酒鬼酒(000799) - 2019 Q4 - 年度财报

Important Notice, Table of Contents, and Definitions This section provides crucial disclaimers, defines key terms, and outlines the proposed profit distribution plan for 2019 Important Notice The company's board of directors, supervisory board, and senior management ensure the annual report's truthfulness, accuracy, and completeness, with the 2019 profit distribution plan proposing a cash dividend of CNY 2 per 10 shares (tax inclusive) based on 324,928,980 shares - The company's 2019 profit distribution plan proposes a cash dividend of CNY 2 per 10 shares (tax inclusive), with no bonus shares or capital reserve conversions[3] Definitions This section defines key entities and terms used in the report, clarifying references to the company, its largest shareholder (Zhonghuang Co., Ltd.), and ultimate controller (COFCO Group Co., Ltd.) - The report explicitly states that the company's largest shareholder is Zhonghuang Co., Ltd., and its ultimate controller is COFCO Group Co., Ltd.[5] Company Profile and Key Financial Indicators This section provides the company's basic information, key financial performance metrics, and details on non-recurring gains and losses Company Information This section provides the company's basic business registration information, including its stock abbreviation "Jiuguijiu", stock code "000799", legal representative Wang Hao, and registered and office addresses Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Jiuguijiu | | Stock Code | 000799 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Wang Hao | | Company Website | www.jiuguijiu000799.com | Key Accounting Data and Financial Indicators The company achieved significant growth in 2019, with operating revenue increasing by 27.38% and net profit attributable to shareholders by 34.50%, while net cash flow from operating activities surged by 79.93%, indicating strong operational quality and cash generation Key Financial Indicators | Key Financial Indicator | 2019 | 2018 | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (million CNY) | 1,511.90 | 1,186.88 | 27.38% | | Net Profit Attributable to Shareholders (million CNY) | 299.50 | 222.68 | 34.50% | | Net Cash Flow from Operating Activities (million CNY) | 381.91 | 212.26 | 79.93% | | Basic Earnings Per Share (CNY/share) | 0.9217 | 0.6853 | 34.50% | | Weighted Average Return on Net Assets | 13.02% | 10.70% | Increase 2.32 percentage points | | Total Assets (billion CNY) | 3.23 | 2.87 | 12.49% | Quarterly Key Financial Indicators The company's 2019 quarterly financial performance remained stable, with the fourth quarter showing the most prominent operating revenue and net profit at CNY 544.01 million and CNY 115.49 million respectively, indicating strong year-end sales momentum Quarterly Financial Performance | Quarter | Operating Revenue (million CNY) | Net Profit Attributable to Shareholders (million CNY) | | :--- | :--- | :--- | | First Quarter | 346.07 | 72.65 | | Second Quarter | 362.83 | 83.18 | | Third Quarter | 258.99 | 28.18 | | Fourth Quarter | 544.01 | 115.49 | Non-recurring Gains and Losses Items and Amounts In 2019, the company's total non-recurring gains and losses amounted to CNY 12.13 million, primarily from gains and losses on entrusted investments or asset management, totaling CNY 13.50 million Non-recurring Gains and Losses | Item | 2019 Amount (million CNY) | 2018 Amount (million CNY) | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -0.01 | 1.03 | | Government Grants Recognized in Current Profit/Loss | 1.70 | 1.82 | | Gains/Losses from Entrusted Investments or Asset Management | 13.50 | 22.72 | | Total | 12.13 | 27.50 | Company Business Overview This section outlines the company's primary business activities, core product lines, and unique competitive advantages in the baijiu industry Main Business The company's main business involves the production and sale of baijiu series products, with core offerings including the "Neican", "Jiugui", and "Xiangquan" series, and no changes occurred in its main business or operating model during the reporting period - The company primarily engages in the production and sale of baijiu series products, featuring three core product lines: "Neican", "Jiugui", and "Xiangquan"[16] Core Competitiveness Analysis The company's core competitiveness stems from its unique ecological environment, distinctive cultural heritage, and exclusive Fuyu-fragrance baijiu craftsmanship, collectively forming the quality assurance, taste support, and category capital of Jiuguijiu - The company is a pioneer in Chinese baijiu cultural marketing, a leader in cultural baijiu, the originator of cave-aged cultural baijiu, the creator of Fuyu-fragrance baijiu craftsmanship, and the initiator of the ceramic packaging era for baijiu[18] - Core competencies include: - Ecological Environment: Located in the 30-degree north latitude "golden belt" for brewing, possessing unique natural resources - Cultural Connotation: Packaging designed by master artist Huang Yongyu, integrating form, painting, poetry, and calligraphy, pioneering cultural baijiu - Fuyu Fragrance Type: Unique "523" craftsmanship (5 raw materials, 2 processes, 3 fragrance types harmoniously coexisting), forming a distinctive Fuyu fragrance category[19][20][21] Discussion and Analysis of Operations This section provides an overview of the company's operational performance, detailed analysis of its main business, expenses, R&D investments, cash flow, and future development outlook Overview of Operations In 2019, the company steadily implemented various operational strategies centered on "terminal construction year," achieving steady improvement in performance through innovative marketing, strengthened terminal presence, expanded production capacity, and focused strategic single products, with significant achievements in brand building, market layout, supply chain management, and team development - Focus on three strategic single products: "52-degree 500mL Neican Baijiu", "52-degree 500mL Hongtan Jiugui Baijiu", and "52-degree 500mL Chuan Cheng Jiugui Baijiu"[24] - Promoting the national operation of the "Neican" brand, "Neican Baijiu" achieved CNY 331 million in operating revenue during the reporting period, a 35.42% year-on-year increase[29] - Production capacity continuously improved, with 8,100 tons of Qujiu produced in 2019, a 60.5% year-on-year increase, and packaging output reaching 9,400 tons, up 25% year-on-year[35] Main Business Analysis In 2019, the company's main business revenue reached CNY 1.51 billion, a 27.14% year-on-year increase; by product, the "Jiugui Series" was the core revenue driver at 66.51%, while the "Neican Series" grew fastest at 35.42%; by region, Central China was the core market, contributing 58.03% of revenue, with the company's overall gross profit margin at 77.86% Operating Revenue Composition | Operating Revenue Composition | 2019 Amount (million CNY) | Proportion | YoY Change | | :--- | :--- | :--- | :--- | | By Product | | | | | Neican Series | 331.04 | 21.90% | 35.42% | | Jiugui Series | 1,005.41 | 66.51% | 27.61% | | Xiangquan Series | 148.94 | 9.85% | 36.20% | | By Region | | | | | North China Region | 369.29 | 24.43% | 28.50% | | Central China Region | 877.42 | 58.03% | 22.81% | Main Products/Regions Revenue, Cost, and Gross Margin | Main Product/Region | Operating Revenue (million CNY) | Operating Cost (million CNY) | Gross Profit Margin | Gross Profit Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | Alcohol Sales | 1,507.04 | 333.66 | 77.86% | -0.95% | | Neican Series | 331.04 | 33.48 | 89.89% | -4.56% | | Jiugui Series | 1,005.41 | 197.54 | 80.35% | -1.10% | | Central China Region | 877.42 | 175.03 | 80.05% | 1.24% | - Sales to the top five customers totaled CNY 527 million, accounting for 34.87% of the total annual sales[47][48] Expense Analysis In 2019, the company maintained good control over period expenses, with sales and administrative expenses increasing by 10.97% and 14.37% respectively, largely aligning with revenue growth, while R&D expenses surged by 177.38% primarily due to increased outsourced cooperation expenditures, reflecting the company's emphasis on technological innovation Expense Breakdown | Expense Item | 2019 (million CNY) | 2018 (million CNY) | YoY Change | Explanation for Significant Change | | :--- | :--- | :--- | :--- | :--- | | Sales Expenses | 383.88 | 345.92 | 10.97% | - | | Administrative Expenses | 146.52 | 128.11 | 14.37% | - | | R&D Expenses | 9.74 | 3.51 | 177.38% | Mainly due to increased outsourced cooperation expenditures | | Financial Expenses | -10.53 | -10.97 | 3.95% | - | R&D Investment The company's R&D investment significantly increased in 2019, totaling CNY 9.74 million, a 177.38% year-on-year growth, with R&D personnel increasing from 56 to 80, and the key R&D project "Neican Master Baijiu (15 Years)" becoming one of the first authentic vintage products certified by the National Wine Association R&D Investment Indicators | R&D Investment Indicator | 2019 | 2018 | Change Percentage | | :--- | :--- | :--- | :--- | | Number of R&D Personnel (persons) | 80 | 56 | 42.86% | | R&D Investment Amount (million CNY) | 9.74 | 3.51 | 177.38% | | R&D Investment as % of Operating Revenue | 0.64% | 0.30% | Increase 0.34 percentage points | Cash Flow Analysis In 2019, the company's cash flow significantly improved, with net cash flow from operating activities increasing by 79.93% to CNY 381.91 million, primarily due to increased cash received from sales, and net cash flow from investing activities rising from CNY 102.32 million to CNY 378.14 million, mainly because recovered structured deposits exceeded expenditures Cash Flow Statement Key Items | Cash Flow Item | 2019 (million CNY) | 2018 (million CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 381.91 | 212.26 | 79.93% | | Net Cash Flow from Investing Activities | 378.14 | 102.32 | 269.58% | | Net Cash Flow from Financing Activities | -48.71 | -48.72 | 0.03% | | Net Increase in Cash and Cash Equivalents | 711.34 | 265.85 | 167.57% | - The significant increase in net cash flow from operating activities was primarily due to increased cash received from sales[54] Company's Future Development Outlook The company faces risks including macroeconomic adjustments, intensified industry competition, its relatively small scale, and the impact of the COVID-19 pandemic; it will adhere to its strategic mission as "China's cultural baijiu leader," focusing on three strategic single products, optimizing brands and products through precise communication and team building, aiming to establish "Neican Baijiu" as one of China's top four high-end baijiu brands and "Jiugui Baijiu" as a flagship brand of Chinese cultural baijiu - Facing Risks: - Macroeconomic and policy risks - Industry overcapacity and fierce market competition - Company's relatively small production and sales scale, weak market foundation outside the province - Impact of the novel coronavirus pandemic on consumption[60] - 2020 Operating Plan: - Strategic Leadership: Uphold the strategic mission as "China's cultural baijiu leader" to build "China's No.1 cultural baijiu brand" - Brand Optimization: Focus on "Neican," "Hongtan Jiugui," and "Chuan Cheng Jiugui" as three strategic single products, and upgrade products - Precise Communication: Increase investment in online new media, focusing on content, events, and storytelling to enhance brand value - Marketing Innovation: Strengthen sales organization, reinforce model markets, and advance digital marketing and new retail channels[61][66][69][72] Important Matters This section details the company's profit distribution, significant litigation, related party transactions, and social responsibility initiatives Profit Distribution The company's 2019 profit distribution plan proposes a cash dividend of CNY 2.00 per 10 shares (tax inclusive), totaling approximately CNY 64.99 million in distributed profit, accounting for 21.70% of the net profit attributable to parent company shareholders, with the cash dividend policy remaining stable over the past three years, consistently above 20% Cash Dividend History | Dividend Year | Cash Dividend Amount (Tax Inclusive/million CNY) | Net Profit Attributable to Shareholders (million CNY) | Proportion of Net Profit | | :--- | :--- | :--- | :--- | | 2019 | 64.99 | 299.50 | 21.70% | | 2018 | 48.74 | 222.68 | 21.89% | | 2017 | 48.74 | 176.10 | 27.68% | Significant Litigation and Arbitration Matters During the reporting period, the company was involved in two significant lawsuits: a civil lawsuit regarding a CNY 100 million stolen deposit of a subsidiary, currently in second-instance trial, and a lawsuit filed by the company to dissolve the joint venture "Jiugui Dongcangjiu Sales Co., Ltd.", currently in first-instance trial - Regarding the CNY 100 million stolen deposit case of subsidiary Jiuguijiu Supply and Marketing Co., the related criminal case has been finally adjudicated, while in the civil lawsuit, the first-instance judgment ordered the bank to pay CNY 59.34 million plus interest, but the bank appealed, and the second-instance trial is ongoing[89][90] - The company filed a lawsuit requesting the dissolution of the joint venture "Jiugui Dongcangjiu Sales Co., Ltd." due to its operational stagnation and shareholder disagreement; as of the end of the reporting period, the first-instance trial of this case is still ongoing[92] Significant Related Party Transactions The company's 2019 ordinary related party transactions primarily involved selling baijiu products to related parties, totaling CNY 38.63 million, which did not exceed the annual estimated limit of CNY 51 million, with transaction pricing adhering to unified market price principles Related Party Transactions | Related Party | Related Party Transaction Type | Related Party Transaction Amount (million CNY) | Approved Transaction Limit (million CNY) | | :--- | :--- | :--- | :--- | | Jiuguijiu Hunan Sales Co., Ltd. | Sales of Goods | 17.24 | 20.00 | | COFCO Food Marketing Co., Ltd. | Sales of Goods | 21.39 | 31.00 | | Total | - | 38.63 | 51.00 | Social Responsibility The company actively fulfills its social responsibilities, particularly in targeted poverty alleviation, by building a deeply integrated industrial chain with the Xiangxi region, supporting local ecological sorghum bases and ceramic/printing enterprises, helping 140 impoverished households escape poverty in 2019, and receiving awards such as "Advanced Collective in Social Poverty Alleviation" - Through industrial poverty alleviation, the company entrusted over 70% of its internal and external packaging material procurement to Xiangxi enterprises, creating over 2,000 jobs and helping 140 impoverished households escape poverty[101] Targeted Poverty Alleviation Achievements | Targeted Poverty Alleviation Effectiveness Indicator | Quantity/Status | | :--- | :--- | | Investment in Poverty Alleviation Projects for Industrial Development (million CNY) | 194.61 | | Number of Registered Impoverished People Helped to Escape Poverty (persons) | 140 | | Amount Invested in Sponsoring Impoverished Students (million CNY) | 0.11 | Share Changes and Shareholder Information This section details the company's share capital stability and provides an overview of its shareholders and ultimate controller Share Changes During the reporting period, the company's total share capital remained unchanged at 324,928,980 shares, all of which are unrestricted RMB ordinary shares - The company's total share count remained unchanged during the reporting period, with a total share capital of 324,928,980 shares[110] Shareholder and Ultimate Controller Information As of the end of the reporting period, the company had 72,919 shareholders, with Zhonghuang Co., Ltd. as the largest shareholder holding 31.00% of shares, and COFCO Group Co., Ltd. as the ultimate controller, a central state-owned enterprise Top Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Shares Held at End of Reporting Period | | :--- | :--- | :--- | :--- | | Zhonghuang Co., Ltd. | State-owned Legal Person | 31.00% | 100,727,291 | | Bank of China Ltd. - China Merchants CSI Baijiu Index Graded Fund | Domestic Non-state-owned Legal Person | 1.91% | 6,197,076 | | Guotai Junan Securities Asset Management - Everbright Bank - Guotai Junan Jundeming Mixed Collective Asset Management Plan | Domestic Non-state-owned Legal Person | 1.82% | 5,901,944 | | Zhao Jianping | Domestic Natural Person | 1.69% | 5,500,000 | - The company's controlling shareholder is Zhonghuang Co., Ltd., and its ultimate controller is COFCO Group Co., Ltd.[115][117] Preferred Shares Information This section confirms that the company had no preferred shares during the reporting period Preferred Shares Information During the reporting period, the company had no preferred shares Convertible Corporate Bonds Information This section confirms that the company had no convertible corporate bonds during the reporting period Convertible Corporate Bonds Information During the reporting period, the company had no convertible corporate bonds Directors, Supervisors, Senior Management, and Employees This section provides information on the shareholdings and changes of directors, supervisors, and senior management, as well as the overall employee structure Shareholdings and Changes of Directors, Supervisors, and Senior Management During the reporting period, none of the company's directors, supervisors, or senior management held company shares, nor were there any changes in their shareholdings, though some resigned or were dismissed due to work changes during the year - All directors, supervisors, and senior management held zero shares at both the beginning and end of the reporting period[121] - In 2019, Vice Chairman Li Shiyi, Supervisor Zhou Chenguang, Deputy General Manager Li Ming, and Assistant General Manager Wang Man resigned or were dismissed due to work changes[122] Employee Information As of the end of the reporting period, the company had 1,680 active employees; by professional composition, production personnel accounted for the largest proportion at 828, followed by sales personnel at 499, and most employees held college degrees or lower Employee Professional Composition | Professional Composition | Number (persons) | | :--- | :--- | | Production Personnel | 828 | | Sales Personnel | 499 | | Technical Personnel | 62 | | Financial Personnel | 26 | | Administrative Personnel | 265 | | Total | 1,680 | Corporate Governance This section describes the company's adherence to corporate governance standards and the diligent performance of its board committees Basic Corporate Governance Status During the reporting period, the company operated strictly in accordance with the "Company Law," "Securities Law," and other regulations, with no significant discrepancies between its actual corporate governance status and regulatory requirements, maintaining independence from its controlling shareholder in business, personnel, assets, organization, and finance - There are no significant discrepancies between the company's actual corporate governance status and the normative documents issued by the China Securities Regulatory Commission[158] - The company maintains independence in five aspects: business, personnel, assets, organization, and finance, possessing a complete business system and the ability to operate independently directly in the market[159] Performance of Board Special Committees The company's four special committees under the board of directors—Audit, Strategic Development, Nomination, and Remuneration & Appraisal—all diligently performed their duties during the reporting period, with the Strategic Development Committee establishing the company's strategic positioning and core strategies, and the Audit Committee effectively overseeing financial reports, internal controls, and related party transactions - Strategic Development Committee: Established the strategic mission as "China's cultural baijiu leader," focusing on three strategic single products, and formulated core strategies such as "stable price and increased volume" and "simultaneous increase in volume and price"[167] - Audit Committee: Carefully reviewed the annual audit work plan and financial statements, fully communicated with the auditing firm, and supervised matters such as the company's internal controls and related party transactions, finding no significant deficiencies[165][166] Corporate Bonds Information This section confirms that the company had no outstanding or defaulted corporate bonds during the reporting period Corporate Bonds Information During the reporting period, the company had no publicly issued and listed corporate bonds on a stock exchange that were either unexpired or not fully redeemed by the approval date of the annual report Financial Report This section presents the audit report and key financial statements, highlighting the company's financial health and performance Audit Report Tianzhi International Certified Public Accountants issued a standard unqualified audit opinion on the company's 2019 financial statements, concluding that the financial statements fairly present the company's financial position and operating results in all material respects, with key audit matters being "revenue recognition" and "existence of inventory" - The audit opinion type is a standard unqualified opinion[175][176] - Key audit matters include: - Revenue Recognition: Due to revenue being a key performance indicator, there is a potential risk of misstatement regarding recognition in the appropriate financial reporting period - Existence of Inventory: Base liquor, as one of the company's most important assets, has a high year-end balance and accounts for a significant proportion of total assets[179][180] Main Financial Statements The financial statements indicate the company's healthy and strong growth in 2019, with total assets increasing to CNY 3.23 billion, total liabilities to CNY 798.13 million, and equity attributable to parent company owners rising to CNY 2.43 billion; the income statement shows total operating revenue of CNY 1.51 billion, up 27.4% year-on-year, and net profit of CNY 299.50 million, up 34.5%; the cash flow statement reports net cash inflow from operating activities of CNY 381.91 million, a 79.9% increase Consolidated Balance Sheet Key Items | Consolidated Balance Sheet Key Items | 2019 Year-end (million CNY) | 2018 Year-end (million CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,317.91 | 1,006.57 | | Inventories | 932.94 | 821.50 | | Total Assets | 3,228.58 | 2,870.05 | | Total Liabilities | 798.13 | 690.42 | | Total Equity Attributable to Parent Company Owners | 2,430.45 | 2,179.63 | Consolidated Income Statement Key Items | Consolidated Income Statement Key Items | 2019 (million CNY) | 2018 (million CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 1,511.90 | 1,186.88 | | Total Operating Cost | 1,107.12 | 907.68 | | Operating Profit | 399.96 | 294.65 | | Net Profit | 299.50 | 222.68 | Reference Documents Catalog This section lists all documents available for reference, including signed financial statements, original audit reports, and all publicly disclosed documents and announcements from the reporting period Reference Documents Catalog This section lists documents available for reference, including signed accounting statements, original audit reports, and original copies of all publicly disclosed documents and announcements from the reporting period