Yantai Changyu Pioneer Wine Co. Ltd. 2015 Semi-annual Report
Yantai Changyu Pioneer Wine Co. Ltd.
2015 Semi-annual Report
2015-Final 03
August 2015
Yantai Changyu Pioneer Wine Co. Ltd. 2015 Semi-annual Report
Contents
I、Important Notice, Contents and Definition ............................................................................... 3
II、Brief Introduction for the Company ....................................................................................... 5
III、Summary of Accounting Data and Financial Indicators ..................................................... 7
IV、Board of Directors’ Report ................................................................................................... 10
V、Major Issues ............................................................................................................................. 20
VI、Changes in Shares and the Shareholders’ Situation ........................................................... 29
VII、Relative situation for preferred shares ................................................................................ 33
VIII、Situation for Directors, Supervisors, Senior Management ............................................. 34
IX、Financial Report .................................................................................................................... 35
X、Catalogue of Documents for Future Reference .................................................................... 125
Yantai Changyu Pioneer Wine Co. Ltd. 2015 Semi-annual Report
I. Important Notice, Contents and Definition
The Board of Directors，the Board of Supervisors，directors, supervisors & senior management
of the Company collectively and individually accept full responsibility for the truthfulness，
accuracy and completeness of the information contained in the semi-annual report and there
are no unfaithful facts, misleading statements or significant omissions.
Except the following directors, other directors all personally attended the meeting for
deliberating the annual report.
Absent directors Directors’ post Absent reason Authorized person
Mrs. Dai Hui Director Business trip Mr. Sun Liqiang
The Company has no plan to distribute cash dividends and bonus shares; capital reserve will
not be transferred to equity in the semi-annual.
Mr. Sun Liqiang (Chairman of the Company), Mr. Leng Bin (Chief Financial Officer) and Mr.
Jiang Jianxun (Financial Manager) assure the truthfulness, accuracy and completeness of the
financial report in the semi-annual report.
This semi-annual report involves in forward-looking statements about future plan etc. It bases
mainly on the basic command of economic development trend of China and the judgment of
several years of experience in this industry, with a great uncertainty. The Company does not
give the investors tangible commitment, so the investors should be in a special attention, and
choose wisely.
Yantai Changyu Pioneer Wine Co. Ltd. 2015 Semi-annual Report
Definition
Definition Item Refers to Definition Content
Company/The Company Refers to Yantai Changyu Pioneer Wine Co. Ltd.
Changyu Group/Controlling Refers to
Yantai Changyu Group Co. Ltd.
shareholder
CSRC Refers to China Securities Regulatory Commission
SSE Refers to Shenzhen Stock Exchange
CNY Refers to Chinese Yuan
Yantai Changyu Pioneer Wine Co. Ltd. 2015 Semi-annual Report
II、Brief Introduction for the Company
1. Company’s information
Abbreviation of the Shares: Changyu A、Changyu B Code number of the Shares 000869、200869
Abbreviation of the Shares
-
after alteration
Place of listing of the Shares Shenzhen Stock Exchange
Legal Name in Chinese 烟台张裕葡萄酿酒股份有限公司
Abbreviation of Chinese name 张裕
Legal Name in English YANTAI CHANGYU PIONEER WINE COMPANY LIMITED
Abbreviation of English name CHANGYU
Legal Representative Mr. Sun Liqiang
2. Contact person and information
Secretary to the Board of Authorized Representative of the
Directors Securities Affairs
Name Mr. Qu Weimin Mr. Li Tingguo
Address 56 Dama Road, Yantai, Shandong, China 56 Dama Road, Yantai, Shandong, China
Tel 0086-535-6633658 0086-535-6633656
Fax 0086-535-6633639 0086-535-6633639
E-mail quwm@changyu.com.cn stock@changyu.com.cn
3. Other information
1)、The Company’s contact information
Whether there is any change for the Company‘s registered address, office address, post code, website
and e-mail address during the report period.
□Available V Not available
There is no any change for the Company‘s office address, post code, website and e-mail address
during the report period, please see 2014 annual report for more details.
2)、Information disclosure and filing Location
Whether there is any change for the information disclosure and filling location during the report
Yantai Changyu Pioneer Wine Co. Ltd. 2015 Semi-annual Report
period.
□Available V Not available
There is no any change for the newspapers in which the Company‘s information is disclosed, website
assigned by CSRC to carry the semi-annual report and the filing location during the report period,
please see 2014 annual report for more details.
3)、Registration changes
Whether there is any change for the registration during the report period.
□Available V Not available
There is no any change for the company‘s registration date & place, business License No., tax
registration No. and organization code during the report period, please see 2014 annual report for
more details.
Yantai Changyu Pioneer Wine Co. Ltd. 2015 Semi-annual Report
III、 Summary of Accounting Data and Financial Indicators
1. Key accounting data and financial indicators
Whether the Company makes retroactive adjustments or restates the accounting data of previous
fiscal years because of changes of accounting policy and/or accounting errors.
□Yes V No
More or less than
In the same period of
Item In the report period the same period of
last year
last year(%)
Business revenue (CNY) 2,825,793,250.00 2,301,990,248.00 22.75%
Net profit attributed to the
shareholders of the listed 746,060,248.00 638,041,311.00 16.93%
company (CNY)
Net profit attributed to the
shareholders of the listed 739,432,003.00 629,900,854.00 17.39%
company after deducting the
irregular profit and loss (CNY)
Net cash flows from the
927,163,060.00 889,675,131.00 4.21%
operating activities (CNY)
Basic earnings (CNY) per share 1.09 0.93 17.20%
Diluted earnings (CNY) per
1.09 0.93 17.20%
share
Return on net assets (%) 10.11% 9.77% 0.34%
At the end of the At the end of last More or less than
report period year the end of last year
Total assets (CNY) 9,379,910,798.00 8,912,232,640.00 5.25%
Net Assets attributed to the
shareholders of the listed 7,582,367,402.00 6,840,452,145.00 10.85%
company (CNY)
2. Accounting data difference between domestic and foreign accounting standards
1)、Difference in net profit and net asset disclosed in the financial report under the PRC accounting
standards and international accounting standards.
V Available □Not available
Yantai Changyu Pioneer Wine Co. Ltd. 2015 Semi-annual Report
Item Net profit belonged to Net asset belonged to
shareholders of listed shareholders of listed
company company
Amount in Amount in Amount at the Amount at the
current last period end of this beginning of
period period this period
Based on
Chinese
746,060,248 638,041,311 7,582,367,402 6,840,452,145
accounting
standard
Items and amount adjusted based on international accounting standard
Based on
international
746,060,248 638,041,311 7,582,367,402 6,840,452,145
accounting
standard
2)、Difference in net profit and net asset disclosed in the financial report under the PRC accounting
standards and foreign accounting standards.
□Available V Not available
There is no difference in net profit and net asset disclosed in the financial report under the PRC
accounting standards and foreign accounting standards during the report period.
3)、Explanation of difference in accounting data based on Chinese and international accounting standards
□Available V Not available
3. Details of irregular profit and loss
V Available □Not available
Unit: CNY
Item Amount Explanation
Gain on disposal of non-current assets, including
1,421.00
the reversal of accrued impairment provision
Government grants credited in profit and loss
(except for those recurring government grants 6,527,952.00
that are closely related to the entity's operation,
Yantai Changyu Pioneer Wine Co. Ltd. 2015 Semi-annual Report
in line with related regulations and have proper
basis of calculation)
Other non-operating expense and income 1,913,510.00
Less: Income tax effect 1,814,638.00
Total 6,628,245.00 -
The reasons shall be made clear and definitely as to the non-recurring profit and loss that the Company
has defined by virtue of the Explanatory Announcement on Public Company‘s Information Disclosure
No.1 - Non-recurring Profit and Loss and as to regarding the non-recurring profit and loss as recurrent
profit and loss as specified in the Explanatory Announcement on Public Company‘s Information
Disclosure No.1 - Non-recurring Profit and Loss.
□Available V Not available
There is no situation regarding the non-recurring profit and loss as defined and specified in the
Explanatory Announcement on Public Company‘s Information Disclosure No.1 - Non-recurring
Profit and Loss as recurrent profit and loss.
Yantai Changyu Pioneer Wine Co. Ltd. 2015 Semi-annual Report
IV、Board of Directors’ Report
1. Summarization
During the report period, the need for high-end products in domestic wine industry was still weak, but
the consumer demand began to increase mildly in some regions; middle-and-low-end wines suitable for
the public kept favorable growth momentum. There was still strong competition existing in domestic
wine market. Facing quite a lot of external disadvantages, the Company insisted on focusing on the
market, adjusted marketing strategy and product structure, energetically developed middle-and-low-end
products, optimized market layout, perfected market channels and promoted sales of products with all
strength, preliminarily reversing the unfavorable tide about the decline of sales revenue and net profit,
and respectively accomplishing the sales revenue of CNY2825.79million with a year-on-year increase of
22.75% and net profit of CNY746.06million with a year-on-year increase of 16.93%.
2. Analysis to main business
Period comparison of main financial data
Unit: CNY
In the same More
In the report
period of last or less Reason for changes
period
year (%)
Mainly increased sales volume of
Operating revenue 2,825,793,250.00 2,301,990,248.00 22.75%
products
Mainly increased sales volume of
Operating cost 932,522,743.00 754,302,386.00 23.63%
products
Mainly increased advertising expense,
Sales expense 653,425,516.00 486,481,030.00 34.32% storage charge and salary of sales
personnel
Management Mainly increased salary of management,
119,770,340.00 103,980,497.00 15.19% administrative expense, depreciation cost,
expense building tax and other taxes
Mainly declined interest income of bank
Financial expense -3,880,903.00 -14,254,385.00 72.77% deposit and increased interest expenditure
of bank loan
Income tax Mainly increase net profit on
245,727,101.00 210,241,876.00 16.88%
expense year-on-year basis
R&D investment 5,534,562.00 5,436,054.00 1.81%
Net amount of 927,163,060.00 889,675,131.00 4.21% Mainly increased cash received by
Yantai Changyu Pioneer Wine Co. Ltd. 2015 Semi-annual Report
cash flow products sales on year-on-year basis
generated in
operating activities
Net amount of
Mainly declined cash inflow generated by
cash flow investment activities including
withdrawal of fixed time deposit and
generated in -432,181,002.00 -240,974,464.00 -79.35%
increased cash outflow generated by
investment investment activities including purchase
and building of fixed assets
activities
Net amount of
cash flow
-23,919,692.00
generated in
financing activities
Net increased
amount of cash Mainly declined net amount of cash flow
470,554,249.00 648,662,711.00 -27.46%
and cash generated by investment activities
equivalents
Whether there is any great change for the Company’s profit structure or profit source during the report
period
□Available V Not available
There is no great change for the Company‘s profit structure or profit source during the report period.
Whether there is any future development and planning disclosed in the public Company’s shares prospectus,
collecting prospectus and asset restructuring report during the report period.
□Available V Not available
The Company does not disclose any future development and planning in the public Company‘s
shares prospectus, collecting prospectus and asset restructuring report during the report period.
Review and summary of the progress situation during the report period of the Company’s
Yantai Changyu Pioneer Wine Co. Ltd. 2015 Semi-annual Report
business plan disclosed in earlier stage
Firstly, the Company insisted on focusing on the market and conducted the marketing work with all
strength in order to strengthen the marketing capability. The company further perfected the
marketing system and evaluation method of chateau wines and defined the person responsible for the
marketing of chateau wines; strengthened the degree of media publicity and market expansion for
middle-and-low-end brands, such as Jiebaina, Zuishixian and Noble Rot and so on, improving the
competition in wine market; quickened the construction of brandy extension system, preliminarily
building the brandy marketing system that covered main cities in China; implemented the strategy of
multiple level and multiple brand for brandy, forming four brandy brands containing Franllet Cognac,
Lormin, Koyac and Gold Medal; quickened the construction work of Pioneer franchised stores and
recruitment work of shop managers, and optimized evaluation and motivation system to Pioneer
franchised stores, contributing to the benign development of Pioneer franchised stores.
Secondly, the Company continue promoting informatization construction and management
innovation. Based on the completion of the first and second phase of SAP system, the Company
proceeded the construction of the third phase of SAP system, further improving the Company‘s
informatization level; proposed and implemented more than 180 innovation and rationa
