of total revenue, showing a decrease of approximately 41.5% year-on-year due to pandemic impacts[99]. Market Trends and Strategic Initiatives - The shift to online sales and "live-broadcast distribution" has become a new trend, enhancing marketing cost efficiency for the Group[64]. - The Group launched a new ginseng wine product in 2021, which received positive market feedback, aiming to expand its product series leveraging abundant ginseng resources[65]. - The Group established Tontine Partner (Beijing) Wines Company Limited, a 51% owned subsidiary, to operate a pub chain project in collaboration with Partner Coffee[69]. - A strategic cooperation with café chain Partner Coffee was established to operate urban pub chain projects, supplying premium alcoholic beverages[133]. - The Group has adjusted its marketing strategies to create "online + offline" consumption scenarios, enhancing engagement with new consumer groups[132]. Shareholder and Corporate Governance - The Group does not recommend any interim dividend for the six months ended June 30, 2022, consistent with the previous year[143]. - The Company is committed to solid corporate governance and enhancing shareholder value[180]. - Mr. Wang Guangyuan serves as both the Chairman and CEO, responsible for overall business strategy and development[184]. - The Company has adopted the Model Code for Securities Transactions by Directors and confirmed compliance by all Directors throughout the Period[186]. Employment and Compensation - As of June 30, 2022, the Group employed a workforce of 275 in Hong Kong and the PRC, down from 324 as of December 31, 2021[156]. - Total salaries and related costs for the period amounted to approximately RMB 8,296,000, a decrease from RMB 8,489,000 in the corresponding period of 2021[156]. - The Group emphasizes competitive compensation and additional benefits to enhance employee skills and market awareness[155]. - The Company regularly reviews its human resources and compensation policies based on local laws, market conditions, and individual performance assessments[155]. Economic Context - China's GDP grew by 2.5% in the first half of the year, with a significant slowdown to 0.4% in the second quarter, indicating economic pressure[62]. - The market outlook for the second half of the year is complex and changeable, requiring the Group to maintain a vigilant and pragmatic approach to business development[134].

Financial Performance - Revenue for 2021 reached RMB 208,371,000, a significant increase from RMB 107,881,000 in 2020, representing a growth of 93.0%[8] - Gross profit for 2021 was RMB 67,395,000, compared to a gross loss of RMB 62,491,000 in 2020, indicating a turnaround in profitability[8] - Total comprehensive income attributable to owners of the Company for 2021 was RMB 17,216,000, a recovery from a loss of RMB 168,385,000 in 2020[8] - Basic earnings per share for 2021 was 0.55 RMB cents, a significant improvement from a loss of 8.06 RMB cents in 2020[8] - The Group achieved a total comprehensive income of RMB 17,216,000, marking a turnaround from a loss in the previous year[69] - The Group's performance improved significantly in 2021, driven by the recovery of the consumer market and increased operating efficiency[56] Assets and Liabilities - Current assets increased to RMB 428,915,000 in 2021 from RMB 349,283,000 in 2020, reflecting a growth of 22.8%[12] - Shareholders' equity rose to RMB 493,520,000 in 2021, up from RMB 417,348,000 in 2020, marking an increase of 18.2%[12] - The current ratio for 2021 was 6.5, down from 8.1 in 2020, indicating a decrease in liquidity[12] - Trade receivables turnover days increased to 553 days in 2021 from 408 days in 2020, suggesting a longer collection period[12] Operational Efficiency - The company reported a gross profit margin of 32.34% for 2021, compared to a negative margin of 57.93% in 2020, indicating improved operational efficiency[8] - The total cost of sales decreased by 17.3% year-on-year to RMB 140,976,000, primarily due to no impairment provision for inventories in 2021[62] - The cost of raw materials for wine production was RMB 111,742,000, representing a year-on-year decrease of approximately 25.4%, accounting for about 79.3% of the total cost of sales[62] - Selling and distribution expenses decreased by 50.9% to RMB 15,812,000, while advertising and promotion expenses dropped significantly by 88.2% to RMB 2,058,000[68] Market Trends and Consumer Behavior - The domestic economy in Mainland China recovered steadily, contributing to a gradual pickup in the consumer market, which is expected to benefit the wine industry[25] - The decline in imported wines due to the pandemic and natural disasters provided an opportunity for domestic wines to expand their market share[26] - Young mainstream consumers are increasingly pursuing personalized products with high cost performance and quality comparable to imported wines[27] - The shift in consumer preferences towards domestic wines has intensified, with a growing middle class contributing to higher demand for high-end wine products[55] - The domestic wine market is expected to become more fragmented, with brand effects and consumer experience being key to market share expansion in the future[38] Product Development and Innovation - The Group launched a new ginseng wine product with health benefits, which received enthusiastic market response and recorded considerable sales revenue during the year[32] - The Group launched ginseng wine products, achieving sales revenue of RMB 15,495,929 and a sales volume of 68.4 tonnes, leading the "other products" category[110] - The Group launched a total of 8 new products during the year, increasing the total product count to 123[78] - The strategic cooperation with Ji Yao Fang Zhou led to the establishment of a joint venture to develop herbal wine and enhance digital marketing efforts[72] Marketing and Sales Strategy - The Group strengthened online marketing channels, adopting new approaches such as "live-broadcast distribution" to acquire customers on new media platforms, achieving fruitful results[31] - The Group's marketing strategy will continue to focus on optimizing brand awareness and promotion efforts to consolidate its leading position in the industry[38] - The Group's marketing strategy shifted towards digital platforms, resulting in effective market penetration and reduced marketing costs[70] - The group applied a combination of online and offline global marketing strategies, contributing to steady revenue growth[90] Awards and Recognition - The Group received multiple awards for its wine products, including a silver medal at the IWSC and a gold award at the International PAR Organic Wine Award[43][44] - The group received multiple awards for its wine products, including silver and gold medals at international wine competitions, enhancing its market reputation[82] Management and Governance - The company has a strong board of independent non-executive directors, enhancing governance and strategic oversight[145] - The management team includes professionals with extensive industry experience, ensuring informed decision-making and strategic direction[152] - The company is committed to maintaining high standards of corporate governance through its audit and remuneration committees led by experienced directors[145] Future Outlook - Positive business development is expected in the current year, although domestic economic growth remains influenced by the pandemic and international political uncertainties pose significant risks[128] - The post-pandemic era is leading to accelerated reshuffling in the wine industry, necessitating a focus on branding and increasing brand value to attract mainstream consumers[129][131] - The Group aims to leverage the trend of "domestic products" replacing "imported products" to capture greater market share[117] - The Group aims to deepen its digitization transformation and enhance the development and marketing of differentiated products leveraging the Tonghua production base[127]

INTERIM REPORT 2021 中期報告 China Tontine Wines Group Limited （於百慕達註冊成立之有限公司） 股份代號 : 389 中期報告 2021 目錄 目錄 財務概覽 2 公司資料 4 管理層討論及分析 6 企業管治及其他資料 22 簡明綜合財務報表審閱報告 26 簡明綜合損益及其他全面收益表 28 簡明綜合財務狀況表 29 簡明綜合權益變動表 30 簡明綜合現金流量表 31 簡明綜合財務報表附註 32 1 中國通天酒業集團有限公司 2021年中期報告 財務概覽 財務概覽 | --- | --- | --- | |----------------------------------------|---------------------------|-------------------------------------| | | 二零二一年 | 截至六月三十日止六個月 \n二零二零年 | | | 人民幣千元 （未經審核） | 人民幣千元 （未經審核） | | 盈利能力數據 | | | | 收益 | 64,492 | 56,088 | | 毛利（損） | 18, ...

Financial Performance - For the year ended December 31, 2020, the company reported revenue of RMB 107,881,000, a decrease of 67.6% compared to RMB 333,149,000 in 2019[7]. - The gross loss for 2020 was RMB (62,491,000), resulting in a gross margin of (57.93%), down from a gross profit margin of 22.2% in 2019[7]. - The total comprehensive loss attributable to owners of the company for 2020 was RMB (162,160,000), compared to a loss of RMB (813,000) in 2019[7]. - Basic and diluted loss per share for 2020 was RMB (0.04), compared to RMB (0.04) in 2019[7]. - The total revenue for the year ended December 31, 2020, was RMB 107,881,000, a decrease of nearly 68% year-on-year[51]. - The overall gross loss for the year was RMB 62,491,000, with a gross margin of -57.9%, a decline of 80.1 percentage points compared to the previous year[54]. - Sales and distribution expenses increased by 8.0% year-on-year to RMB 32,220,000, reflecting the impact of the pandemic on traditional marketing channels[54]. - The total sales cost for the year was RMB 170,372,000, a decrease of 34.2% year-on-year, primarily due to reduced production and sales activities[55]. Asset and Liability Management - Non-current assets decreased to RMB 190,920,000 in 2020 from RMB 226,922,000 in 2019[11]. - Current assets also decreased to RMB 349,283,000 in 2020 from RMB 529,102,000 in 2019[11]. - The current ratio improved to 8.1 in 2020 from 5.7 in 2019, indicating better short-term financial health[11]. Market and Industry Trends - In 2020, the group experienced a decline in both sales volume and revenue due to the impact of the COVID-19 pandemic, similar to many other wine companies[29]. - The pandemic led to a significant drop in consumer demand and consumption scenarios, prompting the group to adjust its marketing strategies targeting various consumer segments[30]. - The domestic wine industry faced challenges with declining production and import volumes, exacerbated by the pandemic, but this also provided opportunities for domestic wine brands[28]. - The group anticipates that the domestic wine industry will benefit from reduced competition from imported wines due to the pandemic, providing opportunities for market share growth[45]. Strategic Initiatives - The group implemented effective cost control and efficiency optimization strategies to minimize losses during the challenging market conditions[30]. - The group increased investment in media advertising and actively promoted online sales through popular live-streaming channels to expand its customer acquisition model[30]. - The group focused on brand promotion through various activities, including wine promotion events, to boost sales and reduce inventory[30]. - The group recognized the need for structural adjustments in the industry, with a shift towards brand consolidation and increased market concentration[28]. - The group aims to leverage the current market conditions to achieve self-growth and long-term strategic planning[28]. Digital Transformation and Product Development - In 2020, the group actively deepened its digital transformation, signing contracts with Ant Chain and 58 Youpin to leverage advantages in the wine industry chain, data, financial services, and new retail[32]. - The company aims to develop more personalized products, including ginseng wine and ice wine, to meet current consumer demands, with a total of 131 product offerings[60]. - The company is actively pursuing digital transformation and has partnered with Ant Chain and 58 Youpin to enhance its position in the wine industry[60]. - The company plans to utilize the regional advantages of Tonghua for raw materials and integrate with the new retail model of 58 Youpin for mutual benefits[32]. Consumer Behavior and Health Trends - The group is focusing on developing health-oriented products, such as ginseng liquor, which has received positive customer feedback[90]. - The company recognizes the shift towards health-conscious consumption, which is expected to benefit the wine industry in the long term[101]. Production and Sales Performance - The group produced a total of 5,011 tons of various products from its production bases in Tonghua, Jilin, and Baiyanghe, Shandong as of December 31, 2020[64]. - Sales revenue from sweet wine amounted to RMB 49,605,000, making up 46.0% of total revenue, although the production and sales volume declined due to the pandemic[87]. - The group achieved sales revenue of RMB 41,754,000 from dry wine, which accounted for 38.7% of total revenue, with both production and sales volume decreasing[88]. Governance and Management - The company has established a robust governance structure with independent non-executive directors overseeing audit and remuneration committees[116]. - The company is committed to maintaining high standards in financial management and compliance, supported by experienced financial professionals[115]. - The management team has extensive experience in the wine industry, with key members having over 30 years of experience in various management positions[120]. Employee and Shareholder Information - The total number of employees in Hong Kong and China as of December 31, 2020, was 370, a decrease from 460 in 2019, with total salary and related costs amounting to approximately RMB 16,943,000, down from RMB 29,712,000 in 2019[197]. - The company has a total of 2,013,018,000 issued shares as of December 31, 2020[183]. - Mr. Wang Guangyuan holds 495,178,720 shares, representing 24.60% of the company's total issued shares[182].

Financial Performance - Revenue for the six months ended June 30, 2020, was RMB 56,088,000, a decrease of 66.0% compared to RMB 164,854,000 for the same period in 2019[15]. - The total comprehensive loss attributable to owners of the company was RMB (70,881,000), compared to a profit of RMB 6,693,000 in the same period last year[15]. - Basic and diluted loss per share was RMB (3.5), compared to earnings of RMB 0.3 per share in 2019[15]. - The gross loss for the period was RMB (21,836,000), resulting in a gross loss margin of (38.9%), compared to a gross profit margin of 25.5% in 2019[15]. - The company reported a loss before tax of RMB 74,179,000, compared to a profit before tax of RMB 8,754,000 in the previous year[146]. - The gross loss for the same period was RMB 21,836,000, compared to a gross profit of RMB 42,018,000 in 2019[146]. - The total loss attributable to the company for the six months ended June 30, 2020, was RMB (70,881) thousand, compared to a profit of RMB 6,693 thousand for the same period in 2019[194]. Liquidity and Financial Ratios - Current ratio improved to 9.6 as of June 30, 2020, compared to 5.7 at the end of 2019[20]. - Quick ratio also improved to 5.9 from 3.5 in the previous year[20]. - As of June 30, 2020, the company had cash and cash equivalents of approximately RMB 161,525,000, ensuring sufficient financial resources for business development and operational needs[104]. - The total current assets were RMB 412,142,000, down 22.1% from RMB 529,102,000 in the previous year[150]. - The net current assets decreased to RMB 369,126,000, compared to RMB 436,356,000 as of December 31, 2019, reflecting a decline of 15.4%[150]. - The total liabilities decreased to RMB 43,016,000 from RMB 92,746,000, indicating a reduction of 53.6%[150]. Operational Efficiency - Inventory turnover days increased to 471 days, while trade receivables turnover days were 312 days[20]. - The average inventory turnover days increased to approximately 471 days from 388 days in the previous year, indicating longer inventory realization times[79]. - Trade receivables amounted to RMB 83,075,000, with a turnover period of 312 days as of June 30, 2020[80]. - The company’s raw material costs decreased by approximately 29.9% to RMB 66,947,000, accounting for about 85.9% of total sales costs[49]. - The total sales cost for the period was RMB 77,924,000, reflecting a decline of 36.6% compared to the previous year[49]. Market and Sales Performance - For the first half of 2020, the company recorded total revenue of RMB 56,088,000, with sweet and dry wines accounting for 88.6% of total revenue[42]. - Sweet wine sales generated RMB 32,364,000, making up 57.7% of total revenue, although sales volume declined due to the pandemic[83]. - Dry wine sales amounted to RMB 17,313,000, accounting for 30.9% of total revenue, with both sales volume and revenue decreasing year-on-year due to production impacts from the pandemic[85]. - The group recorded total revenue of RMB 16,396,000 in the East China region, accounting for 29.2% of total revenue, while the Northeast region generated RMB 13,411,000, representing 23.9% of total revenue, an increase of 4.3 percentage points year-on-year[75]. - The company experienced a significant drop in wine production, with a reported production volume of 12.7 million liters in the first half of 2020, a decrease of 30.2%[38]. Marketing and Strategic Initiatives - The company is focusing on enhancing its market presence and exploring new product development strategies[15]. - The pandemic has accelerated the shift towards online customer acquisition, with increased marketing investments in digital channels[41]. - The group enhanced its marketing strategies by leveraging new media platforms and live streaming to boost sales during the pandemic[55]. - The company is leveraging the current market changes to enhance brand promotion through innovative marketing strategies, including online sales and promotional events[46]. - The company plans to launch ginseng-infused wine products in the second half of the year, capitalizing on the health-conscious trend among consumers[93]. Human Resources and Compensation - The total workforce employed by the company in Hong Kong and China as of June 30, 2020, was 381, down from 460 as of December 31, 2019[107]. - Total salary and related costs, including directors' remuneration, amounted to RMB 7,879,000 for the period, compared to RMB 12,412,000 for the same period in 2019, representing a decrease of approximately 36.5%[107]. - The company has implemented a competitive compensation package for employees, including training, medical insurance, and retirement benefits[107]. - The company encourages employees to participate in external professional and technical seminars to enhance their skills and market awareness[107]. - The company regularly reviews its human resources and compensation policies based on local laws, market conditions, and individual performance evaluations[107]. Shareholder Information - The company’s major shareholder, Mr. Wang Guangyuan, holds 675,582,720 shares, representing 33.56% of the total issued shares as of June 30, 2020[120]. - Major shareholders include 上昇國際 with a beneficial ownership of 675,582,720 shares, representing 33.56% of the company[126]. - The company maintained a sufficient public float of at least 25% of its issued share capital since its listing[133]. - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[135]. Governance and Compliance - The company has adopted the corporate governance code and has complied with its principles, with the exception of the separation of the roles of chairman and CEO[136]. - The stock option plan adopted in 2009 was terminated after the adoption of a new plan in 2019, with no new options granted under the former plan[111]. - The company has adopted a stock option plan to incentivize employees, with a total of 266,200,000 shares available for issuance upon exercise of options, accounting for about 13.22% of the total issued shares as of June 30, 2020[116].