证券代码：002646 证券简称：天佑德酒 公告编号：2024-017 青海互助天佑德青稞酒股份有限公司 青海互助天佑德青稞酒股份有限公司（以下简称"公司"）近日收到公司控股股东青海天 佑德科技投资管理集团有限公司（以下简称"天佑德集团"）通知，天佑德集团将持有的公司 部分股份办理了解除质押业务。具体情况如下： | 股东名称 | 是否为 控股股 东或第 一大股 | 本次解除质押数 | 占其所 持股份 | 占公司总 | 起始日 | 解除日期 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 东及其 | 量（股） | 比例 | 股本比例 | | | | | | | 一致行 | | | | | | | | | | 动人 | | | | | | | | | | | | | | 2021 年 5 | 2024 | 年 4 | 青海银行股 | | 天佑德集团 | 是 | 4,100,000 | 2.05% | 0.85% | 月 21 日 | 月 26 | 日 | 份有限公司 | | | | | | | | | | 城西支行 | | ...

Financial Performance - The company's revenue for Q1 2024 reached ¥526,133,742.09, representing a 32.77% increase compared to ¥396,286,561.20 in the same period last year[5] - Net profit attributable to shareholders was ¥108,339,996.92, up 40.43% from ¥77,148,436.56 year-on-year[5] - Basic earnings per share rose to ¥0.2293, reflecting a 40.42% increase from ¥0.1633 in the same period last year[5] - Net profit for Q1 2024 was ¥108,503,017.72, representing a 40.7% increase compared to ¥77,084,925.86 in Q1 2023[25] - The total comprehensive income for the first quarter of 2024 was CNY 108,417,211.35, an increase from CNY 77,565,935.99 in the same period last year, representing a growth of approximately 39.7%[26] - The company’s comprehensive income attributable to the parent company was CNY 108,254,190.55, compared to CNY 77,629,446.69 in the same period last year, indicating a growth of approximately 39.4%[26] Cash Flow - The net cash flow from operating activities increased by 136.08% to ¥139,681,193.33, compared to ¥59,166,281.08 in the previous year[12] - The cash inflow from sales of goods and services reached CNY 576,645,162.57, compared to CNY 449,526,832.20 in the prior year, marking a rise of approximately 28.3%[27] - The company recorded a total cash outflow from operating activities of CNY 441,897,538.79, which was higher than CNY 394,295,744.88 in the previous year[28] - The company received CNY 1,750,000.00 from financing activities, with a net cash outflow of -CNY 1,772,860.16, an improvement from -CNY 3,468,198.09 in the previous year[28] - The net cash flow from investing activities was -CNY 18,525,467.60, an improvement from -CNY 118,812,220.76 year-over-year[28] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,460,170,550.03, a 3.97% increase from ¥3,328,186,491.53 at the end of the previous year[5] - Current assets totaled ¥2,058,594,982.99, an increase of 7.2% from ¥1,920,991,145.17 at the start of the year[21] - The company's total liabilities increased to ¥538,491,762.46 from ¥524,878,215.32 at the beginning of the year[22] - The equity attributable to shareholders of the parent company rose to ¥2,940,300,397.78, compared to ¥2,822,092,907.22 at the start of the year[22] Expenses - Operating costs for Q1 2024 were ¥388,403,815.79, up 30.9% from ¥296,619,897.87 in the same period last year[23] - Sales expenses increased by 35.95% to ¥75,620,841.11, attributed to higher marketing and promotional costs[11] - Research and development expenses for Q1 2024 were ¥3,580,025.28, an increase from ¥2,783,384.83 in Q1 2023[23] - The company reported a financial expense of -¥3,265,216.27 in Q1 2024, compared to a financial income of ¥1,608,778.51 in the same period last year[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 51,450, with no preferred shareholders having restored voting rights[14] - The largest shareholder, Qinghai Tianyoude Technology Investment Management Group, holds 41.47% of shares, totaling 199,892,240 shares, with 92,030,000 shares pledged[14] - The top ten shareholders collectively hold a significant portion of the company's equity, with the second-largest shareholder holding 4.21%[14] - The company has no preferred shareholders listed in the report, indicating a focus on common equity[17] - The report indicates that the company has received cash subsidies related to its operational activities, enhancing its financial stability[17] - The total number of shares held by the top ten unrestricted shareholders is 199,892,240, representing a substantial portion of the company's equity[15] - The company has not disclosed any known relationships among the top shareholders, indicating a diverse ownership structure[15] - The report does not indicate any changes in the top ten shareholders due to securities lending activities[17] - The company has a clear focus on maintaining its shareholder base and ensuring transparency in its ownership structure[16] Taxation - The company experienced a 99.90% increase in taxes payable, amounting to ¥56,883,951.44, mainly due to increased corporate income tax[10] Financial Ratios - The company achieved a weighted average return on equity of 3.77%, up from 2.76% in the previous year[5] Other Financial Metrics - The company recorded a decrease in financial expenses by 302.96%, resulting in a net financial income of -¥3,265,216.27, influenced by fluctuations in the USD exchange rate[11] - The company reported basic earnings per share of CNY 0.2293, up from CNY 0.1633 in the same quarter last year, reflecting an increase of approximately 40.4%[26] - The total cash and cash equivalents at the end of the period were CNY 643,580,119.29, compared to CNY 435,724,339.27 at the end of the previous year, showing an increase of about 47.7%[28] - The company’s cash flow from other operating activities was CNY 4,933,569.55, up from CNY 3,935,193.76 in the previous year, representing an increase of about 25.4%[27]

深度变革积聚势能，拐点向上趋势延续 经营势能持续向好，经营质量显著提升。1、受益于百元以上价位产品动销持续 向好，营收占比提升显著，毛利率同比增 1.0个百分点至 63.0%。2、费用方面， 费用合计增加 18.2%至 4.4亿元，受益于营收规模高增，规模效应下费用率同比 下降 1.7个百分点至 36.7%。3、2023年末合同负债 0.81亿元，同比+39.6%， 蓄水池进一步扩容；2023年经营现金流净额 1.0亿元，同比+3214%，经营质量 显著提升。 | --- | --- | --- | --- | --- | |----------------------------------|--------|-------------------------|--------|--------| | [Table_MainProfit] 指标 / 年度 | 2023A | 2024E | 2025E | 2026E | | | | | | | | 营业收入（亿元） | | 12.10 14.83 17.62 20.59 | | | | 增长率 | 23.50% | 22.58% | 18.78% | 16 ...

[ T able_StockInfo] 2024 年 04 月 23 日 证券研究报告•2024 年一季度业绩预告点评 买入 （维持） 当前价：10.62 元 天佑德酒（002646）食品饮料 目标价：——元（6 个月） [Table_Summary 事件：公司发布] 2024年一季度业绩预告，一季度实现营业总收入 5.2-5.3亿元， 同比增长 31.31%-33.84%；实现归母净利润 1.05-1.10 亿元，同比增长 36.1%-42.6%，业绩符合预期。 省外积极开拓，成长空间广阔。1、全国化布局更加清晰，不断夯实青海大本营 市场，甘肃市场基地市场化；省外聚焦晋、陕、豫等战略核心市场，积极布局无 锡，福州、南宁、张家口等点状市场，为深度全国化打下坚实基础，成长空间持 续拓宽。 2、阿拉嘉宝在西藏区域聚焦高端，作为当地的名优酒企，极具品牌力 和产品力，经过多年运作在当地具有较为深厚的资源基础，当前已具备放量条件； 此外，公司积极布局青藏高原酒旅融合项目，差异化丰富营销内容，有利于公司 整体品牌力的提升。 盈利预测与投资建议。预计 2024-2026 年 EPS 分别为 0.34 元、0.48 元、0. ...

Financial Performance Expectations - The company expects a net profit attributable to shareholders of approximately RMB 105 million to RMB 110 million for Q1 2024, representing a year-on-year increase of 36.10% to 42.58% compared to RMB 77.15 million in the same period last year[3]. - The net profit after deducting non-recurring gains and losses is projected to be around RMB 102.49 million, reflecting a growth of 36.17% to 42.82% from RMB 75.26 million in the previous year[3]. - The basic earnings per share is estimated to be between RMB 0.2222 and RMB 0.2328, up from RMB 0.1633 in the same period last year[3]. - The company anticipates revenue of approximately RMB 520 million to RMB 530 million for Q1 2024, indicating a year-on-year growth of about 31.31% to 33.84%[5]. Operational Strategy - The company is actively promoting the construction of an ecological and true vintage expression system in its production areas[5]. - The operational strategy emphasizes maintaining strategic determination, gathering internal momentum, stimulating market vitality, and promoting the endurance of the Qinghai-Tibet region[5]. - The company aims to enhance its market share with products characterized by "good yet different" features[5]. Financial Data and Risks - The financial data in the earnings forecast has not been audited by registered accountants but preliminary communications have indicated no major discrepancies[4]. - Investors are advised to pay attention to investment risks as the earnings forecast is based on preliminary calculations by the company's finance department[7]. - The specific financial data will be confirmed in the Q1 2024 report[7].

Investment Rating - The report maintains an "Accumulate" rating for Tianyoude Liquor (002646.SZ) [2] Core Views - The company reported a revenue of 1.21 billion yuan in 2023, representing a year-on-year growth of 23.5%. The net profit attributable to shareholders was 90 million yuan, up 18.36% year-on-year, while the net profit excluding non-recurring items reached 85 million yuan, marking a 33.5% increase [5][6] - In Q4 2023, the company achieved a revenue of 269 million yuan, a significant year-on-year growth of 42.03%, with a recovery in business and group dining demand continuing [6] - The company’s revenue from Qingke liquor grew by 29.5% year-on-year, with both sales volume and price per ton increasing by 21.5% and 6.6%, respectively. High-priced products (over 100 yuan) saw a revenue increase of 46%, while low-priced products (under 100 yuan) grew by 14.3% [6] - The overall gross margin for 2023 improved by 1.0 percentage points to 63.0%, driven by a decrease in the proportion of low-margin businesses [7] - The report forecasts revenue growth for 2024-2026, estimating revenues of 1.44 billion yuan, 1.68 billion yuan, and 1.91 billion yuan, with year-on-year growth rates of 18.6%, 16.9%, and 14.0%, respectively [7][11] Financial Summary - In 2023, the company’s total assets were 3.33 billion yuan, with a total market value of approximately 4.89 billion yuan [9] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.26 yuan, 0.41 yuan, and 0.53 yuan, respectively [11] - The net profit margin for 2023 was 7.4%, with expectations for it to rise to 8.6% in 2024 [11][15]

Financial Performance - The company's operating revenue for 2023 reached ¥1,210,158,159.46, representing a 23.50% increase compared to ¥979,874,548.68 in 2022[24]. - The net profit attributable to shareholders of the listed company was ¥89,581,301.49, an increase of 18.36% from ¥75,265,981.54 in the previous year[24]. - The net profit after deducting non-recurring gains and losses was ¥84,937,921.29, which is a 33.50% increase compared to ¥54,490,678.11 in 2022[24]. - The net cash flow from operating activities was ¥103,893,749.89, a significant recovery from a negative cash flow of ¥3,336,207.23 in the previous year[24]. - The basic earnings per share increased to ¥0.1896, up 18.35% from ¥0.1593 in 2022[24]. - The diluted earnings per share for 2023 increased to ¥0.1889, representing a growth of 17.92% compared to ¥0.1602 in 2022[25]. - The net profit margin for 2023 was 3.21%, up from 2.75% in 2022, reflecting improved profitability[25]. - The total assets at the end of 2023 reached ¥3,328,186,491.53, marking a 4.08% increase from ¥3,197,371,611.81 at the end of 2022[25]. - The company reported a total revenue of ¥396,286,561.20 in Q1 2023, which decreased to ¥269,264,310.04 in Q4 2023[30]. - The net profit attributable to shareholders for Q1 2023 was ¥77,148,436.56, while it dropped to -¥16,421,393.76 in Q4 2023, indicating a significant decline in profitability[30]. Business Operations - The company has expanded its business scope to include "road cargo transportation (excluding hazardous materials)" during the reporting period[22]. - The company is experiencing a structural recovery in the industry, with high-end and mid-low-end products showing steady growth[34]. - The overall white liquor industry saw a total production of 6.29 million KL in 2023, a decline of 5.1% year-on-year, while sales revenue increased by 9.7% to ¥756.3 billion[34]. - The company's main business is the research, production, and sales of Qingke liquor, with a revenue of ¥1,067,406,251.70, accounting for 98.16% of total revenue[45]. - The company adopted a full-chain self-production model, including various stages from Qingke breeding to product packaging[40]. - The company has 522 distributors at the end of 2023, an increase of 5 from the beginning of the year[48]. - E-commerce sales through platforms like JD.com and Tmall contributed to the company's revenue growth, although specific figures were not disclosed[48]. - The company is focusing on enhancing brand value and quality to capture market share amid increasing competition in the white liquor sector[35]. Research and Development - The company is committed to continuous innovation and development in its product lines, focusing on highland barley liquor[5]. - The company is committed to enhancing its technological innovation capabilities, transitioning from traditional brewing methods to intelligent brewing processes[62]. - The company is working on a microbial diversity analysis in the Qinghai-Tibet Plateau region to support the unique characteristics of its barley liquor[78]. - The company is conducting studies on the effects of its barley liquor on liver cell autophagy, which may contribute to health benefits[78]. - The company aims to enhance the value chain of barley processing by expanding its deep processing capabilities[78]. - The company has completed the production and certification of two true vintage Qingke liquor products, enhancing brand value and quality assurance[79]. - The company is focusing on the development of new products and technologies, including the optimization of brewing processes and quality assessment indicators[79]. Marketing and Sales - The company plans to continue optimizing its product line, focusing on core products in the ¥150-200 price range[42]. - The company reported a significant increase in sales due to the recovery of consumption scenarios such as gatherings and tourism[42]. - The company achieved a significant reduction in operating costs, with the cost of goods sold for Qingke liquor at ¥326,830,314.78, reflecting a year-on-year increase of 31.44%[64]. - The company is focusing on expanding its market presence and enhancing its product offerings, particularly in the barley wine sector[127]. - The company plans to invest in new product development and technology to improve production efficiency and product quality[128]. - The management team has outlined a new marketing strategy focusing on digital channels, targeting a 25% increase in online sales[135]. Financial Management - The company has established a clear profit distribution policy in accordance with relevant laws and regulations, ensuring the protection of minority shareholders' interests[152]. - The company has implemented a stock incentive plan, with the plan approved on October 25, 2023, and the granting of restricted stock completed by December 21, 2023[160]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 502.11 million CNY[138]. - The company has optimized its compensation management system to enhance employee motivation and operational efficiency[149]. - The company has established a sound fund management system to prevent any misuse of funds by actual controllers or major shareholders for real estate development[181]. Environmental Responsibility - The company has established a wastewater discharge system with a concentration of COD at 1.19 mg/L, compliant with the relevant standards[171]. - The company has implemented measures to treat wastewater to meet discharge standards before releasing it into municipal sewage systems[171]. - The company operates under strict monitoring of pollutant discharge, ensuring adherence to industry standards[171]. - The company is committed to continuous improvement in environmental performance and sustainability practices[171]. - The company has reported no other significant environmental information or social responsibility issues in its annual report[176]. Governance and Compliance - The company reported compliance with legal regulations and governance standards, with a board consisting of 9 members, including 3 independent directors, meeting the requirements of the Company Law and Articles of Association[114]. - The company has implemented a performance evaluation and incentive mechanism for senior management, ensuring accountability and alignment with company goals[115]. - The company maintains a transparent information disclosure system, enhancing communication with investors through dedicated channels and regular updates[116]. - The company has established specialized committees within the board to provide scientific and professional opinions for decision-making[114]. - The company emphasizes compliance with regulations set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange in its operations[142].

青海互助天佑德青稞酒股份有限公司 本期报告及企业相关内容 | 4.1国际视角 -- 借势一带一路,展现品牌之美 | | --- | | 4.2产区视角 -- 借势青藏高原,展现产区之美 | | 4.3产品视角 -- 再获多项荣誉,展现产品之美 | 1 2 青海互助天佑德青稞酒股份有限公司 本期报告及企业相关内容 3 4 青海互助天佑德青稞酒股份有限公司 本期报告及企业相关内容 5 6 青海互助天佑德青稞酒股份有限公司 本期报告及企业相关内容 7 8 青海互助天佑德青稞酒股份有限公司 本期报告及企业相关内容 | 环境议题 | 1、如何进一步节能减排 | | --- | --- | | 社会议题 | 1、如何推动青稞产业报 发挥地方企业的"造血 | | | 2、如何持续做大青稞酒 | | 公司治理议题 | 1、如何通过卓越绩效管 | | | 2、如何建立基于员工队 | 9 10 青海互助天佑德青稞酒股份有限公司 11 12 本期报告及企业相关内容 13 14 青海互助天佑德青稞酒股份有限公司 天佑德之道-营销转型创新 15 16 青海互助天佑德青稞酒股份有限公司 天佑德之道-营销转型创新 17 18 青海互助天佑 ...

青海互助天佑德青稞酒股份有限公司 2024 年度财务预算报告 现将青海互助天佑德青稞酒股份有限公司（以下简称"公司"）2024 年度财 务预算报告如下： 一、预算编制依据及基本假设 二、预算编制说明 1.预算编制范围：公司合并范围内的企业，具体包括母公司、全资子公司和 控股子公司。 本预算报告是依据公司 2023 年度的实际经营情况，结合公司所处市场环境、 公司各项现实基础及 2024 年度经营计划，本着对公司的可持续发展、对董事会 高度负责的精神，客观、务实、认真的原则编制而成。 1.公司所遵循的国家和地方的现行有关法律、法规和制度无重大变化； 2.公司主要经营所在地及业务涉及地区的社会经济环境无重大变化； 3.公司所处行业形势、市场行情、市场环境、主要产品和原材料的市场价格 及供需关系不发生重大变化； 4.按照现行的国家主要税率、汇率及银行信贷利率预测； 5.公司现行的生产组织结构无重大变化，能够持续正常运行，实施的投资项 目按计划正常开展； 6.无其他不可抗力及不可预见因素造成的重大不利影响。 2.收入、成本：公司主营业务收入按照公司产能、排产计划、2024 年度经 营目标等预算编制；产品销售价格按照在 ...

青海互助天佑德青稞酒股份有限公司 2023 年度内部控制自我评价报告 青海互助天佑德青稞酒股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简 称"企业内部控制规范体系"），结合青海互助天佑德青稞酒股份有限公司（以下简称"公 司"）内部控制制度和评价方法，在内部控制日常监督和专项监督的基础上，我们对公司 2023 年 12 月 31 日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一、重要声明 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准日，不存在 财务报告内部控制重大缺陷，董事会认为，公司已按照企业内部控制规范体系和相关规定的要 求在所有重大方面保持了有效的财务报告内部控制。 根据公司非财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准日，公司未 发现非财务报告内部控制重大缺陷。自内部控制评价报告基准日至内部控制评价报告发出日之 间未发生影响内部控制有效性评价结论的因素。 三、内部控制评价工作情况 （一）内部控制评价范围 公司按照风险导向原则确定纳入评价范围的主要单位、业务和事项以及高风险领域。纳入 评价范围的主要单位包 ...