天佑德酒(002646) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice and Definitions The company's management guarantees the report's authenticity and plans no profit distribution for this period - The company's management ensures the truthfulness, accuracy, and completeness of the report and states that no cash dividends, bonus shares, or capital reserve transfers will be issued for the reporting period[9][10] - This report covers the period from January 1, 2025, to June 30, 2025[18] Company Profile and Key Financial Indicators Company Profile Qinghai Huzhu Tianyoude Highland Barley Wine Co, Ltd is listed on the Shenzhen Stock Exchange under the stock code 002646 Company Information | Item | Information | | :--- | :--- | | Stock Ticker | Tianyoude Wine | | Stock Code | 002646 | | Listing Exchange | Shenzhen Stock Exchange | | Company Name | Qinghai Huzhu Tianyoude Highland Barley Wine Co, Ltd | | Legal Representative | Li Yinhui | Key Accounting Data and Financial Indicators The company's revenue and net profit declined, but its operating cash flow significantly improved due to better working capital management Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 673,819,141.78 | 759,154,805.65 | -11.24% | | Net Profit Attributable to Shareholders (Yuan) | 51,460,249.67 | 79,617,531.28 | -35.37% | | Net Profit after Non-recurring Items (Yuan) | 48,965,919.33 | 76,493,788.71 | -35.99% | | Net Cash Flow from Operating Activities (Yuan) | 54,012,827.36 | 22,841,669.51 | 136.47% | | Basic Earnings Per Share (Yuan/Share) | 0.1080 | 0.1659 | -34.90% | | Weighted Average ROE | 1.81% | 2.78% | -0.97% | | Total Assets (Yuan) | 3,348,709,268.35 | 3,344,517,538.86 | 0.13% (vs Year-End) | | Net Assets Attributable to Shareholders (Yuan) | 2,889,739,860.65 | 2,814,061,051.34 | 2.69% (vs Year-End) | Non-recurring Profit and Loss Items The company's non-recurring profit and loss totaled 2.49 million Yuan, mainly from government subsidies and wealth management income Non-recurring Profit and Loss Items for H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | -133,530.93 | | Government Subsidies Included in Current P&L | 2,950,673.15 | | Gain/Loss from Entrusted Investments | 288,493.15 | | Other Non-operating Income and Expenses | -265,105.02 | | Less: Income Tax Impact | 347,823.23 | | Less: Minority Interest Impact (After Tax) | -1,623.22 | | Total | 2,494,330.34 | Management Discussion and Analysis Business Overview The company focuses on highland barley wine, implementing strategic initiatives to navigate a rationalizing market and expand its reach - The company's main business is the R&D, production, and sale of highland barley wine, featuring brands like Tianyoude and Huzhu, with a fully self-owned production chain and a sales model combining distribution and direct sales[32][33] - The company is advancing its "Four-pronged" strategy (county-level penetration, internationalization, youth appeal, and terminal focus) to solidify its home market, expand nationally, and promote exports, with Tashi highland barley wine entering Costco in the US[36] - To attract younger consumers, the company launched innovative products such as a 28-proof lemon-flavored and a 43-proof sherry-finished highland barley wine[35][53] Industry and Main Business The Chinese liquor industry faces rationalizing consumption, where regional brands with strong value propositions and channel control show resilience - The liquor industry is under pressure as consumers prioritize value, giving regional brands an advantage due to their local consumer base and channel control[32] - Key performance drivers include solidifying market foundations, expanding coverage, deepening rural penetration, targeting the banquet market, promoting tourism season activities, and accelerating the national product layout[34][35] Brand and Product Operation Highland barley wine remains the core revenue source, with sales evenly split between products priced above and below 100 Yuan Product Revenue Composition (Wine Manufacturing) for H1 2025 | Product Category | Operating Revenue (Yuan) | Revenue Share | | :--- | :--- | :--- | | Highland Barley Wine | 570,212,057.72 | 99.06% | | Above 100 Yuan (incl)/500ml | 299,430,578.55 | 52.02% | | Below 100 Yuan/500ml | 270,781,479.17 | 47.04% | | Other Highland Barley Spirits | 776,774.86 | 0.13% | | Wine | 4,643,194.14 | 0.81% | | Total | 575,632,026.72 | 100.00% | Sales and Production Model The company primarily relies on channel distribution, which constitutes 88.9% of its wine manufacturing revenue, supplemented by direct sales Sales Model Revenue | Sales Model | Operating Revenue (Yuan) | Gross Margin | YoY Revenue Change | | :--- | :--- | :--- | :--- | | Channel Distribution | 511,711,800.19 | 66.90% | -9.52% | | Direct Sales | 63,920,226.53 | 72.67% | -21.43% | - During the period, the number of out-of-province distributors increased from 511 to 522, a net addition of 11, while in-province distributors remained at 77[46] - Online e-commerce platform sales revenue reached 24.31 million Yuan, a year-on-year increase of 4.64%[46] Core Competitiveness Analysis The company's core strengths lie in its unique "Tianniang Craft," strong brands, market dominance, and continuous product innovation - Brand Advantage: "Huzhu" and "Tianyoude" are China Well-known Trademarks, with "Huzhu" being a "China Time-honored Brand" and its craft listed as a national intangible cultural heritage[51] - Market Advantage: The company's strategy is to "Root in Qinghai, Base in the Northwest, Expand Nationally, and Deploy Globally," holding a high market share in Qinghai with a loyal consumer base[52] - Product & Innovation: In H1 2025, the company successfully launched three new products, including a 28-proof lemon-flavored and a 43-proof sherry-finished highland barley wine, and upgraded five existing products[53] - Talent Advantage: The company boasts a strong technical team, including experts with the "State Council Special Government Allowance" and national-level liquor tasters, with the team earning honors like the national "Youth Civilization Unit"[54] Main Business Analysis The company's main business revenue declined, with sales falling in domestic markets but showing strong growth internationally YoY Changes in Key Financial Data | Item | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 673,819,141.78 | 759,154,805.65 | -11.24% | No significant change | | Operating Cost | 278,525,713.28 | 307,871,180.69 | -9.53% | No significant change | | Administrative Expenses | 66,003,119.41 | 85,616,659.79 | -22.91% | No significant change | | Financial Expenses | 30,607.12 | -5,429,445.06 | 100.56% | Impact of USD exchange rate fluctuations | | Net Cash Flow from Operating Activities | 54,012,827.36 | 22,841,669.51 | 136.47% | Reduced payments for various procurements | | Net Cash Flow from Investing Activities | -114,022,894.98 | -30,410,920.11 | -274.94% | Purchase of short-term wealth management products | Operating Revenue Composition | Category | Current Period Revenue (Yuan) | % of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | By Region | | | | | Within Qinghai Province | 461,478,578.47 | 68.49% | -8.49% | | Outside Qinghai Province | 198,488,079.61 | 29.46% | -17.18% | | International | 3,517,735.81 | 0.52% | 42.87% | | By Product | | | | | Highland Barley Wine (≥100 Yuan) | 299,430,578.55 | 44.44% | -10.19% | | Highland Barley Wine (<100 Yuan) | 270,781,479.17 | 40.19% | -11.44% | Analysis of Assets and Liabilities The company's total assets remained stable, with a significant shift from construction in progress to fixed assets upon project completion - Construction in progress decreased by 941 million Yuan (95.22%) from the beginning of the year, as the "17,300-ton high-quality highland barley raw spirit aging project" was transferred to fixed assets[62] - The company holds overseas assets in the US valued at 180 million Yuan, representing 6.22% of its net assets; these US operations generated 3.07 million Yuan in revenue and a net loss of 13.02 million Yuan in H1 2025[64] - During the period, the company purchased 80 million Yuan in trading financial assets (wealth management products) and made a new 1.5 million Yuan equity investment in Hainan Jianyun Supply Chain Management Co, Ltd[62][66] Investment Analysis The company's primary investment is the ongoing highland barley raw spirit aging project, which has been delayed to year-end 2025 Progress of Major Non-Equity Investment Projects | Project Name | Investment Method | Investment in Current Period (Yuan) | Cumulative Investment (Yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | | 17,300-ton high-quality highland barley raw spirit aging project | Self-construction | 19,828,056.72 | 117,302,238.61 | 55.86% | - Due to objective factors like the domestic economic situation, the progress of several fundraising projects has slowed, with the "17,300-ton aging project" completion date postponed to December 31, 2025[69][78] - As of the end of the reporting period, 67.16% of the 405 million Yuan raised in the 2021 private placement has been used, with 133 million Yuan remaining[73][75] Analysis of Major Holding and Participating Companies The main sales subsidiary remains the core profit contributor, while the US subsidiary continues to operate at a loss Operating Performance of Major Subsidiaries (H1 2025) | Company Name | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | | Qinghai Huzhu Highland Barley Wine Sales Co, Ltd | 446,147,263.34 | 52,371,035.06 | | Oranos Group, Inc. | 3,073,637.28 | -13,022,757.48 | | Beijing Huzhu Tianyoude Highland Barley Wine Sales Co, Ltd | 1,831,739.69 | -7,982,207.95 | Company's Risks and Countermeasures The company faces risks from shifting consumer preferences toward value and uncertainty in US tariff policies - Risk 1: A shift in liquor consumption towards private consumption and value-for-money; the company will respond by enhancing market research, promoting its "Four-pronged" strategy, and increasing the supply of high-value products like plain bottle liquor[85] - Risk 2: Uncertainty in US tariff policies; the company will closely monitor tariff changes and make adaptive adjustments[85] Corporate Governance, Environment, and Society Corporate Governance The company adjusted its board composition, appointed a new deputy general manager, and is proceeding with a restricted stock buyback - The company elected Wang Yancai and Chen Bin as new independent directors and appointed Lu Shuilong as Deputy General Manager[87][88] - The company plans to buy back and cancel a total of 2.895 million restricted shares from its 2023 incentive plan due to unmet vesting conditions[90][91] - The company's H1 2025 plan includes no cash dividends, no bonus shares, and no capitalization of public reserves[89] Environmental and Social Responsibility The company is listed for mandatory environmental information disclosure and actively engages in rural revitalization and public welfare - The company and its subsidiaries are included in the list of enterprises legally required to disclose environmental information[92] - The company actively fulfilled its social responsibilities through various public welfare activities, including poverty alleviation support, the "Highland Barley Student Aid Action" for rural education, and donating supplies to earthquake-stricken areas[93][94] Important Matters Related-Party Transactions All routine related-party transactions were conducted within approved limits and based on market prices Major Routine Related-Party Transactions in H1 2025 | Related Party | Transaction Type | Transaction Content | Transaction Amount (10k Yuan) | | :--- | :--- | :--- | :--- | | Tianyoude Group and its controlled companies | Purchase/Receive Services | Purchase of goods, receiving services (incl leasing) | 343.47 | | Zhongjiu (Beijing) Chain Commerce Management Co, Ltd | Sale of Goods | Sale of goods | 439.16 | Major Contracts and Their Performance The company provided a 100 million Yuan guarantee for a subsidiary and approved a total guarantee limit of 250 million Yuan - The company provided a 100 million Yuan joint liability guarantee for its wholly-owned subsidiary, Tibet Alajiaobao Liquor Co, Ltd, for a one-year term[118] - During the period, the company used 80 million Yuan of its own funds to purchase brokerage wealth management products[120] Other Important Matters The company increased its investment in its US subsidiary, while another subsidiary plans a major winery expansion - The company continued to increase its capital in the US subsidiary Oranos Group, Inc to support its business development, completing a capital injection of 650,000 USD during the period[121] - The wholly-owned subsidiary, Tibet Alajiaobao Liquor Co, Ltd, plans to use 160 million Yuan of self-raised funds for a winery renovation and expansion project[124] Share Capital Changes and Shareholder Information Share Capital Changes The company's total share capital remained unchanged during the reporting period, with a stock buyback plan in progress - The company's total share capital remained unchanged at 482,002,974 shares during the reporting period[127] Shareholder Information The controlling shareholder holds a 41.39% stake, with a portion of its shares pledged, while index funds are among the top ten shareholders Top Ten Shareholders | Shareholder Name | Shareholding Ratio | Number of Shares | | :--- | :--- | :--- | | Qinghai Tianyoude Technology Investment Management Group Co, Ltd | 41.39% | 199,483,040 | | China Merchants CSI Liquor Index Fund | 4.95% | 23,858,066 | | Penghua CSI Liquor ETF | 1.27% | 6,142,300 | | Wang Shen | 1.21% | 5,808,808 | | Peking University Education Foundation | 0.94% | 4,510,400 | - The controlling shareholder, Qinghai Tianyoude Technology Investment Management Group Co, Ltd, holds 41.39% of the company's shares, of which 90,730,000 shares are pledged[130] Bond-Related Matters Bond-Related Matters The company has no bond-related matters to disclose for the reporting period - The company did not issue, trade, or hold any bonds during this reporting period, and there are no related matters to disclose[137] Financial Report Audit Opinion The company's semi-annual financial report for 2025 has not been audited - This semi-annual financial report is unaudited[139] Financial Statements The financial statements provide a comprehensive overview of the company's financial position, performance, and cash flows for H1 2025 Consolidated Balance Sheet As of June 30, 2025, the company maintained a stable balance sheet with total assets of 3.35 billion Yuan Key Items from Consolidated Balance Sheet (2025-06-30) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 3,348,709,268.35 | | Total Current Assets | 1,911,233,501.64 | | Total Non-current Assets | 1,437,475,766.71 | | Total Liabilities | 477,625,115.54 | | Total Current Liabilities | 437,557,034.76 | | Total Non-current Liabilities | 40,068,080.78 | | Total Equity | 2,871,084,152.81 | | Equity Attributable to Parent Company | 2,889,739,860.65 | Consolidated Income Statement For H1 2025, the company generated total revenue of 674 million Yuan and net profit attributable to shareholders of 51.46 million Yuan Key Items from Consolidated Income Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 673,819,141.78 | | Total Operating Cost | 613,289,421.76 | | Operating Cost | 278,525,713.28 | | Taxes and Surcharges | 101,809,877.16 | | Selling Expenses | 158,361,898.36 | | Administrative Expenses | 66,003,119.41 | | Total Profit | 72,577,510.74 | | Net Profit | 51,553,072.89 | | Net Profit Attributable to Parent Company Shareholders | 51,460,249.67 | Consolidated Cash Flow Statement The company's operating cash flow increased significantly, while investing activities resulted in a net outflow due to asset purchases Key Items from Consolidated Cash Flow Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 54,012,827.36 | | Net Cash Flow from Investing Activities | -114,022,894.98 | | Net Cash Flow from Financing Activities | -4,447,476.28 | | Effect of Exchange Rate Changes on Cash | -31,781.37 | | Net Increase in Cash and Cash Equivalents | -64,489,325.27 | | Cash and Cash Equivalents at End of Period | 299,248,391.21 | Notes to the Financial Statements The notes detail the company's accounting policies, including revenue recognition, inventory valuation, and R&D expenditure treatment - Revenue Recognition Policy: Revenue is recognized when the customer obtains control of the goods, typically upon customer acceptance[228] - Inventory Valuation Method: Inventories are recorded at actual cost upon acquisition and valued using the weighted average method upon dispatch, measured at the lower of cost or net realizable value at period-end[201] - R&D Expenditure: Research-phase expenditures are expensed as incurred, while development-phase expenditures meeting capitalization criteria are recognized as intangible assets[215][216] Other Submitted Data Other Important Matters and Investor Relations Activities The company received a minor administrative penalty for environmental monitoring issues and actively engaged with investors - In January 2025, the company was fined 50,000 Yuan for issues with its pollution source automatic monitoring equipment and has since completed rectification[529] - During the reporting period, the company held multiple online earnings calls and investor reception events to communicate with institutional and individual investors[530]