贵州茅台(600519) - 2020 Q4 - 年度财报

Definitions This section defines key terms and abbreviations used in the report for clarity Company Profile and Key Financial Indicators This section presents the company's basic information and key financial performance over recent years Company Information This chapter provides basic information about Kweichow Moutai Co Ltd, including its name, stock code (600519), legal representative, contact details, and registered address - The company's legal representative is Gao Weidong, with stock name Kweichow Moutai and code 600519[9][13] Key Financial Data and Indicators for the Past Three Years In 2020, the company achieved operating revenue of RMB 94.915 billion, a 11.10% increase, and net profit attributable to shareholders of RMB 46.697 billion, up 13.33%, with basic earnings per share at RMB 37.17, reflecting robust growth in total assets and net assets Key Accounting Data 2018-2020 (RMB) | Item Name | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Operating Revenue | 94,915,380,916.72 | 85,429,573,467.25 | 73,638,872,388.03 | | Net Profit Attributable to Shareholders | 46,697,285,429.81 | 41,206,471,014.43 | 35,203,625,263.22 | | Net Cash Flow from Operating Activities | 51,669,068,693.03 | 45,210,612,632.56 | 41,385,234,406.72 | | Total Assets | 213,395,810,527.46 | 183,042,372,042.50 | 159,846,674,736.01 | | Net Assets Attributable to Shareholders | 161,322,735,087.56 | 136,010,349,875.11 | 112,838,564,332.05 | Key Financial Indicators 2018-2020 | Item Name | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Basic EPS (RMB/share) | 37.17 | 32.80 | 28.02 | | Weighted Average ROE (%) | 31.41 | 33.09 | 34.46 | 2020 Quarterly Financial Data The company's 2020 fourth-quarter operating revenue and net profit were strongest, reaching RMB 27.70 billion and RMB 12.87 billion respectively, indicating a seasonal peak during the year-end sales period 2020 Quarterly Key Financial Data (RMB) | Quarter | Operating Revenue | Net Profit Attributable to Shareholders | | :--- | :--- | :--- | | Q1 | 24,405,394,535.33 | 13,093,770,211.16 | | Q2 | 19,547,410,128.17 | 9,507,884,874.35 | | Q3 | 23,262,139,974.98 | 11,225,448,875.71 | | Q4 | 27,700,436,278.24 | 12,870,181,468.59 | Business Overview This section outlines the company's core business, operating model, and key competitive advantages Principal Businesses and Operating Model The company's core business involves the production and sale of Moutai and its series of liquors, with an operating model covering the entire value chain from raw material procurement to sales, utilizing both direct and wholesale distribution channels - The company's flagship product, 'Kweichow Moutai liquor,' is one of the world's three major distilled spirits, recognized as a national geographical indication product, organic food, and national intangible cultural heritage[22] - Sales models include two main channels: direct sales (self-operated) and wholesale distribution (social distributors, supermarkets, e-commerce)[22] Core Competencies The company's core competencies are derived from its renowned brand, exceptional quality, rich culture, profound historical heritage, unique environment, and special craftsmanship, with no significant changes observed during the reporting period - The company's core competitiveness comprises advantages such as its renowned brand, excellent quality, long-standing culture, profound historical accumulation, unique environment, and special craftsmanship[23] Management Discussion and Analysis (MD&A) This section provides a comprehensive discussion and analysis of the company's operational performance, financial condition, and future outlook Overview of Operating Performance In 2020, despite pandemic challenges, the company exceeded its annual targets, achieving total operating revenue of RMB 97.993 billion, a 10.29% increase, and net profit attributable to parent of RMB 46.697 billion, up 13.33%, while also completing its 13th Five-Year Plan technical upgrade project for Moutai liquor, adding 4,032 tons of design capacity for base liquor 2020 Key Operating Indicators | Indicator | 2020 Data | Year-on-Year Growth | | :--- | :--- | :--- | | Total Operating Revenue | 97.993 Billion RMB | 10.29% | | Net Profit Attributable to Parent | 46.697 Billion RMB | 13.33% | | Liquor Sales Gross Margin | 91.48% | +0.11 percentage points | | Moutai Liquor Sales Gross Margin | 93.99% | +0.21 percentage points | | Base Liquor Production | 7.52 10,000 Tons | 0.15% | | Moutai Base Liquor Production | 5.02 10,000 Tons | 0.63% | - The company deepened its marketing system reform and actively expanded sales channels, forming a multi-channel synergistic development pattern[25] - The '13th Five-Year Plan' Moutai liquor technical upgrade project was fully completed and put into operation, adding 4,032 tons of design capacity for Moutai base liquor; the 30,000-ton sauce-flavor series liquor technical upgrade project is progressing in an orderly manner[25] Analysis of Principal Business In 2020, the company's principal business achieved steady growth, with Moutai liquor revenue increasing by 11.91% and gross margin rising to 93.99%; direct sales channel revenue surged by 82.66%, becoming a key growth driver, while the domestic market remained the primary revenue source, accounting for 97.43% of total revenue, and financial expenses significantly decreased due to increased bank deposit interest income Principal Business by Product (RMB) | By Product | Operating Revenue | Operating Cost | Gross Margin (%) | YoY Change in Operating Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | Moutai Liquor | 84,830,936,002.19 | 5,100,340,201.05 | 93.99 | 11.91 | | Other Series Liquors | 9,991,063,100.26 | 2,983,031,217.19 | 70.14 | 4.70 | Principal Business by Region (RMB) | By Region | Operating Revenue | Operating Cost | Gross Margin (%) | YoY Change in Operating Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | Domestic | 92,389,735,145.96 | 7,874,927,603.81 | 91.48 | 12.09 | | International | 2,432,263,956.49 | 208,443,814.43 | 91.43 | -16.71 | - Financial expenses significantly decreased year-on-year, primarily due to increased commercial bank deposit interest income during the period[32] - Sales to the top five customers accounted for 18.02% of total annual sales, with related party sales comprising 5.70% of that amount[31] Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets reached RMB 213.396 billion, a 16.58% increase year-on-year, with monetary funds surging by 172.35% due to sales growth and increased commercial bank deposits, and loans and advances skyrocketing by 5957.51% primarily due to increased lending by subsidiary Kweichow Moutai Group Finance Co Ltd to group members, while the original 'advances from customers' account was reclassified to 'contract liabilities' and 'other current liabilities' due to the adoption of new revenue standards Major Asset and Liability Item Changes (RMB) | Item Name | Current Period End Balance | Prior Period End Balance | Change Rate (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 36,091,090,060.90 | 13,251,817,237.85 | 172.35 | Sales growth and increased commercial bank deposits | | Prepayments | 898,436,259.15 | 1,549,477,339.41 | -42.02 | Decrease in prepaid goods | | Loans and Advances | 2,953,036,834.80 | 48,750,000.00 | 5,957.51 | Increased loans to group members by subsidiary | | Other Non-current Financial Assets | 9,830,052.91 | 319,770,404.05 | -96.93 | Disposal of equity in associate company | | Advances from Customers | - | 13,740,329,698.82 | Not Applicable | Reclassified to contract liabilities etc. under new revenue standard | | Contract Liabilities | 13,321,549,147.69 | - | Not Applicable | Presented under new revenue standard | Analysis of Industry Operating Information In 2020, the national baijiu industry's total profit increased by 13.35%, with market share concentrating among leading enterprises; the company's Moutai liquor actual production exceeded design capacity, while series liquor capacity neared its design limit, and direct sales revenue grew by 82.66%, increasing its share, whereas wholesale agency revenue saw a modest 4.46% increase, leading to a net reduction of 301 sauce-flavor series liquor distributors to optimize the marketing network - According to National Bureau of Statistics data, in 2020, the total profit of national above-scale baijiu enterprises was RMB 158.541 billion, a 13.35% year-on-year increase[38] Production Capacity (Tons) | Main Factory Name | Design Capacity | Actual Capacity | | :--- | :--- | :--- | | Moutai Liquor Production Workshop | 42,560 | 50,235.17 | | Series Liquor Production Workshop | 25,260 | 24,925.37 | Sales Channel Performance (RMB 10,000) | Channel Type | Current Period Sales Revenue | Prior Period Sales Revenue | YoY Revenue Change | | :--- | :--- | :--- | :--- | | Direct Sales | 1,324,035.65 | 724,865.97 | +82.66% | | Wholesale Agency | 8,158,164.26 | 7,809,590.86 | +4.46% | - During the reporting period, the number of domestic distributors decreased by a net of 331 (15 added, 346 reduced), and overseas distributors decreased by 1, primarily affecting sauce-flavor series liquor distributors[49][50] Discussion and Analysis of Future Development The company's '14th Five-Year Plan' focuses on high-quality development to solidify Moutai liquor's position as the world's leading distilled spirit brand, targeting a 10.5% increase in total operating revenue and RMB 6.821 billion in capital expenditure for 2021, with key priorities including production quality, marketing, brand culture, green development, and governance, while also highlighting potential risks such as macroeconomic uncertainty, ecological protection, and intellectual property rights - 2021 operating targets include approximately 10.5% growth in total operating revenue compared to the previous year and completion of RMB 6.821 billion in capital construction investment[60] - Future work priorities include ensuring production quality, continuously improving marketing, enhancing brand culture, strengthening the core business, promoting green development, improving safety management, strengthening governance capabilities, and adhering to innovation-driven strategies[60][61] - The company faces key risks including macroeconomic uncertainty, ecological environmental protection, and intellectual property protection[61] Significant Matters This section details significant events and transactions, including profit distribution plans, related party transactions, and social responsibility initiatives Profit Distribution Plan The company proposed a 2020 profit distribution plan to pay a cash dividend of RMB 192.93 (tax inclusive) per 10 shares, totaling RMB 24.236 billion in distributed profit, representing 51.90% of the net profit attributable to the parent for the year, maintaining a stable dividend payout ratio of approximately 51.9% over the past three years - The 2020 profit distribution plan proposes a cash dividend of RMB 192.93 (tax inclusive) per 10 shares, based on a total share capital of 1.256 billion shares, distributing a total profit of RMB 24.236 billion[4] Ordinary Share Dividend Distribution Plans for the Past Three Years | Dividend Year | Dividend per 10 Shares (RMB) (Tax Incl.) | Cash Dividend Amount (RMB) (Tax Incl.) | Ratio to Net Profit Attributable to Parent (%) | | :--- | :--- | :--- | :--- | | 2020 | 192.93 | 24,235,824,155.40 | 51.90 | | 2019 | 170.25 | 21,386,767,571.40 | 51.90 | | 2018 | 145.39 | 18,263,859,814.20 | 51.88 | Significant Related Party Transactions During the reporting period, the company engaged in various ordinary course related party transactions with its parent company and subsidiaries, primarily involving procurement of goods, acceptance of services, sales of goods, and financial services, with the largest transaction being the sale of RMB 4.611 billion in goods to related party Kweichow Moutai Group Marketing Co Ltd, while its controlled subsidiary Kweichow Moutai Group Finance Co Ltd provided deposit and loan services to related parties - Sales of goods to Kweichow Moutai Group Marketing Co Ltd, a wholly-owned subsidiary of the parent company, amounted to RMB 4.611 billion[71] - Received cargo transportation services from Kweichow Moutai Winery (Group) Logistics Co Ltd, a controlled subsidiary of the parent company, totaling RMB 238 million[70] - The company's controlled subsidiary, Kweichow Moutai Group Finance Co Ltd, provided financial services to related parties, with end-of-period absorbed deposits and interbank placements totaling RMB 14.242 billion, and loans and advances with a book value of RMB 2.953 billion[72][74] Active Fulfillment of Social Responsibility The company actively fulfilled its social responsibilities, investing in poverty alleviation, epidemic prevention and control, shareholder and employee rights protection, and environmental conservation; in 2020, it donated RMB 100 million to the 'China Moutai · Pillars of the Nation' public welfare education program, RMB 80 million to support epidemic prevention, and continued to contribute RMB 50 million to protect the Chishui River basin ecosystem - Launched the 'China Moutai · Pillars of the Nation' public welfare education program, donating RMB 100 million to support 20,000 disadvantaged students[87] - Donated RMB 80 million to support epidemic prevention and control, and was among the first to resume work and production[87] - Continuously contributed RMB 50 million to protect the Chishui River basin ecosystem, with cumulative donations reaching RMB 350 million[87][97] Changes in Ordinary Shares and Shareholder Information This section provides details on changes in ordinary shares, shareholder structure, and information about the company's actual controller Shareholders and Actual Controller As of the end of the reporting period, the company had 108,662 ordinary shareholders, with China Kweichow Moutai Winery (Group) Co Ltd as the controlling shareholder, holding 54.00% of shares, and the actual controller being the Guizhou Provincial People's Government State-owned Assets Supervision and Administration Commission Top Five Shareholders' Shareholding | Shareholder Name | Shares Held at Period End | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China Kweichow Moutai Winery (Group) Co Ltd | 678,291,955 | 54.00 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 104,353,980 | 8.31 | Unknown | | Guizhou Provincial State-owned Capital Operation Co Ltd | 58,823,928 | 4.68 | State-owned Legal Person | | Kweichow Moutai Winery Group Technology Development Co Ltd | 27,812,088 | 2.21 | State-owned Legal Person | | Central Huijin Asset Management Co Ltd | 10,787,300 | 0.86 | State-owned Legal Person | - The company's controlling shareholder is China Kweichow Moutai Winery (Group) Co Ltd, and the actual controller is the Guizhou Provincial People's Government State-owned Assets Supervision and Administration Commission[103][104] Directors, Supervisors, Senior Management, and Employees This section provides information on the company's directors, supervisors, senior management, and employee structure Employee Information As of the end of the reporting period, the company and its major subsidiaries had a total of 29,031 employees, with production personnel accounting for the largest proportion at 24,459 individuals, and employees with bachelor's degrees or higher totaling 6,675, representing approximately 23% of the total workforce Employee Professional Composition | Professional Category | Number of People | | :--- | :--- | | Production Personnel | 24,459 | | Sales Personnel | 1,169 | | Technical Personnel | 487 | | Financial Personnel | 144 | | Administrative Personnel | 1,237 | | Other Personnel | 1,535 | | Total | 29,031 | Employee Education Level | Education Level Category | Number of People | | :--- | :--- | | Postgraduate and Above | 255 | | Bachelor's Degree | 6,420 | | Associate Degree | 3,835 | | Technical Secondary School, High School and Below | 18,521 | | Total | 29,031 | Corporate Governance This section describes the company's corporate governance framework, including its board structure and operational mechanisms Corporate Governance Overview The company has established a sound corporate governance structure in strict accordance with relevant laws and regulations, ensuring clear responsibilities and standardized operations among the Shareholders' Meeting, Board of Directors, Supervisory Board, and management, with the Board of Directors having five specialized committees—Strategy, Audit, Risk Management, Nomination, and Remuneration & Appraisal—and independent directors playing a full role to ensure compliance with regulatory requirements - The company's corporate governance structure complies with requirements of laws such as the 'Company Law' and 'Securities Law', with standardized operations of the Shareholders' Meeting, Board of Directors, and Supervisory Board[122] - The Board of Directors has five specialized committees: Strategy, Audit, Risk Management, Nomination, and Remuneration & Appraisal, each performing its respective duties[122] Financial Report This section presents the company's audited financial statements, including the audit report, key financial data, and significant accounting policy changes Audit Report Tianzhi International Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2020 financial statements, concluding that the financial statements fairly present the company's financial position and operating results in all material respects, with key audit matters identified as 'revenue recognition' and 'disclosure of related party relationships and transactions' - The auditing firm, Tianzhi International Certified Public Accountants (Special General Partnership), issued a standard unqualified audit report[3][130] - Key audit matters include: - Revenue recognition - Disclosure of related party relationships and transactions[132] Financial Statement Summary This chapter includes the company's 2020 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity, indicating a continuous improvement in asset scale, profitability, and cash flow 2020 Consolidated Financial Statement Core Data (RMB) | Statement Item | Period-End/Current Period Amount | | :--- | :--- | | Total Assets | 213,395,810,527.46 | | Total Liabilities | 45,675,127,426.18 | | Equity Attributable to Parent Company Owners | 161,322,735,087.56 | | Total Operating Revenue | 97,993,240,501.21 | | Net Profit Attributable to Parent Company Shareholders | 46,697,285,429.81 | | Net Cash Flow from Operating Activities | 51,669,068,693.03 | Significant Accounting Policy Changes Effective January 1, 2020, the company adopted the Ministry of Finance's revised 'Accounting Standard for Business Enterprises No. 14 – Revenue,' reclassifying the original 'advances from customers' account to 'contract liabilities' and 'other current liabilities' based on business substance, with this change not requiring retrospective adjustment of comparative financial statements - The company adopted the new revenue standard (Cai Kuai [2017] No. 22) effective January 1, 2020[194] - The accounting policy change resulted in the reclassification of RMB 13.74 billion from 'advances from customers' to RMB 12.257 billion in 'contract liabilities' and RMB 1.483 billion in 'other current liabilities'[198][199]