会稽山(601579) - 2020 Q4 - 年度财报

Company Profile and Key Financial Indicators This section provides an overview of Kuaishanjiao Shaoxing Wine Co., Ltd., including its stock information and key financial performance over the past three years Company Information and Stock Overview Kuaishanjiao Shaoxing Wine Co., Ltd. (Stock Code: 601579) is a yellow rice wine producer listed on the Shanghai Stock Exchange - Company Basic Information: - Chinese Name: Kuaishanjiao Shaoxing Wine Co., Ltd - Stock Abbreviation: Kuaishanjiao - Stock Code: 601579 - Listing Exchange: Shanghai Stock Exchange - Legal Representative: Yu Weiqiang[14][18] Key Accounting Data and Financial Indicators for the Past Three Years In 2020, operating revenue decreased by 5.36%, while net profit attributable to shareholders significantly grew by 73.60% due to non-recurring gains 2020 Key Accounting Data | Key Accounting Data | 2020 | 2019 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1.108 billion yuan | 1.171 billion yuan | -5.36% | | Net Profit Attributable to Shareholders | 289 million yuan | 166 million yuan | 73.60% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 121 million yuan | 127 million yuan | -4.60% | | Net Cash Flow from Operating Activities | 246 million yuan | 274 million yuan | -10.30% | | Total Assets | 4.463 billion yuan | 4.526 billion yuan | -1.40% | 2020 Key Financial Indicators | Key Financial Indicators | 2020 | 2019 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.60 | 0.34 | 76.47% | | Weighted Average Return on Net Assets (%) | 8.94% | 5.21% | Increased by 3.73 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | 3.75% | 4.00% | Decreased by 0.25 percentage points | - Net profit attributable to shareholders significantly increased by 73.6% year-on-year, primarily due to the accounting treatment of partial demolition compensation received by the company, leading to a substantial increase in non-current asset disposal gains and losses[27] 2020 Non-Recurring Gains and Losses | Non-Recurring Gains and Losses | 2020 Amount (yuan) | | :--- | :--- | | Non-current asset disposal gains and losses | 208,616,566.87 | | Government grants recognized in current profit/loss | 12,810,901.34 | | Gains and losses from entrusted investments or asset management | 2,320,820.90 | | Total | 167,616,913.51 | Company Business Overview This section outlines the company's main business, operating model, industry landscape, and core competitive advantages Main Business, Operating Model, and Industry Overview The company primarily engages in yellow rice wine production, sales, and R&D, with a nationwide and overseas sales network - The company's main business is the production, sales, and R&D of yellow rice wine, with key brands including "Kuaishanjiao," "Xitang," "Wuzhanmao," and "Tangsong"[30] - The sales model adopts a strategy of "deep cultivation in core markets and development of potential markets," with a marketing network covering over 20 provinces and cities nationwide, and extending to overseas markets[32] - The yellow rice wine industry exhibits significant regional characteristics, with production and consumption primarily concentrated in the Jiangsu, Zhejiang, and Shanghai regions. In the future, with consumption upgrades and increased health awareness, the industry has substantial development potential, and industry resource integration and increased concentration will be major trends[33][34] Core Competitiveness Analysis The company's core strengths include its historical brand, unique brewing techniques, strong market position, R&D capabilities, and raw wine reserves - Brand Advantage: The company holds the triple honors of "China Well-known Trademark," "China Time-honored Brand," and "National Geographical Indication Protected Product," with a long brand history dating back to 1743[35] - Craftsmanship Advantage: Possesses the "Shaoxing Yellow Rice Wine Brewing Technique," listed as a National Intangible Cultural Heritage[35] - Market Foundation: Ranks among the top three in the yellow rice wine industry, deeply cultivating mature markets in Jiangsu, Zhejiang, and Shanghai, while actively expanding into national markets[36] - R&D Team: Participates in setting national standards for yellow rice wine, possesses a provincial-level enterprise technology center and 15 national-level yellow rice wine judges[37] - Resource Advantage: Abundant raw wine reserves, holding a leading position in the industry, providing assurance for the production of high-end yellow rice wine and product structure adjustment[38] Discussion and Analysis of Operations This section details the company's operating performance during the reporting period and discusses its future development strategies and risks Key Operating Performance During the Reporting Period In 2020, operating revenue declined by 5.36% to 1.108 billion yuan, while net profit attributable to shareholders rose 73.6% to 289 million yuan due to demolition compensation Income Statement and Cash Flow Statement Key Item Changes | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,108,216,796.59 | 1,171,037,167.82 | -5.36 | | Operating Cost | 616,569,821.26 | 648,717,146.63 | -4.96 | | Selling Expenses | 134,989,302.75 | 159,977,462.51 | -15.62 | | Administrative Expenses | 108,304,784.20 | 128,916,423.06 | -15.99 | | Net Cash Flow from Operating Activities | 245,577,561.24 | 273,775,336.49 | -10.30 | Main Business by Product | Product | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin (%) | YoY Operating Revenue Change (%) | | :--- | :--- | :--- | :--- | :--- | | Mid-to-High-End Wine | 672,822,782.63 | 329,695,229.22 | 51.00 | -14.26 | | Ordinary Yellow Rice Wine and Other Wines | 423,025,697.03 | 281,437,120.50 | 33.47 | 13.72 | Main Business by Region | Region | Operating Revenue (yuan) | Gross Margin (%) | YoY Operating Revenue Change (%) | | :--- | :--- | :--- | :--- | | Domestic | 1,087,357,426.59 | 44.49 | -4.94 | | International | 8,491,053.07 | 11.01 | -33.78 | - The significant increase in current period profit is primarily due to the company's accounting treatment of assets and corresponding demolition compensation for the partially completed demolition work at the Huashe factory, realizing 151 million yuan in non-recurring gains (income)[62] Discussion and Analysis of the Company's Future Development The company aims to strengthen its yellow rice wine business, focusing on governance, operations, management, technology, and social responsibility, while managing control risks - Industry Trends: - Health and cultural consumption will expand the yellow rice wine customer base[105] - Yellow rice wine consumption is expected to break regional limitations, expanding market capacity[105] - Product upgrades and industry concentration will further accelerate[106] - Company Strategy: Centered on expanding, strengthening, and optimizing the Shaoxing yellow rice wine main business, adhering to a combination of market orientation, brand enhancement, and capital operation, to build a benchmark enterprise in China's yellow rice wine industry[108] - 2021 Operating Plan: - Strengthen Governance: Standardize operations, especially maintaining independence during the controlling shareholder's restructuring period[111] - Strengthen Main Business: Implement a "one focus, two wings development" brand focus strategy, primarily promoting mid-range products like "Kuaishanjiao 1743" and leading high-end products[112][113] - Strengthen Management: Promote lean management, improve performance systems, and enhance market control[114] - Strengthen Technology: Upgrade intelligent applications and increase R&D investment[115] - Strengthen Social Responsibility: Adhere to Party building leadership and fulfill social responsibilities[116] - Risk of Unstable Control: The controlling shareholder, Jinggong Group, holds 32.97% of the company's shares, which have all been successively frozen, and the group has entered restructuring proceedings, potentially leading to a change in the company's actual control[120] Significant Matters This section covers the company's profit distribution, share repurchases, audit report details, significant related party transactions, and other major ongoing matters Profit Distribution and Share Repurchase The 2020 profit distribution plan includes a cash dividend of 0.50 yuan per 10 shares and a share repurchase, totaling 33.21% of net profit - The 2020 profit distribution plan proposes a cash dividend of 0.50 yuan (tax inclusive) per 10 shares, totaling 23,973,170.45 yuan (tax inclusive) in cash dividends[126] - In 2020, the company repurchased shares through centralized bidding transactions, with a payment of 71,985,264.28 yuan, which is treated as a cash dividend. The combined cash dividend and repurchase amount accounts for 33.21% of the net profit attributable to shareholders for the year[128] Explanation of Non-Standard Audit Opinion Report Tianjian Certified Public Accountants issued an unqualified audit opinion with an emphasis of matter regarding the controlling shareholder's frozen shares and restructuring - The auditing firm issued an unqualified audit opinion with an emphasis of matter paragraph[134] - Emphasis of Matter: The controlling shareholder, Jinggong Group, holds 32.97% of the company's shares, which have all been judicially frozen and successively frozen, and has entered restructuring proceedings, with significant uncertainty regarding future outcomes[134] - The company's board of directors believes that this matter may lead to a change in the company's actual control, posing a risk of unstable control, but currently has no direct significant adverse impact on the company's daily production and operations[136][137][138] Significant Related Party Transactions The company ratified a demolition compensation agreement as a related party transaction and jointly invested in a new media company with an affiliate - The company ratified the "House Demolition Compensation Agreement" with Shaoxing Keqiao District Small Town Construction Investment Co., Ltd. as a related party transaction. This is because the counterparty acquired 6.03% of the company's shares through judicial auction during the agreement's performance, becoming a related party[147][148][149] - The company jointly invested with related party Zhejiang China Light Textile City Group Co., Ltd. to establish Shaoxing Jishan Jianshui Film and Television Culture Media Co., Ltd., with the company contributing 15 million yuan and holding a 30% stake[151] Other Significant Matters The company completed a share repurchase in 2020 and continues to receive demolition compensation for its Huashe factory - The company completed its share repurchase on March 10, 2020, cumulatively repurchasing 17,896,591 shares (3.5983% of total share capital), with a total payment of 152 million yuan[160] - The total demolition compensation for the Huashe factory is 532 million yuan; as of the end of the reporting period, 398 million yuan had been cumulatively received, with 134 million yuan remaining to be paid[161] Share Changes and Shareholder Information This section details the company's shareholder structure, including the controlling shareholder, actual controller, and top shareholders Shareholder and Actual Controller Information As of 2020, Jinggong Group is the controlling shareholder with 32.97% ownership, and Jin Liangshun is the actual controller Top Three Shareholders' Holdings (As of End of 2020) | Shareholder Name | Shares Held at Period End | Proportion (%) | Share Status | | :--- | :--- | :--- | :--- | | Jinggong Group Co., Ltd. | 164,000,000 | 32.97 | Frozen | | Zhejiang China Light Textile City Group Co., Ltd. | 102,000,000 | 20.51 | Unencumbered | | Shaoxing Keqiao District Small Town Construction Investment Co., Ltd. | 30,000,000 | 6.03 | Unencumbered | - The 164 million shares held by the controlling shareholder, Jinggong Group (32.97% of total share capital), have all been successively judicially frozen, and the group has entered judicial restructuring proceedings, posing a risk of unstable control[186][187] - The company's actual controller is Mr. Jin Liangshun, who controls the controlling shareholder Jinggong Group through direct and indirect means[199] Financial Report This section presents the audit report and a summary of the consolidated financial statements Audit Report Tianjian Certified Public Accountants issued an unqualified audit opinion with an emphasis of matter regarding the controlling shareholder's frozen shares and restructuring - The audit opinion type is an unqualified opinion with an emphasis of matter paragraph[238] - Emphasis of Matter: The controlling shareholder, Jinggong Group, holds 32.97% of the company's shares, which have all been judicially frozen and successively frozen, and has entered restructuring proceedings, with significant uncertainty regarding future outcomes[240] - Key audit matters include: - Revenue recognition[241] - Inventory impairment provisions[242] - Goodwill impairment[243] - Related party fund occupation and external guarantees[244] Consolidated Financial Statements Summary As of 2020, total assets were 4.463 billion yuan, total liabilities 1.070 billion yuan, and net profit attributable to parent company 289 million yuan Consolidated Balance Sheet Summary (December 31, 2020) | Item | Amount (yuan) | | :--- | :--- | | Assets | | | Total Current Assets | 1,855,845,067.56 | | Total Non-Current Assets | 2,606,687,306.10 | | Total Assets | 4,462,532,373.66 | | Liabilities and Owners' Equity | | | Total Current Liabilities | 876,121,167.90 | | Total Non-Current Liabilities | 193,708,568.67 | | Total Liabilities | 1,069,829,736.57 | | Total Owners' Equity Attributable to Parent Company | 3,368,785,538.37 | | Total Liabilities and Owners' Equity | 4,462,532,373.66 | Consolidated Income Statement Summary (2020) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 1,108,216,796.59 | | Total Operating Costs | 928,704,681.51 | | Asset Disposal Gains | 208,341,993.60 | | Operating Profit | 391,486,483.17 | | Total Profit | 392,701,353.98 | | Net Profit | 290,251,860.59 | | Net Profit Attributable to Parent Company Shareholders | 288,960,191.76 | Consolidated Cash Flow Statement Summary (2020) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 245,577,561.24 | | Net Cash Flow from Investing Activities | -59,525,112.68 | | Net Cash Flow from Financing Activities | -146,528,161.19 | | Net Increase in Cash and Cash Equivalents | 38,978,268.57 |