Yanjing Brewery(SZ:000729)2018-04-27 16:00Dividend Policy - The company plans to distribute a cash dividend of 0.2 RMB per 10 shares to all shareholders, based on a total of 2,818,539,341 shares [5]. - The cash dividend for 2016 was CNY 0.36 per 10 shares, amounting to CNY 101,467,416.28, which represented 32.51% of the net profit attributable to shareholders [88]. - In 2015, the cash dividend was CNY 0.70 per 10 shares, totaling CNY 197,297,753.87, accounting for 33.57% of the net profit attributable to shareholders [86]. - The company has not made any adjustments or changes to its cash dividend policy during the reporting period [85]. - The cash dividend distribution plan for 2017 has been approved by the shareholders' meeting and implemented, ensuring the protection of minority shareholders' rights [84]. - The company's cash dividends over the past three years have been consistent, with clear standards and procedures in place for distribution [85]. - The total distributable profit for the fiscal year 2017 is CNY 537,665,998.94, with cash dividends accounting for 100% of the profit distribution [89]. - The company has not proposed any capital reserve transfer to increase share capital for the fiscal year 2017 [89]. - The company emphasizes the importance of providing reasonable returns to shareholders and has established a clear cash dividend management system [84]. - The independent directors have fulfilled their responsibilities in the decision-making process regarding the cash dividend policy [85]. Financial Performance - In 2017, the company reported a revenue of ¥11,195,581,459.11, a decrease of 3.26% compared to ¥11,573,195,544.49 in 2016 [18]. - The net profit attributable to shareholders was ¥161,348,235.04, down 48.30% from ¥312,084,522.95 in the previous year [18]. - The company experienced a significant decline in net profit after deducting non-recurring gains and losses, reporting a loss of ¥37,166,456.45 compared to a profit of ¥179,673,327.92 in 2016, marking a 120.69% decrease [18]. - The operating cash flow increased by 11.42% to ¥1,387,482,124.32 from ¥1,245,263,758.85 in 2016 [18]. - The company's total revenue for 2017 was approximately ¥11.20 billion, a decrease of 3.26% compared to ¥11.57 billion in 2016 [45]. - Beer sales accounted for 93.28% of total revenue, amounting to approximately ¥10.44 billion, which represents a 3.91% decline from ¥10.87 billion in the previous year [45]. - The company maintained a weighted average return on equity of 1.26%, down from 2.45% in 2016 [18]. - The company’s total assets at the end of 2017 were ¥18,097,786,610.03, a decrease of 0.86% from ¥18,255,190,644.48 at the end of 2016 [18]. - The company’s net assets attributable to shareholders increased by 0.47% to ¥12,849,893,121.70 from ¥12,790,012,302.94 in 2016 [18]. - The company reported non-recurring gains totaling ¥198,514,691.49, which included government subsidies and asset disposal gains [24]. Market and Product Strategy - The company’s main business includes the manufacturing and sales of beer, mineral water, and related products, with a focus on expanding its product range [16]. - The company has maintained a consistent operational scope, including the production of various beverages and packaging materials [16]. - The company faced challenges due to intense market competition and rising labor costs, prompting a focus on product and market upgrades [34]. - The company optimized its product structure, focusing on refreshing beers, mid-range fresh beers, and high-end pure beers to tap into consumer potential [36]. - The company is actively expanding into emerging markets while solidifying its base markets, particularly in Beijing and Guangxi [38]. - The company has implemented a "1+3" brand strategy, achieving a brand concentration of 92% [39]. - The sales volume of Yanjing White Beer increased by 37.8% year-on-year [37]. - The brand value of Yanjing reached ¥98.02 billion, reflecting an 11.04% increase from the previous year [39]. - The company is exploring potential acquisitions to enhance its market presence, targeting a 15% market share increase in the next two years [176]. - A strategic partnership was formed with a local beverage company, expected to generate an additional 100 million RMB in revenue [175]. Corporate Governance - The company has a well-defined governance structure, complying with relevant laws and regulations to protect shareholder interests [186]. - The company has an independent financial accounting department and a separate accounting system, ensuring financial autonomy [193]. - The company maintains independence in business, personnel, assets, institutions, and finance from its controlling shareholder [187]. - The company is committed to maintaining high standards in corporate governance, as evidenced by the appointment of independent directors with relevant expertise [170]. - Independent directors actively participated in board meetings and shareholder meetings, with attendance rates reflecting their engagement in corporate governance [197]. - Independent directors did not raise any objections to company matters during the reporting period, indicating a consensus on decision-making [198]. - The independent directors contributed significantly to the decision-making process regarding major investments and related transactions, ensuring the protection of the company's and shareholders' interests [200]. Environmental Responsibility - The company is classified as a key pollutant discharge unit, with all emissions meeting the required standards [135]. - The company has been recognized as a "National Environmentally Friendly Enterprise" and a pilot enterprise for circular economy in Beijing, adhering strictly to environmental protection regulations [137]. - The company has implemented an environmental management system certified by GB/T 24001-2004/ISO14001:2004, focusing on comprehensive environmental protection measures [137]. - The company invested in pollution control equipment and facilities, with all monitoring data for wastewater and emissions meeting standards [140]. - The company has established an environmental protection department to oversee compliance and coordinate efforts across various departments [137]. - The company has committed to regular third-party monitoring of wastewater and emissions, with automatic monitoring systems installed at discharge points [140]. - The company reported a significant investment in environmental protection initiatives, balancing economic benefits with social and environmental responsibilities [138]. - The company has publicly disclosed its environmental monitoring results through various platforms, enhancing transparency [140]. Shareholder Information - The company reported a total share count of 2,818,539,341 shares, with 2,509,339,569 shares being unrestricted, representing 89.03% of total shares [147]. - The company experienced a reduction of 106,630 restricted shares due to the departure of certain executives, while simultaneously increasing unrestricted shares by the same amount [147]. - The number of shareholders holding more than 5% of shares or among the top 10 shareholders was not disclosed in the report [152]. - The company reported a total of 67,552 ordinary shareholders at the end of the reporting period [152]. - The top ten shareholders include Beijing Yanjing Beer Investment Co., Ltd. with 1,617,727,568 shares and a 57.40% stake [154]. - The company has not reported any changes in its controlling shareholder during the reporting period [155]. - The actual controller of the company is Beijing Holdings Limited, which has indirect holdings in several other listed companies [157]. - The company has no preferred shares outstanding during the reporting period [160]. - The total shares held by directors, supervisors, and senior management at the end of the reporting period amounted to 386,100 shares, unchanged from the beginning of the period [162]. Management and Workforce - The total number of employees in the company is 37,003, with 20,638 in production and 8,435 in sales [180]. - The company has 432 employees with a master's degree or above, and 2,351 with a bachelor's degree [181]. - The total compensation for the board and senior management during the reporting period amounts to 1,591.42 million [179]. - The company has a total of 4,134 technical personnel, reflecting its commitment to maintaining a skilled workforce [181]. - The company has a strong emphasis on internal promotions, with many current executives having long tenures within the organization [168]. - The company plans to enhance training efforts and improve talent development mechanisms to support its growth [183]. - The company has no retired employees requiring financial support, indicating a focus on current workforce management [180]. Risk Management - The company is aware of risks such as market fluctuations and raw material price volatility, and is taking steps to enhance internal management and risk resilience [79]. - The company has adhered to the board's approval procedures for all related party transactions, ensuring compliance with regulatory standards [115]. - The company has not reported any significant changes in its debt or equity structure during the reporting period [119]. - The company has not engaged in any major contracts during the reporting period [132]. Subsidiaries and Acquisitions - The company established two new subsidiaries during the reporting period, expanding its operational scope [52]. - The company acquired a 38.148% stake in Huichuan Brewery, committing to avoid competition and ensure independent operations for Huichuan Brewery [93]. - The company has established clear market segmentation to prevent overlap with Huichuan Brewery's sales network, particularly in Fujian Province [94]. - The company plans to initiate the acquisition of Yanjing San Kong after achieving stable profitability for three consecutive years or a net profit of 10 million yuan, with a commitment to complete the acquisition within 12 months after initiation [194].