张裕A(000869) - 2020 Q4 - 年度财报

Financial Performance - The company reported a profit distribution plan of 4 RMB (including tax) per 10 shares, based on a total of 685,464,000 shares[5]. - The company's operating revenue for 2020 was CNY 3,395,402,001, a decrease of 33.08% compared to CNY 5,074,025,899 in 2019[12]. - The net profit attributable to shareholders for 2020 was CNY 470,860,587, down 58.75% from CNY 1,141,367,296 in 2019[12]. - The net profit after deducting non-recurring gains and losses was CNY 397,655,187, a decline of 55.44% from CNY 892,496,644 in 2019[12]. - The basic earnings per share for 2020 was CNY 0.69, a decrease of 58.68% compared to CNY 1.67 in 2019[12]. - The total assets at the end of 2020 were CNY 13,102,481,541, a decrease of 4.81% from CNY 13,764,855,252 at the end of 2019[12]. - The net assets attributable to shareholders at the end of 2020 were CNY 10,267,832,644, down 1.29% from CNY 10,402,248,821 at the end of 2019[12]. - The company reported a significant decline in quarterly performance, with Q4 2020 revenue reaching CNY 1,202,662,311, compared to CNY 805,715,048 in Q1 2020[16]. - The company achieved a gross margin of 55.71% in the alcoholic beverage manufacturing sector, down 7.29% from the previous year[39]. - The total comprehensive income for 2020 was CNY 470,860,587 for the consolidated report and CNY 427,160,774 for the parent company[72]. Shareholder Returns - The company distributed a cash dividend of 7 RMB per 10 shares for the 2019 fiscal year, totaling 479,824,800 RMB, which represents 42.04% of the net profit attributable to shareholders[68]. - For the 2020 fiscal year, the proposed cash dividend is 4 RMB per 10 shares, amounting to 274,185,600 RMB, which is 64.19% of the net profit attributable to shareholders[69]. - The cash dividend payout ratio for 2020 is 58.23%, reflecting the company's commitment to returning value to shareholders[70]. - The company has maintained a consistent cash dividend policy over the past three years, with cash dividends totaling 1,165,288,800 RMB[70]. - The company’s distributable profits for 2020 were 470,860,587 RMB, supporting the proposed dividend distribution[71]. Business Operations - The company has maintained its core business in wine production, with no changes in the controlling shareholder since its establishment[10]. - The company’s business scope includes the production and sale of various alcoholic beverages, including wine and distilled spirits, as well as non-alcoholic beverages[10]. - The company operates a three-tier marketing network with approximately 4,447 distributors at the end of 2020, a decrease of 96 from the beginning of the year[28]. - The company has established a national-level wine research and development center, enhancing its product innovation capabilities and quality control systems[24]. - The company has completed its global production capacity layout in major wine-producing countries, including China, France, Chile, Spain, and Australia[24]. - The company’s product offerings include over 100 varieties of wine and brandy, catering to different consumer segments[24]. Market Position and Strategy - The company has maintained its position as a leading player in the domestic wine industry despite short-term market challenges[19]. - The company maintains a strong market position with a market share that further distances it from domestic competitors despite the overall industry downturn[26]. - The company emphasizes a strategy focused on high-end products and consumer cultivation to drive growth despite market challenges[26]. - The company plans to strengthen its sales systems for domestic wine, focusing on strategic brands and targeted marketing efforts in key regions[62]. - The company intends to develop high-end brands and expand product lines, including the introduction of new products like Koya 30-year XO and Koya 1915 commemorative wine[64]. Financial Management and Governance - The company’s financial report has been confirmed by the board of directors, ensuring its accuracy and completeness[4]. - The company’s accounting firm is KPMG Huazhen, which is responsible for auditing its financial statements[11]. - The company has established a governance structure that complies with legal requirements, including a board of directors with independent members[133]. - The company has implemented a new revenue recognition policy effective January 1, 2020, in accordance with the Ministry of Finance's revised accounting standards[75]. - The audit opinion issued by KPMG was a standard unqualified opinion, confirming the fair presentation of the financial statements[155]. Risk Management - The company emphasizes the importance of risk awareness in its future development outlook, advising investors to be cautious[5]. - The company recognizes risks such as raw material price fluctuations, market investment uncertainties, and potential transportation issues that could impact operations[65][66]. Employee and Management Structure - The total number of employees in the company is 2,560, with 1,205 in the parent company and 1,355 in major subsidiaries[126]. - The company has established a comprehensive salary and welfare system, ensuring all employees are insured[127]. - The company has implemented a performance-based remuneration system for independent directors and senior management[124]. - The company emphasizes the importance of training for middle and senior management, focusing on strategic thinking and decision-making capabilities[128]. Social Responsibility and Sustainability - The company completed its poverty alleviation work for the year 2020, with a total investment of 540,000 RMB in targeted poverty alleviation efforts[96]. - The company has established a wastewater treatment plant that utilizes hydrolysis-aerobic biological treatment technology[100]. - The management emphasized the importance of sustainability initiatives, planning to reduce carbon emissions by 30% over the next five years[118].