五粮液(000858) - 2024 Q2 - 季度财报

Financial Performance - Revenue for the first half of 2024 reached RMB 50.648 billion, an increase of 11.30% year-over-year[10] - Net profit attributable to shareholders was RMB 19.057 billion, up 11.86% compared to the same period last year[10] - Operating cash flow increased by 18.52% to RMB 13.428 billion[11] - Basic earnings per share rose to RMB 4.910, an 11.87% increase from the previous year[11] - Total assets grew by 12.42% to RMB 185.985 billion[11] - The weighted average return on equity decreased by 0.49 percentage points to 13.70%[11] - Non-recurring gains and losses amounted to RMB 118.016 million[14] - Wuliangye's total operating revenue for the first half of 2024 reached 47.11 billion yuan, a year-on-year increase of 12.46%[19] - The gross profit margin of Wuliangye products was 86.69%, slightly down by 0.11% compared to the same period last year[19] - The sales revenue of other liquor products increased by 17.77% year-on-year, reaching 7.91 billion yuan[19] - The total number of Wuliangye dealers increased by 98, reaching 2,530[19] - The production volume of Wuliangye products increased by 10.74% year-on-year, reaching 22,910 tons[24] - The company's raw material procurement cost was 5.07 billion yuan, accounting for 55.53% of the total operating cost[23] - Inventory of finished liquor is 40,742 tons, and semi-finished liquor (including ceramic jar base liquor) is 180,940 tons[25] - The company's brand value reached 449.872 billion yuan, ranking 15th in the "2024 China 500 Most Valuable Brands" list[26] - Total operating income for the reporting period was 50.648 billion yuan, a year-on-year increase of 11.30%[27] - Revenue from the liquor category accounted for 93.02% of total operating income, reaching 47.111 billion yuan, a year-on-year increase of 12.46%[28] - The gross profit margin of the liquor category was 82.59%, with a slight decrease of 0.02% compared to the same period last year[29] - Revenue from the eastern region increased by 15.70% year-on-year, reaching 13.552 billion yuan[28] - Revenue from the western region increased by 16.66% year-on-year, reaching 16.759 billion yuan[28] - The company's R&D investment increased by 17.75% year-on-year, reaching 159.761 million yuan[27] - The net cash flow from operating activities increased by 18.52% year-on-year, reaching 13.428 billion yuan[27] - The company's liquor production capacity is 17.5627 million tons, with an actual capacity of 7.8024 million tons in the first half of the year[25] - Northern region revenue reached 4,841,310,361.21 yuan, with a year-on-year growth of 8.16%[30] - Central region revenue reached 8,462,195,848.29 yuan, with a year-on-year growth of 8.22%[30] - Sales expenses totaled 5,366,342,173.42 yuan, a year-on-year increase of 24.21%, with promotional expenses accounting for 64.11%[31] - Advertising expenses included 128 million yuan for online ads, 548 million yuan for offline ads, and 256 million yuan for TV ads[32] - Monetary funds amounted to 128,714,842,080.74 yuan, accounting for 69.21% of total assets[33] - Inventory decreased by 1.45% to 16,847,018,906.97 yuan compared to the previous year[33] - Contract liabilities increased by 0.24% to 8,157,503,632.65 yuan[33] - Financial assets totaled 19,577,630,505.90 yuan, with a significant increase in receivables financing[34] - Restricted monetary funds amounted to 234,648,885.56 yuan, primarily due to bank acceptance guarantees[35] - Subsidiary Yibin Wuliangye Liquor Sales Co., Ltd. reported a net profit of 12,460,145,152.08 yuan[39] - The company achieved a total operating revenue of 50.648 billion yuan in the first half of 2024, a year-on-year increase of 11.30%[42] - Net profit attributable to shareholders of the listed company reached 19.057 billion yuan, up 11.86% year-on-year[42] - The brand value increased by double digits for the seventh consecutive year, reaching 449.8 billion yuan[42] - The company's cash dividend for 2023 totaled 18.127 billion yuan, with a dividend payout ratio of 60%[44] - Wuliangye Group increased its shareholding by 3,406,668 shares, accounting for 0.09% of the total share capital, with a total investment of 500.0016 million yuan[45] - The employee stock ownership plan involved 2,428 employees holding a total of 23,696,280 shares, accounting for 0.61% of the total share capital[51] - Total assets increased to 185.98 billion yuan from 165.43 billion yuan, a growth of 12.4%[89] - Monetary funds rose to 128.71 billion yuan from 115.46 billion yuan, an increase of 11.5%[87] - Accounts receivable financing grew to 19.58 billion yuan from 14.09 billion yuan, up 39.0%[87] - Inventory decreased to 16.85 billion yuan from 17.39 billion yuan, a decline of 3.1%[87] - Total liabilities increased to 51.94 billion yuan from 33.08 billion yuan, a rise of 57.0%[89] - Contract liabilities rose to 8.16 billion yuan from 6.86 billion yuan, up 18.8%[88] - Net profit attributable to parent company owners increased to 90.34 billion yuan from 89.41 billion yuan, a growth of 1.0%[89] - Fixed assets decreased to 5.14 billion yuan from 5.19 billion yuan, a decline of 0.9%[87] - Construction in progress increased to 6.81 billion yuan from 5.62 billion yuan, up 21.1%[87] - Intangible assets grew to 2.65 billion yuan from 2.06 billion yuan, an increase of 28.6%[87] - Total current liabilities increased to 18,378,093,001.93, up from 256,899,898.89[92] - Total operating income for the first half of 2024 reached 50,648,026,578.65, a 11.3% increase compared to 45,506,384,818.37 in the same period of 2023[93] - Net profit attributable to parent company shareholders rose to 19,056,829,528.87, up from 17,036,708,791.18 in the previous year[94] - Basic earnings per share increased to 4.910 from 4.389 in the prior year[94] - Total liabilities and owner's equity amounted to 81,097,723,073.77, slightly higher than 80,528,835,543.17 in the previous period[93] - Research and development expenses grew to 159,760,941.28, up from 135,677,515.04 in the same period last year[93] - Total owner's equity increased to 80,263,939,356.80, up from 62,702,807,588.06[93] - Interest income rose to 1,423,837,619.29, compared to 1,259,323,479.12 in the previous year[93] - Total comprehensive income for the period reached 19,826,530,605.22, up from 17,792,533,904.19[94] - Net profit for the first half of 2024 increased to 565,977,614.61 yuan, up 14.25% from 495,397,188.02 yuan in the same period last year[95] - Operating cash flow for the first half of 2024 reached 13,427,928,655.63 yuan, an 18.52% increase from 11,329,818,886.30 yuan in the same period last year[96] - Cash and cash equivalents at the end of the first half of 2024 stood at 125,296,379,907.83 yuan, up 39.61% from 89,762,101,198.36 yuan at the end of the same period last year[97] - Sales revenue from goods and services for the first half of 2024 was 49,648,363,358.43 yuan, a 15.32% increase from 43,051,685,416.56 yuan in the same period last year[96] - Interest income for the first half of 2024 rose to 848,904,968.99 yuan, up 15.75% from 733,404,479.69 yuan in the same period last year[95] - Taxes and surcharges for the first half of 2024 decreased to 328,041.00 yuan, down 1.18% from 331,940.81 yuan in the same period last year[95] - R&D expenses for the first half of 2024 were 37,880,928.14 yuan, a 1.81% decrease from 38,580,473.31 yuan in the same period last year[95] - Investment cash outflow for the first half of 2024 was 1,087,312,766.70 yuan, a 19.16% decrease from 1,345,043,512.81 yuan in the same period last year[97] - Income tax expense for the first half of 2024 increased to 183,046,646.94 yuan, up 29.31% from 141,550,011.95 yuan in the same period last year[95] - Total comprehensive income for the first half of 2024 was 565,977,614.61 yuan, up 14.25% from 495,397,188.02 yuan in the same period last year[96] - Operating cash outflow totaled 1,373,381,162.76 RMB, a decrease from 1,149,121,193.81 RMB in the previous period[98] - Net cash flow from operating activities was -440,145,436.90 RMB, compared to 648,395,985.09 RMB in the previous period[98] - Net cash flow from investing activities was 296,577,713.48 RMB, a decrease from 1,201,006,446.88 RMB in the previous period[98] - Net cash flow from financing activities was -10,588,875,988.24 RMB, a significant decrease from the previous period[98] - Total owner's equity increased by 1,699,421,221.87 RMB, reaching 134,048,794,409.04 RMB[99] - Comprehensive income for the period was 19,056,829,528.87 RMB, contributing to the increase in owner's equity[99] - Profit distribution to owners amounted to -18,127,109,383.35 RMB, impacting the overall equity[100] - The company's cash and cash equivalents decreased by 8,739,473,556.27 RMB, ending at 41,236,165,303.90 RMB[98] - The company's retained earnings increased by 929,720,145.52 RMB, reaching 90,335,152,592.07 RMB[99] - Minority interest in the company increased by 769,701,076.35 RMB, totaling 3,560,833,223.01 RMB[99] - Total owner's equity at the end of the period is RMB 119,794,910,503.32[103] - The company allocated RMB -18,127,109,383.35 to shareholders during the period[104] - Comprehensive income for the period is RMB 565,977,614.61[104] - Undistributed profits at the end of the period are RMB 40,629,782,542.87[105] - Total owner's equity at the beginning of the period is RMB 80,263,939,356.80[104] - Capital reserve at the end of the period is RMB 2,682,647,086.15[105] - Undistributed profits decreased by RMB -17,561,131,768.74 during the period[104] - Total owner's equity decreased by RMB -17,561,131,768.74 during the period[104] - Comprehensive income for the previous period was RMB 495,397,188.02[105] - Undistributed profits at the beginning of the period were RMB 58,190,914,311.61[104] - The company's total equity at the end of the period was RMB 58,627,823,384.66[106] - The company distributed RMB 14,680,241,440.97 to shareholders[106] - The company's registered capital is RMB 388,160.80 million[107] - The company's total shares increased to 3,881,608,005 after the latest capital increase[108] - The company's major shareholder, Yibin Development Holding Group, holds 34.43% of the shares[108] - The company's second-largest shareholder, Yibin Wuliangye Group, holds 20.49% of the shares[108] - Yibin Wuliangye Group increased its shareholding by 3,406,668 shares, amounting to RMB 500,001,600[108] - The company operates in the beverage manufacturing industry, primarily producing "Wuliangye" and its series of liquors[109] - The financial statements were approved by the board of directors on August 27, 2024[110] - The company has the ability to continue operations for at least 12 months from the end of the reporting period, with no significant events affecting its ability to continue operations[111] - Important individual bad debt provisions for receivables are those that account for more than 10% of the total bad debt provisions for all types of receivables and exceed RMB 40 million[112] - Significant capital construction projects are those with an investment budget exceeding RMB 1 billion[113] - Important external R&D projects are those that account for more than 10% of the total R&D project budget and exceed RMB 40 million[113] - Important capitalized R&D projects are those that account for more than 10% of the total R&D project budget and exceed RMB 40 million in the current period[113] - Important prepayments, accounts payable, and other payables are those with an age of over 1 year, accounting for more than 10% of the corresponding items in the consolidated financial statements and exceeding RMB 100 million[113] - Important prepayments and contract liabilities are those with an age of over 1 year, accounting for more than 10% of the corresponding items in the consolidated financial statements and exceeding RMB 100 million[113] - Important investment projects are those where a single investment activity accounts for more than 10% of the total cash inflow or outflow from investment activities and exceeds RMB 1 billion[113] - Significant non-wholly owned subsidiaries are those where minority shareholders hold 5% or more of the equity, and the total assets, net assets, revenue, and net profit account for more than 10% of the corresponding items in the consolidated financial statements[113] - Significant joint ventures or associates are those where the long-term equity investment amount accounts for more than 1% of the total assets in the consolidated financial statements[113] - Foreign currency business and financial statement translation methods are based on the benchmark exchange rate published by the People's Bank of China[119] - Foreign currency cash flows and cash flows of overseas subsidiaries are translated using the spot exchange rate on the date of the cash flow[120] - Financial assets are initially measured at fair value, with transaction costs either expensed or included in the initial recognition amount[121] - Financial assets are classified and measured based on business models and contractual cash flow characteristics[120] - Debt instrument investments measured at amortized cost use the effective interest method for subsequent measurement[121] - Debt instrument investments measured at fair value with changes in other comprehensive income include impairment losses and gains in current profit or loss[121] - Financial assets not classified as amortized cost or fair value through other comprehensive income are measured at fair value through profit or loss[121] - Non-trading equity instrument investments designated at fair value through other comprehensive income have their dividend income recognized in current profit or loss[121] - The company classifies financial liabilities into those measured at amortized cost and those measured at fair value with changes in profit or loss[122] - Financial liabilities measured at fair value include trading financial liabilities and those initially designated as such[122] - The company uses expected credit loss (ECL) models to measure impairment for financial assets like receivables and debt investments[123] - For financial instruments with low credit risk, the company assumes no significant increase in credit risk and measures ECL over 12 months[123] - Receivables are grouped based on credit risk characteristics like bank acceptance bills, commercial acceptance bills, and external customers[123] - The company calculates ECL for receivables using historical loss experience and forward-looking information[123] - Contract assets and liabilities are presented net for the same contract when the company has transferred goods or services to the customer[124] - Inventory includes raw materials, packaging materials, semi-finished products, work-in-progress, finished goods, and consumables[125] - Inventory is valued using the weighted average method for grain, raw coal, and liquor production auxiliary materials[125] - Inventory is measured at the lower of cost or net realizable value, with any excess cost over net realizable value recognized as an impairment loss[125] - The company uses the perpetual inventory system for inventory management[125] - Low-value consumables are amortized using the one-time amortization method[125] - Non-current assets or disposal groups held for sale are classified based on their immediate saleability and the likelihood of sale within one year[126] - Initial measurement of held-for-sale assets is at the lower of their carrying amount or fair value less costs to sell[126] - Impairment losses on held-for-sale assets can be reversed if the fair value less costs to sell increases in subsequent periods[