证券代码：000869、200869 证券简称：张裕 A、张裕 B 公告编号：2020－临 38 烟台张裕葡萄酿酒股份有限公司 关于参加山东辖区上市公司 2020 年度投资者 网上集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为进一步加强与投资者的互动交流工作，构建和谐投资者关系，切实提高 上市公司透明度和治理水平，烟台张裕葡萄酿酒股份有限公司（以下简称"公 司"）定于 2020 年 9 月 29 日（星期二）下午 15:00-16:55 参加山东上市公司 协会举办的"山东辖区上市公司 2020 年度投资者网上集体接待日"活动，现 将有关事项公告如下： 本次投资者网上集体接待日活动将通过网上平台采取网络远程的方式举 行，活动网址：全景·路演天下 http://rs.p5w.net。投资者可以登录活动网 址参与本次活动。 届时公司副总经理、董事会秘书姜建勋先生、证券事务代表李廷国先生将 通过网络在线交流形式与投资者就公司治理、发展战略、经营状况和可持续发 展等投资者关注的问题进行沟通，欢迎广大投资者 ...

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 1,401,606,792, a decrease of 45.21% compared to the same period last year[9]. - The net profit attributable to shareholders was CNY 307,035,572, down 49.12% year-on-year[9]. - The net profit after deducting non-recurring gains and losses was CNY 266,766,849, reflecting a decline of 51.72% compared to the previous year[9]. - The basic earnings per share decreased to CNY 0.45, down 48.86% from CNY 0.88 in the same period last year[9]. - The net cash flow from operating activities was negative at CNY -29,652,821, a significant drop of 105.94% compared to CNY 499,476,006 in the previous year[9]. - The company's revenue for the first half of 2020 was 1,401.61 million yuan, a decrease of 45.21% compared to the same period last year[19]. - The net profit attributable to shareholders of the parent company was 307.04 million yuan, down 49.12% year-on-year[19]. - The company's domestic business revenue was CNY 1,183,622,477, accounting for 84.45% of total revenue, down 49.22% from CNY 2,330,780,056 in the previous year[29]. - The company's revenue from the wine and alcoholic beverage manufacturing industry was CNY 1,401,606,792, a decrease of 45.21% compared to the same period last year[30]. - The gross profit margin for the wine segment was 60.05%, down 4.68% year-on-year[30]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 13,286,972,498, a decrease of 2.64% from the end of the previous year[9]. - The net assets attributable to shareholders were CNY 10,131,114,317, down 1.72% from CNY 10,308,910,198 at the end of the previous year[9]. - Cash and cash equivalents at the end of the reporting period were CNY 1,476,207,055, accounting for 11.11% of total assets, down from 13.81% the previous year[33]. - Inventory increased to CNY 2,936,133,260, representing 22.10% of total assets, up from 19.48% year-on-year[33]. - Total liabilities decreased to CNY 2,886,303,003 from CNY 3,069,094,638, a reduction of about 5.96%[87]. - The company's long-term borrowings increased to CNY 218,613,336 from CNY 128,892,501, representing a growth of about 69.73%[87]. - The total equity attributable to shareholders decreased to CNY 10,131,114,317 from CNY 10,308,910,198, a decline of approximately 1.72%[87]. Investment and Capital Expenditure - The total investment during the reporting period was CNY 180,460,000, a decrease of 14.07% from CNY 210,000,000 in the same period last year[36]. - The company acquired a 15% stake in the Spanish Eo Group for CNY 40,460,000[36]. - The company has ongoing major non-equity investments, with a total actual investment of CNY 3,672,745,100[38]. - The company is in the process of constructing several projects, including the Zhangyu International Wine City, with cumulative actual investment reaching CNY 1,679,054,100[38]. Marketing and Sales Strategy - The company has established a marketing network covering the entire country, consisting of a "three-level" marketing network system[17]. - The company has implemented a brand positioning strategy, categorizing its brands into strategic, key, cooperative, and independent brands[21]. - The company has actively assisted distributors to accelerate product sales amid the pandemic, maintaining communication to ensure normal business operations[20]. - The company plans to enhance digital marketing transformation by collaborating with Tencent to develop brand mini-programs and smart retail mini-programs, aiming to expand online sales channels[26]. - The company's marketing strategy is shifting towards digital channels to counteract the impact of the pandemic on traditional sales methods[44]. Risk Management - The company anticipates a potential loss or significant fluctuation in net profit for the period from January to September 2020, primarily due to market uncertainties[43]. - The company is facing risks related to raw material price fluctuations, market input-output uncertainties, and product transportation challenges, and has outlined strategies to mitigate these risks[43][44]. Corporate Governance and Compliance - The company plans not to distribute cash dividends or issue bonus shares for this period[4]. - The semi-annual financial report has not been audited[51]. - The company has not experienced any major litigation or arbitration matters during the reporting period[52]. - There were no significant penalties or rectification situations reported during the period[53]. - The company did not implement any stock incentive plans or employee stock ownership plans during the reporting period[54]. Shareholder Information - The total number of unrestricted shares is 685,464,000, with 66.15% being RMB ordinary shares and 33.85% being foreign shares listed domestically[76]. - The largest shareholder, Yantai Zhangyu Group Co., Ltd., holds 50.40% of the ordinary shares, totaling 345,473,856 shares[79]. - The company has 44,334 ordinary shareholders at the end of the reporting period[79]. - No changes occurred in the controlling shareholder or actual controller during the reporting period[82]. Environmental and Social Responsibility - The company has established a complete emergency plan for environmental incidents[74]. - The company has no significant environmental pollution issues and complies with national standards for emissions[73]. - The company has no plans or achievements related to targeted poverty alleviation during the reporting period[75]. Accounting Policies and Financial Reporting - The financial statements comply with the accounting standards issued by the Ministry of Finance and reflect the company's financial position accurately[110]. - The company has maintained its accounting policies and estimates in accordance with the revised accounting standards, ensuring compliance and accuracy in financial reporting[192]. - The company has not made any significant changes to its key accounting estimates during the reporting period[193].

Financial Performance - The company's operating revenue for Q1 2020 was ¥800,586,544, a decrease of 51.99% compared to ¥1,667,424,758 in the same period last year[2]. - Net profit attributable to shareholders was ¥233,129,459, down 48.92% from ¥456,381,471 year-on-year[2]. - Basic and diluted earnings per share were both ¥0.34, representing a decrease of 49.25% from ¥0.67 in the same period last year[2]. - Total operating revenue for Q1 2020 was CNY 800,586,544, a decrease of 52% compared to CNY 1,667,424,758 in the same period last year[20]. - Net profit for Q1 2020 was CNY 310,452,612, compared to CNY 612,086,634 in Q1 2019, reflecting a decline of 49%[20]. - The total profit for the current period is -5,360,170 yuan, down from 5,083,895 yuan in the previous period[24]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥117,099,945, a decline of 139.74% compared to ¥294,678,342 in the previous year[2]. - The operating cash flow for the current period is -117,099,945 yuan, a decrease from 294,678,342 yuan in the previous period[26]. - The total cash and cash equivalents at the end of the period decreased to 486,432,175 RMB from 794,019,846 RMB in the previous period, indicating a significant reduction in liquidity[29]. - Cash and cash equivalents decreased to CNY 1,357,943,341 from CNY 1,565,783,980, representing a decline of approximately 13.25%[13]. - The cash inflow from sales of goods and services was 115,544,590 RMB, down from 171,139,612 RMB in the previous period, reflecting a decrease in revenue generation[28]. Assets and Liabilities - Total assets at the end of the reporting period were ¥13,447,791,010, a decrease of 1.47% from ¥13,647,932,568 at the end of the previous year[2]. - The company's total liabilities decreased by 1.47%, while net assets attributable to shareholders increased by 2.19% to ¥10,534,302,179[2]. - Total liabilities decreased to CNY 804,626,879 from CNY 962,626,128, a decline of about 16%[19]. - The company's current assets totaled CNY 5,199,771,160, down from CNY 5,380,262,056 at the end of 2019, indicating a decrease of about 3.36%[13]. - Total liabilities amounted to CNY 3,069,094,638[33]. Expenses - Sales expenses decreased by 68.55% due to reduced marketing activities amid the COVID-19 pandemic[8]. - Financial expenses increased by 193.12% as the company did not receive bank loan interest subsidies in the current period[8]. - Research and development expenses for Q1 2020 were CNY 717,857, down from CNY 990,219 in Q1 2019, indicating a reduction of approximately 27%[20]. - The company reported a decrease in sales expenses and management expenses, with management expenses at 18,193,114 yuan compared to 20,122,062 yuan in the previous period[24]. - The company’s financial expenses for the current period are -6,073,212 yuan, compared to -4,343,667 yuan in the previous period[24]. Shareholder Information - The company had a total of 45,626 common shareholders at the end of the reporting period, with the largest shareholder, Yantai Zhangyu Group Co., Ltd., holding 50.40% of the shares[5]. - The total equity attributable to shareholders increased to CNY 10,534,302,179 from CNY 10,308,910,198, representing a growth of approximately 2.2%[16]. - The company's retained earnings as of March 31, 2020, were CNY 8,953,028,818, an increase from CNY 8,719,899,359 at the end of 2019[16]. Accounting and Reporting - The company reported a 100% decrease in advance receipts due to the implementation of new accounting standards starting January 1, 2020[8]. - The report was not audited, indicating that the figures may be subject to change upon final review[36]. - The company has not engaged in any securities investments, entrusted financial management, or derivative investments during the reporting period[12].

Financial Performance - The company's operating revenue for 2019 was CNY 5,031,011,489, a decrease of 2.16% compared to CNY 5,142,244,740 in 2018[10]. - The net profit attributable to shareholders for 2019 was CNY 1,129,735,749, an increase of 8.35% from CNY 1,042,632,929 in 2018[10]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 892,075,931, a decrease of 7.60% compared to CNY 965,426,238 in 2018[10]. - The net cash flow from operating activities was CNY 837,838,024, down 14.15% from CNY 975,978,746 in 2018[10]. - The basic earnings per share for 2019 was CNY 1.65, an increase of 8.55% from CNY 1.52 in 2018[10]. - The total operating revenue for the wine and alcohol beverage manufacturing industry was CNY 5,031,011,489, with a year-on-year decrease of 2.16%[26]. - The gross profit margin for the wine segment was 63.45%, reflecting a slight decrease of 0.03% compared to the previous year[26]. - The sales volume of wine decreased by 14.83% to 95,902 tons in 2019[27]. - The company reported a net profit margin of 12%, which is an improvement from 10% in the previous year[121]. Assets and Liabilities - The total assets at the end of 2019 were CNY 13,647,932,568, an increase of 4.04% from CNY 13,117,729,052 at the end of 2018[10]. - The total liabilities decreased to RMB 3.07 billion in 2019, down from RMB 3.23 billion in 2018, indicating a reduction of approximately 4.93%[164]. - Shareholders' equity increased to RMB 10.58 billion in 2019, compared to RMB 9.89 billion in 2018, marking a growth of about 7.00%[165]. - The company's total assets as of December 31, 2019, were RMB 10,578,837,930, compared to RMB 9,890,487,377 at the end of 2018, indicating a growth of about 6.9%[187]. Cash Flow - Operating cash inflow decreased by 5.86% to ¥4,782,456,490 compared to ¥5,080,363,769 in 2018[37]. - Cash flow from operating activities in 2019 was RMB 837,838,024, a decline of 14.1% from RMB 975,978,746 in 2018[181]. - Cash inflow from operating activities totaled RMB 4,782,456,490, a decrease of 5.9% from RMB 5,080,363,769 in 2018[180]. - Cash flow from investing activities showed a net outflow of RMB 208,162,437, improving from a net outflow of RMB 507,848,549 in 2018[181]. Dividends - The company plans to distribute a cash dividend of CNY 7 per 10 shares to all shareholders[5]. - For the 2019 fiscal year, the proposed cash dividend is 7 RMB per 10 shares, amounting to 479,824,800 RMB, which is 42.47% of the net profit attributable to shareholders[59]. - The company distributed dividends totaling RMB 411,278,400 to shareholders in 2019, compared to RMB 342,732,000 in 2018, reflecting an increase of approximately 20%[191]. Research and Development - The company increased R&D expenses by 26.27% due to growth in technology development expenditures[21]. - The company is investing 50 million RMB in R&D for new wine technologies aimed at enhancing flavor profiles and production efficiency[121]. Market and Sales - The sales revenue from wine decreased by 4.16% to CNY 3,833,828,384, accounting for 76.20% of total revenue[25]. - Domestic sales accounted for 89.10% of total revenue, while international sales decreased by 16.35% to CNY 548,598,218[25]. - The company launched several new products, including new versions of "Raina Castle" and "Kaste," which received positive market feedback[23]. Corporate Governance - The company has a clear cash dividend policy that aligns with its articles of association and shareholder resolutions, ensuring transparency and compliance[58]. - The company has established a comprehensive performance evaluation system that effectively links employee income to work performance[134]. - The company has maintained effective internal control over financial reporting as of December 31, 2019, in all material respects according to the Basic Norms for Enterprise Internal Control[150]. Environmental and Social Responsibility - The company has established a wastewater treatment plant that processes production and domestic wastewater before discharge[92]. - The company has helped build approximately 300 acres of wine grape vineyards in collaboration with local government for poverty alleviation[89]. Future Outlook - The company aims to achieve an operating revenue of no less than 3.7 billion RMB in 2020, with main business costs and three period expenses controlled below 2.8 billion RMB[50]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[121]. - The company is considering strategic acquisitions to enhance its distribution network, with a budget of 100 million RMB allocated for potential deals[121].

Financial Performance - Operating revenue for the reporting period was CNY 968,100,175, a decrease of 6.22% year-on-year[3] - Net profit attributable to shareholders was CNY 125,557,834, down 6.24% compared to the same period last year[3] - The net profit after deducting non-recurring gains and losses was CNY 119,702,422, an increase of 8.31% year-on-year[3] - Basic earnings per share for the reporting period was CNY 0.18, a decrease of 5.26% compared to the same period last year[3] - The weighted average return on net assets was 1.31%, a decrease of 0.12% year-on-year[3] - Total operating revenue for Q3 2019 was CNY 968,100,175, a decrease of 6.2% compared to CNY 1,032,328,986 in the same period last year[22] - Net profit for Q3 2019 was CNY 125,598,555, a decline of 6.2% from CNY 133,896,898 in Q3 2018[23] - Total operating revenue for the current period was CNY 3,526,374,960, a decrease of 8.66% compared to CNY 3,860,559,050 in the previous period[29] - Net profit for the current period was CNY 727,776,870, a decrease of 5.48% from CNY 769,898,635 in the previous period[30] - Comprehensive income totalled CNY 706,325,494, a decrease of 9.26% compared to CNY 778,529,345 in the previous period[30] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 13,191,032,907, an increase of 0.56% compared to the previous year[3] - Total assets as of September 30, 2019, amounted to CNY 13.19 billion, an increase from CNY 13.12 billion at the end of 2018[18] - Non-current assets totaled CNY 8.10 billion, slightly down from CNY 8.10 billion at the end of 2018[18] - Current liabilities decreased to CNY 2.57 billion from CNY 2.75 billion year-over-year[17] - Total liabilities were CNY 3.02 billion, down from CNY 3.23 billion in the previous year[17] - The company reported a total liability of ¥3,227,241,675, with current liabilities at ¥2,746,148,474 and non-current liabilities at ¥481,093,201[41] - Total liabilities were CNY 991,189,980, with current liabilities at CNY 979,568,487[45] Cash Flow - The company reported a net cash flow from operating activities of CNY 645,331,713, down 16.93% year-on-year[3] - Cash inflows from operating activities totaled CNY 3,486,966,495, a decrease of 10.0% from CNY 3,874,462,711 in the previous year[34] - Net cash generated from operating activities was CNY 645,331,713, down 17.0% from CNY 776,840,794 in the prior year[34] - Cash outflows from investing activities amounted to CNY 315,542,087, compared to CNY 640,216,165 in the previous period, showing a reduction of 50.7%[35] - The ending balance of cash and cash equivalents was CNY 1,261,515,183, slightly down from CNY 1,262,842,068 in the previous year[35] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 42,639[5] - The largest shareholder, Yantai Changyu Group Co., Ltd., holds 50.40% of the shares[5] - Owner's equity increased to CNY 10.17 billion from CNY 9.89 billion year-over-year[18] - The equity attributable to shareholders was ¥9,606,099,365, with retained earnings of ¥8,008,982,547 as of the end of 2018[41] Expenses - Total operating costs decreased to CNY 799,392,634, down 9.2% from CNY 880,955,872 year-over-year[22] - Research and development expenses were CNY 1,149,179, significantly lower than CNY 2,940,503 in the same quarter last year, indicating a reduction of 60.9%[22] - The company reported a decrease in sales expenses to CNY 315,345,327 from CNY 357,743,961, a reduction of 11.9%[22] - Research and development expenses decreased to CNY 3,855,990, down 23.93% from CNY 5,067,509 in the previous period[29] - Sales expenses were CNY 907,316,128, a decrease of 15.09% compared to CNY 1,068,402,994 in the previous period[29] Other Financial Metrics - Non-recurring gains and losses for the year-to-date amounted to CNY 56,768,506[4] - Interest income rose by 187.05%, driven by an increase in time deposits and notice deposits[7] - Asset impairment losses surged by 739.26%, primarily due to inventory write-downs[7] - Other comprehensive income after tax was CNY -16,794,085, compared to CNY 19,757,123 in the previous year, indicating a significant change in financial performance[23] - Total comprehensive income for Q3 2019 was CNY 108,804,470, down from CNY 153,654,021 in Q3 2018, reflecting a decrease of 29.2%[23]

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 2,558,274,785, a decrease of 9.55% compared to CNY 2,828,230,064 in the same period last year[9]. - The net profit attributable to shareholders of the listed company was CNY 603,403,789, down 5.10% from CNY 635,837,405 in the previous year[9]. - The net profit after deducting non-recurring gains and losses was CNY 552,490,695, representing an 8.93% decrease from CNY 606,678,719 in the same period last year[9]. - The net cash flow from operating activities was CNY 499,476,006, a decline of 9.64% compared to CNY 552,753,472 in the previous year[9]. - The basic earnings per share for the first half of 2019 were CNY 0.88, down 5.38% from CNY 0.93 in the same period last year[9]. - The total comprehensive income for the period was CNY 260,729,478, a decrease from CNY 318,765,170 in the previous period, representing a decline of approximately 18.2%[96]. - The company reported a total profit of CNY 812,459,893, a decrease of 4.2% compared to CNY 847,981,472 in the previous year[93]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 13,383,093,433, an increase of 2.02% from CNY 13,117,729,052 at the end of the previous year[9]. - The company's total liabilities reached CNY 3,311,010,349, up from CNY 3,227,241,675, indicating an increase of about 2.6%[87]. - The company's equity attributable to shareholders reached CNY 9,791,885,091, compared to CNY 9,606,099,365, reflecting an increase of about 1.93%[87]. - The total owner's equity increased to CNY 10,072,083,084 from CNY 9,890,487,377, showing a growth of approximately 1.84%[87]. Cash Flow - Cash inflows from operating activities amounted to CNY 2,487,372,339, down from CNY 2,748,820,679, indicating a decrease of about 9.5%[97]. - The net cash flow from operating activities was CNY 499,476,006, compared to CNY 552,753,472 in the previous period, reflecting a decline of approximately 9.6%[97]. - Cash inflows from financing activities were CNY 656,495,139, compared to CNY 693,427,137 in the previous period, reflecting a decrease of about 5.3%[98]. - The ending cash and cash equivalents balance was CNY 1,573,727,077, an increase from CNY 1,428,670,462 in the previous period, representing a growth of approximately 10.1%[98]. Investment and Development - The company has completed the layout of production capacity in major wine-producing countries including China, France, Chile, Spain, and Australia[19]. - The company has established a joint venture in France to improve management and operational levels in the French wine business[23]. - The company invested CNY 110 million in the construction of the Yantai Zhangyu International Wine City blending and freezing center, with a cumulative investment of CNY 1.486 billion[33]. - The company is currently developing several projects, including the construction of a brandy winery and a research center, with varying completion percentages[34]. Market Position and Strategy - The company remains a leader in the domestic wine industry despite short-term market fluctuations and downward pressure in the Chinese wine market[14]. - The company has implemented a "three focuses" strategy, concentrating resources on key brands, which has helped mitigate the decline in wine sales[21]. - The company aims to achieve an annual revenue target of no less than 5.3 billion RMB for the year, despite facing increased downward pressure in the domestic wine market[26]. - The company has established a marketing network covering the entire country, enhancing its marketing and market expansion capabilities[18]. Research and Development - Research and development investment increased by 27.26% to 2,706,811 RMB, reflecting the company's commitment to enhancing its research capabilities[27]. - The company has a strong research and development system, supported by a national-level wine research center, enhancing product innovation capabilities[18]. Inventory and Costs - The inventory at the end of the reporting period was 2,606,781,436 RMB, representing 19.48% of total assets, primarily due to an increase in raw wine and other products[31]. - The gross profit margin for the wine and alcoholic beverage manufacturing industry was 63.40%, with a slight decrease of 2.14% compared to the previous year[29]. - The company reduced sales expenses by 16.70% to 591,970,801 RMB, attributed to lower marketing and trademark usage fees[27]. Corporate Governance and Compliance - The company has not engaged in any securities or derivative investments during the reporting period[35]. - The company has not experienced any major litigation or arbitration matters during the reporting period[51]. - The financial report for the first half of 2019 has not been audited[84]. - The company has no equity incentive plans or employee stock ownership plans in place during the reporting period[54]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 42,531[76]. - The largest shareholder, Yantai Zhangyu Group Co., Ltd., holds 50.40% of the shares, totaling 345,473,856 shares[75]. - The company has not distributed cash dividends or bonus shares for the half-year period, nor has it increased capital using reserves[43]. Environmental and Social Responsibility - The company plans to assist in building a total of 300 acres of wine grape vineyards by 2021 as part of its poverty alleviation efforts[72]. - The company has established a grape cooperative with local government to support farmers and increase their income[73]. - There are no significant environmental protection issues reported during the period[72].

Financial Performance - The company's operating revenue for Q1 2019 was CNY 1,667,424,758, a decrease of 7.57% compared to CNY 1,804,057,976 in the same period last year[2] - Net profit attributable to shareholders was CNY 456,381,471, down 4.81% from CNY 479,444,238 year-on-year[2] - The net profit after deducting non-recurring gains and losses was CNY 450,709,661, a decrease of 3.32% compared to CNY 466,181,564 in the previous year[2] - Basic and diluted earnings per share were both CNY 0.67, a decline of 4.29% from CNY 0.70 in the previous year[2] - The company reported a total comprehensive income of CNY 447,035,149 for Q1 2019, compared to CNY 471,696,356 in Q1 2018[20] - The company's total profit for Q1 2019 was CNY 613,346,197, a decrease of 3.5% from CNY 637,054,857 in Q1 2018[18] Cash Flow - The net cash flow from operating activities was CNY 294,678,342, down 41.91% from CNY 507,263,964 in the same period last year[2] - The total cash inflow from operating activities was CNY 1,563,610,240, a decrease of 12.7% compared to CNY 1,791,710,450 in the previous period[23] - Cash outflow for purchasing goods and services was CNY 461,343,969, an increase of 10.1% from CNY 418,799,244 in the previous period[23] - The cash inflow from investment activities was CNY 27,261,986, significantly lower than CNY 297,460 in the previous period[24] - The net cash flow from investment activities was -CNY 107,477,015, compared to -CNY 515,131,203 in the previous period, indicating an improvement[24] - Cash inflow from financing activities was CNY 78,214,913, down 19.1% from CNY 96,644,015 in the previous period[24] - The net cash flow from financing activities was CNY 5,106,454, a decrease of 44.5% from CNY 9,229,771 in the previous period[24] - The total cash and cash equivalents at the end of the period was CNY 1,398,700,011, an increase from CNY 1,181,680,397 at the end of the previous period[24] - The company reported a net increase in cash and cash equivalents of CNY 191,839,677, compared to a net increase of CNY 791,123 in the previous period[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 13,317,351,339, an increase of 1.52% from CNY 13,117,729,052 at the end of the previous year[2] - Current liabilities decreased to CNY 2.51 billion from CNY 2.75 billion, a reduction of approximately 8.6%[14] - Total liabilities decreased to CNY 2.98 billion from CNY 3.23 billion, a decline of about 7.6%[14] - The company's equity attributable to shareholders increased to CNY 10.06 billion from CNY 9.61 billion, reflecting a growth of 4.7%[14] - The total non-current assets amounted to CNY 8.05 billion, slightly down from CNY 8.10 billion, a decrease of 0.6%[13] Shareholder Information - The top shareholder, Yantai Zhangyu Group Co., Ltd., holds 50.40% of the shares, totaling 345,473,856 shares[5] - Net assets attributable to shareholders increased by 4.68% to CNY 10,055,194,755 from CNY 9,606,099,365 at the end of the previous year[2] Operational Highlights - Operating revenue decreased by 7.57% year-over-year, attributed to a strategic focus on high-quality and mid-to-high-end products, leading to a significant decline in low-end wine sales[7] - Sales expenses decreased by 14.90%, primarily due to a reduction in advertising costs[7] - Research and development expenses were CNY 990,219, a decrease of 11.6% from CNY 1,120,457 in the same quarter last year[18] - The company anticipates potential significant changes in net profit for the first half of 2019 compared to the same period last year[11] Miscellaneous - The company received government subsidies amounting to CNY 6,172,178 during the reporting period[3] - There were no significant non-recurring gains or losses defined as regular income during the reporting period[3] - The accumulated difference in trademark usage fees from 2013 to present amounts to ¥231,768,615, with commitments to offset this amount against future fees[10] - The company did not conduct an audit for the first quarter report[28]

Financial Performance - The total revenue for 2018 was CNY 5,142,244,740, representing a 4.25% increase from CNY 4,932,545,229 in 2017[11]. - The net profit attributable to shareholders for 2018 was CNY 1,042,632,929, a slight increase of 1.06% compared to CNY 1,031,695,056 in 2017[11]. - The net profit after deducting non-recurring gains and losses was CNY 965,426,238, showing a decrease of 2.10% from CNY 986,095,872 in 2017[11]. - The basic earnings per share for 2018 was CNY 1.52, up by 0.66% from CNY 1.51 in 2017[11]. - The total operating revenue of CNY 5,142.24 million in 2018, representing a growth of 4.25% compared to the previous year[22]. - The net profit attributable to shareholders of the listed company was CNY 1,042.63 million, an increase of 1.06% year-on-year[22]. - The company achieved operating revenue of CNY 5,142,244,740, a year-on-year increase of 4.25%[24]. - The net profit attributable to shareholders was CNY 104,263,000, reflecting a growth of 1.06% compared to the previous year[24]. Assets and Liabilities - The total assets at the end of 2018 were CNY 13,117,729,052, reflecting a 4.63% increase from CNY 12,536,755,208 at the end of 2017[11]. - The net assets attributable to shareholders increased by 7.86% to CNY 9,606,099,365 from CNY 8,906,342,299 in 2017[11]. - Total liabilities decreased to RMB 3,227,241,675 in 2018 from RMB 3,358,776,530 in 2017, showing a reduction of about 3.90%[143]. - Current liabilities amounted to RMB 2,746,148,474 in 2018, down from RMB 2,819,258,306 in 2017, reflecting a decrease of approximately 2.58%[143]. - The company maintained a strong liquidity position with a current ratio improvement, as current assets outpaced current liabilities[142][143]. Cash Flow - The cash flow from operating activities for 2018 was CNY 975,978,746, a marginal increase of 0.28% from CNY 973,243,027 in 2017[11]. - The total cash inflow from operating activities was ¥5,080,363,769, reflecting a year-on-year increase of 2.31%[37]. - The cash flow from financing activities resulted in a net outflow of RMB 432,307,552, compared to a net outflow of RMB 243,101,427 in 2017[149]. - The total cash and cash equivalents at the end of 2018 were RMB 1,206,860,334, up from RMB 1,180,889,274 at the end of 2017[149]. Market and Product Strategy - The company is focusing on high-end products and optimizing its product structure to adapt to market changes[22]. - The company launched several new products, including the ninth generation Cabernet Sauvignon and various aged brandies, which received positive market feedback[24]. - The company eliminated 134 wine products to focus marketing resources on mid-to-high-end wines and brand promotion, resulting in varying degrees of revenue growth in these segments[25]. - The company plans to accelerate new product launches, including new brands of wine and high-end brandy, to enhance market competitiveness[50]. Research and Development - Research and development expenses rose by 10.72%, driven by increased technology development expenditures in 2018[23]. - The company is investing 100 million RMB in R&D for new technologies in wine production, aiming to enhance product quality and efficiency[102]. Dividend and Shareholder Relations - The company plans to distribute a cash dividend of CNY 6 per 10 shares, totaling CNY 411,558,840 based on the total share capital of 685,464,000 shares[4]. - The cash dividend distribution was successfully implemented in mid-July 2018, consistent with the proposal approved at the shareholders' meeting[53]. - The company has maintained a consistent cash dividend distribution, with 33.22% in 2017 and 34.89% in 2016[54]. - The company has engaged in investor relations activities, receiving 21 individual investors and 7 institutions during the reporting period[52]. Competitive Position and Market Challenges - The company faced challenges in the domestic wine market, with both imported and domestic wine sales declining[22]. - The company holds a significant competitive advantage with over 120 years of brand heritage and strong brand recognition[20]. - The company anticipates a challenging market environment due to increased competition and rising costs, but sees long-term growth potential in the wine industry driven by changing consumer preferences[46]. Management and Governance - The company reported a change in leadership with Zhou Hongjiang becoming the chairman and Sun Jian appointed as the general manager on January 10, 2018[97]. - The company has maintained a stable board composition with no changes in shareholding among directors throughout the reporting period[95]. - The company has a total of 5 independent directors, accounting for approximately one-third of the board, ensuring compliance with legal and regulatory requirements[112]. Compliance and Internal Control - The company maintained effective internal control over financial reporting as of December 31, 2018, according to the internal control audit report[129]. - The audit opinion issued by Deloitte Huayong was a standard unqualified opinion, confirming the fair presentation of the financial statements[130]. - There were no significant deficiencies identified in the internal control evaluation for both financial and non-financial reports[129]. Future Outlook - The company aims to achieve a revenue of no less than ¥5.3 billion in 2019, with main business costs and expenses controlled below ¥3.7 billion[48]. - The company plans to invest CNY 3.02 million in employee training in 2019, focusing on both general and specialized training for various levels of staff[108].

Financial Performance - Net profit attributable to shareholders decreased by 8.35% to CNY 133,916,250 for the reporting period[8] - Revenue for the reporting period was CNY 1,032,328,986, a slight increase of 0.14% year-on-year[8] - The weighted average return on net assets was 1.43%, down by 0.25% compared to the previous year[8] - Cash flow from operating activities for the year-to-date was CNY 776,840,794, a decrease of 3.69%[8] - There are no significant changes in the expected cumulative net profit for the year compared to the same period last year, indicating stability in financial performance[23] Assets and Liabilities - Total assets increased by 2.96% to CNY 12,907,492,685 compared to the end of the previous year[8] - Accounts receivable decreased by 17.80%, while prepayments increased by 49.29% due to higher packaging material payments[18] - Goodwill increased by 28.92% due to the acquisition of an Australian winery[18] Financial Management - Financial expenses rose by 14.93% primarily due to the consolidation of newly acquired foreign enterprises[19] - Other income increased by 124.23% mainly from government subsidies[19] - The company has not engaged in any securities investments during the reporting period, reflecting a conservative investment strategy[24] - There were no entrusted financial management activities during the reporting period, indicating a focus on core operations[24] - The company has not participated in any derivative investments during the reporting period, further emphasizing its risk-averse approach[24] - There were no violations regarding external guarantees during the reporting period, showcasing financial integrity[26] - The company did not experience any non-operating fund occupation by controlling shareholders or related parties during the reporting period, ensuring financial independence[27] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 39,225, with the largest shareholder holding 50.40%[12] Corporate Governance - The company has committed to non-competition agreements since May 18, 1997, and has been fulfilling these commitments continuously[21] - The company conducted an on-site investigation on July 2, 2018, with institutional investors, indicating active engagement with stakeholders[25]

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 2,828,230,064, representing a 2.21% increase compared to CNY 2,767,098,197 in the same period last year[18]. - The net profit attributable to shareholders of the listed company decreased by 5.11% to CNY 635,837,405 from CNY 670,069,054 year-on-year[18]. - The basic earnings per share decreased by 5.10% to CNY 0.93 from CNY 0.98 in the same period last year[18]. - The company reported a total profit of CNY 847,981,472, a decrease of 5.6% compared to CNY 898,763,547 in the same period last year[122]. - The company’s total comprehensive income for the first half of 2018 was CNY 624,875,324, down from CNY 671,778,498 in the same period last year[122]. Cash Flow and Investments - The net cash flow from operating activities increased by 31.50% to CNY 552,753,472 compared to CNY 420,360,319 in the previous year[18]. - The total cash inflow from operating activities was CNY 2,748,820,679, an increase of 6.7% compared to CNY 2,576,232,122 in the previous period[124]. - The cash outflow from investment activities totaled CNY 599,030,693, a decrease of 25.2% from CNY 800,803,652 in the previous period[125]. - The company reported a significant increase in investment income to CNY 312,409,576 from CNY 66,127,980 in the previous year[123]. - The company completed the acquisition of 80% of Kilikanoon Winery in Australia for CNY 101,452,936.55, with an expected return of CNY 6,763,529[54]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 13,038,507,425, a 4.00% increase from CNY 12,536,755,208 at the end of the previous year[18]. - The total liabilities decreased to CNY 3,218,866,622 from CNY 3,358,776,530, showing a decline of around 4.16%[116]. - Current liabilities decreased to CNY 2,704,692,094 from CNY 2,819,258,306, reflecting a reduction of approximately 4%[116]. - The company reported a total current assets of RMB 5,018,407,240 at the end of the reporting period, an increase from RMB 4,638,949,037 at the beginning of the period[112]. Market and Competition - The company is facing challenges from increased competition in the domestic wine market, particularly in the mid to low-priced segments due to the influx of foreign wines[36]. - The company aims to strengthen its market position in the imported wine sector, targeting brands like "爱欧公爵" and "蜜合花" to capture significant market share in China[38]. - Sales of low-priced wines and brandies experienced a slight decline, while mid to high-priced wines showed good growth, contributing to a slight increase in overall revenue[27]. Strategic Initiatives - The company has implemented a "three focuses" strategy, concentrating on high-quality, high-end products, and has made significant adjustments to its sales system to enhance marketing capabilities[37][38]. - The company plans to strengthen brand building and expand cooperation with domestic e-commerce giants to enhance brand awareness and reputation[41]. - The company has established a nationwide marketing network and possesses a strong brand influence with trademarks recognized as "China Famous Trademarks"[31]. Risks and Challenges - The company faced various risks in its operations, which are detailed in the report, and investors are advised to pay attention to these risks[6]. - The company faced risks related to raw material price fluctuations, particularly for grapes, which are affected by weather conditions[62]. - Product transportation risks exist due to potential delays during peak sales seasons, particularly in winter, which may affect timely delivery[64]. Shareholder Information - The company has a total of 685,464,000 shares, with 66.15% being ordinary shares and 33.85% foreign shares[100]. - The largest shareholder, Yantai Changyu Group Co., Ltd., holds 50.40% of the shares, totaling 345,473,856 common shares[102]. - Total number of common shareholders at the end of the reporting period was 40,428, with 21,831 A-share shareholders and 18,597 B-share shareholders[102]. Compliance and Governance - The half-year financial report has not been audited[72]. - The financial statements are prepared in accordance with the enterprise accounting standards, ensuring compliance and accuracy in reporting[146]. - The company continues to operate under the assumption of going concern, with no significant doubts regarding its ability to continue operations for the next 12 months[145].