LAO BAI GAN JIU(SH:600559)2021-04-28 16:00Financial Performance - The company achieved a net profit attributable to shareholders of RMB 312,603,891.46 for the year 2020, with the parent company's net profit at RMB 198,771,686.71[4]. - The company's operating revenue for 2020 was CNY 3,597,786,950.30, a decrease of 10.73% compared to 2019[17]. - Net profit attributable to shareholders for 2020 was CNY 312,603,891.46, down 22.68% from the previous year[17]. - The net profit after deducting non-recurring gains and losses was CNY 272,966,906.04, reflecting a 24.86% decline year-over-year[17]. - The company's total assets at the end of 2020 were CNY 6,465,115,089.32, a 3.06% increase from 2019[17]. - Basic earnings per share for 2020 were CNY 0.35, a decrease of 22.22% compared to 2019[18]. - The weighted average return on equity for 2020 was 9.26%, down 3.72 percentage points from the previous year[18]. - The company reported a total revenue of CNY 1,100,878,382.16 in Q4 2020, marking a significant quarterly performance[21]. - The company’s total comprehensive income for 2020 was CNY 313,163,073.63, down from CNY 404,368,230.76 in 2019, indicating a decline of 22.5%[183]. Dividend Policy - The board proposed a cash dividend of RMB 1.5 per 10 shares, totaling RMB 134,593,116.60 to be distributed to shareholders[4]. - The company distributed a cash dividend of 1.5 CNY per 10 shares for the year 2020, totaling 134,593,116.60 CNY, which represents 43.06% of the net profit attributable to ordinary shareholders[78]. - The average distributable profit over the last three years was 312,603,891.46 CNY, with a minimum cash distribution requirement of 30%[77]. - The company has maintained a consistent dividend policy, distributing cash dividends of 134,593,116.60 CNY in both 2019 and 2020[78]. - The company’s profit distribution policy is designed to balance reasonable funding needs for development while providing stable returns to investors[77]. Risk Management - The company reported no significant risk events during the reporting period[7]. - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report[5]. - The company has no non-operating fund occupation by controlling shareholders or related parties[6]. - The company has no violations in decision-making procedures for providing guarantees[6]. - The company faces market environment risks due to increasing competition in the liquor industry, particularly from high-end brands[74]. - There are risks associated with raw material storage, which could lead to increased costs and potential losses[74]. - The company is exposed to brand risks from counterfeit products, which could harm consumer trust and sales[74]. - The ongoing COVID-19 pandemic poses operational risks, and the company plans to adopt flexible strategies to minimize its impact[75]. Operational Highlights - The company operates primarily in the production and sales of liquor, focusing on a "R&D + production + sales" business model[24]. - The company has a strong brand presence, with its "Hengshui Laobaigan" liquor recognized as a famous Chinese trademark and listed as a national intangible cultural heritage[27]. - The company has established a comprehensive R&D system, including multiple research platforms and advanced scientific instruments, to enhance its research capabilities[28]. - The company has engaged in collaborations with various academic institutions to foster research and development, resulting in numerous scientific achievements[28]. - The liquor industry is characterized by seasonal consumption peaks, particularly during holidays, leading to increased sales before and decreased sales after these periods[25]. Market and Sales Performance - The company is a leading producer in the domestic liquor industry, with a significant market share in the North China region, particularly in Hebei Province[25]. - The company has a diverse product portfolio, including regional brands such as "Qianlong Drunk" and "Wuling Liquor," which have gained significant market share in their respective areas[27]. - The company reported a significant increase in sales from the Wuling series, with a revenue growth of 28.19%[33]. - The company’s total revenue for the period was CNY 3,413,551,342.39, with a year-on-year decrease of 9.26% in offline sales and a decrease of 7.89% in online sales[65]. - High-end liquor sales reached CNY 1,624,379,448.06, showing a year-on-year growth of 13.30%, while mid-range and low-end liquor sales decreased by 18.70% and 27.48% respectively[65]. Financial Management - The company plans to continue optimizing its financial management to maximize enterprise value and improve operational efficiency[30]. - Financial expenses increased by 148.37% year-on-year, mainly due to a decrease in interest income[32]. - The company reported a significant decrease in investment income by 36.50%, totaling ¥11,284,959.58, attributed to reduced returns from joint ventures[39]. - The company’s tax expenses increased by 32.40% to ¥117,748,850.03, reflecting higher income tax liabilities[40]. - The company has a commitment to maintain financial independence and not to interfere with the management decisions of the listed company[81]. Environmental Responsibility - The company is committed to environmental protection, adhering to a strict management approach and ensuring compliance with pollution discharge standards[104]. - The company has wastewater treatment facilities with a design capacity of 4000m³/d and 3000m³/d, ensuring compliance with the indirect discharge standards of GB27631-2011[111]. - The company has implemented a pollution prevention and control facility, which is operational and effective[110]. - The company has successfully replaced coal-fired boilers with biomass boilers, ensuring compliance with the relevant air pollution standards[111]. - The company has established emergency response plans for environmental incidents, with the North Plant's plan filed on January 23, 2020, and the South Plant's plan filed on January 21, 2020[115]. Corporate Governance - The company has established a clear and complete decision-making process for profit distribution, ensuring the protection of minority investors' rights[77]. - The board of directors consists of 9 members, including 3 independent directors, ensuring independent operation and decision-making[155]. - The company has implemented internal control measures in accordance with relevant regulations, ensuring the effectiveness of key business processes and protecting investor interests[156]. - The company has maintained compliance with insider information management regulations, ensuring the confidentiality and proper handling of sensitive information[156]. - The company has undergone a board reshuffle, resulting in the election of new directors and supervisors[149]. Social Responsibility - The company actively engaged in targeted poverty alleviation, helping 400 registered impoverished individuals to escape poverty[99]. - The company donated 3.8 million yuan in cash and over 10 million yuan worth of disinfectant supplies to support anti-epidemic efforts during the COVID-19 pandemic[103]. - The company is involved in various poverty alleviation projects, including agricultural and tourism-related initiatives[99]. - The company has implemented various employee care activities, including health insurance contributions and seasonal health support measures[103]. - The company emphasizes the importance of employee well-being, ensuring safe dining and commuting conditions[103].