泸州老窖(000568) - 2024 Q2 - 季度财报

Financial Performance - Revenue for the first half of 2024 reached RMB 16.904 billion, a 15.84% increase compared to the same period last year[11] - Net profit attributable to shareholders was RMB 8.028 billion, up 13.22% year-on-year[11] - Operating cash flow surged by 45.63% to RMB 8.225 billion[11] - Basic earnings per share increased by 13.28% to RMB 5.46[11] - Total assets grew by 10.97% to RMB 70.239 billion[11] - Weighted average return on equity (ROE) decreased slightly by 1.18 percentage points to 17.61%[11] - Revenue for the first half of 2024 reached 16.905 billion yuan, a year-on-year increase of 15.84%[17] - Net profit attributable to shareholders was 8.028 billion yuan, up 13.22% year-on-year[17] - Revenue increased by 15.84% to RMB 16,904,885,169.38 compared to the same period last year[37] - Net cash flow from operating activities surged by 45.63% to RMB 8,225,060,212.57, driven by increased cash receipts from sales[38] - High-end liquor sales grew by 17.12% to RMB 15,213,367,295.49, accounting for 89.99% of total revenue[39] - Net profit after deducting non-recurring gains and losses increased by 13.54% to 799,411.07 thousand yuan compared to the same period last year[120] - The EBITDA to total debt ratio improved by 11.77% to 92.02% from 80.25% in the same period last year[120] - The interest coverage ratio increased by 12.26% to 41.93 from 37.35 in the same period last year[120] - The EBITDA interest coverage ratio rose by 12.27% to 43.38 from 38.64 in the same period last year[120] - Total assets increased to 70,239,197,050.01 yuan from 63,294,455,201.60 yuan at the beginning of the period[124] - Total liabilities increased to 28,290,836,224.33 yuan from 21,762,747,471.75 yuan at the beginning of the period[124] - Owner's equity increased to 41,948,360,825.68 yuan from 41,531,707,729.85 yuan at the beginning of the period[124] - Total operating revenue for the first half of 2024 reached RMB 16,904,885,169.38, a significant increase from RMB 14,593,051,774.14 in the same period of 2023[129] - Operating costs for the first half of 2024 were RMB 6,061,192,676.41, up from RMB 5,234,429,060.11 in the first half of 2023[129] - Net profit attributable to shareholders for the first half of 2024 was RMB 10,916,820,514.95, compared to RMB 9,506,984,141.75 in the same period of 2023[129] - Total assets as of the end of the first half of 2024 amounted to RMB 57,095,708,172.15, up from RMB 49,739,454,891.20 at the end of the first half of 2023[126] - Total liabilities as of the end of the first half of 2024 were RMB 28,220,063,018.17, compared to RMB 13,996,028,918.45 at the end of the first half of 2023[127] - Total equity attributable to shareholders as of the end of the first half of 2024 was RMB 28,875,645,153.98, up from RMB 35,743,425,972.75 at the end of the first half of 2023[127] - Research and development expenses for the first half of 2024 were RMB 75,028,702.85, an increase from RMB 62,914,698.99 in the same period of 2023[129] - Sales expenses for the first half of 2024 were RMB 1,630,293,023.67, up from RMB 1,463,196,830.61 in the first half of 2023[129] - Long-term loans as of the end of the first half of 2024 were RMB 10,990,000,000.00, compared to RMB 10,000,300,000.00 at the end of the first half of 2023[127] - Total current liabilities as of the end of the first half of 2024 were RMB 17,174,510,699.76, a significant increase from RMB 2,424,419,293.44 at the end of the first half of 2023[127] - Revenue for the first half of 2024 reached 5,698,158,853.96 yuan, a significant increase from 4,014,540,328.02 yuan in the same period of 2023[132] - Net profit attributable to the parent company's shareholders in the first half of 2024 was 8,027,538,165.31 yuan, compared to 7,090,426,787.07 yuan in the same period of 2023[130] - Operating profit for the first half of 2024 was 1,070,950,835.88 yuan, up from 790,957,884.20 yuan in the same period of 2023[132] - Basic earnings per share (EPS) for the first half of 2024 were 5.46 yuan, compared to 4.82 yuan in the same period of 2023[130] - Research and development expenses decreased to 18,486,265.53 yuan in the first half of 2024 from 26,515,628.81 yuan in the same period of 2023[132] - Interest income for the first half of 2024 was 393,493,177.13 yuan, slightly up from 389,316,203.47 yuan in the same period of 2023[132] - Other comprehensive income for the first half of 2024 was -34,442,245.50 yuan, compared to -218,514,527.93 yuan in the same period of 2023[130] - Income tax expense for the first half of 2024 was 2,870,561,488.56 yuan, up from 2,385,359,516.12 yuan in the same period of 2023[130] - Minority interest in net profit for the first half of 2024 was 18,720,861.08 yuan, down from 31,197,838.56 yuan in the same period of 2023[130] - Total comprehensive income for the first half of 2024 was 8,011,816,780.89 yuan, compared to 6,903,110,097.70 yuan in the same period of 2023[130] - Sales revenue from goods and services received in cash increased to 20,162,157,471.33 yuan in H1 2024, up from 17,584,367,655.42 yuan in H1 2023[134] - Net cash flow from operating activities rose to 8,225,060,212.57 yuan in H1 2024, compared to 5,647,760,797.04 yuan in H1 2023[134] - Net cash flow from investing activities increased to 1,108,797,050.00 yuan in H1 2024, up from 732,254,553.22 yuan in H1 2023[135] - Cash received from sales of goods and services in the parent company grew to 6,440,549,216.51 yuan in H1 2024, compared to 4,537,069,372.71 yuan in H1 2023[136] - Net cash flow from operating activities in the parent company reached 5,323,635,772.06 yuan in H1 2024, up from 4,776,395,143.00 yuan in H1 2023[136] - Net cash flow from investing activities in the parent company increased to 1,444,928,046.04 yuan in H1 2024, compared to 1,131,519,646.18 yuan in H1 2023[137] - Cash and cash equivalents at the end of the period totaled 35,995,050,518.55 yuan in H1 2024, up from 30,311,535,608.00 yuan in H1 2023[135] - Cash and cash equivalents in the parent company at the end of the period reached 31,795,504,116.47 yuan in H1 2024, compared to 29,094,005,911.05 yuan in H1 2023[137] - Cash received from tax refunds increased to 1,262,805.77 yuan in H1 2024, up from 268,904.22 yuan in H1 2023[134] - Cash received from other operating activities in the parent company was 3,842,158,617.85 yuan in H1 2024, compared to 4,098,127,059.26 yuan in H1 2023[136] - The company's total owner's equity at the end of the first half of 2024 was RMB 41,948,360,825.68, with minority shareholders' equity at RMB 155,398,178.55[140] - The company's capital reserve increased by RMB 100,107,773.11 during the first half of 2024[139] - The company's comprehensive income for the first half of 2024 was RMB 3,592,885,838.16[139] - The company allocated RMB 7,948,733,952.60 for profit distribution during the first half of 2024[140] - The company's undistributed profit at the end of the first half of 2024 was RMB 33,894,370,787.46[140] - The company's capital reserve at the beginning of 2024 was RMB 5,185,481,523.22[138] - The company's total owner's equity at the beginning of 2024 was RMB 41,531,707,729.85[138] - The company's minority shareholders' equity at the beginning of 2024 was RMB 140,297,234.96[138] - The company's undistributed profit at the beginning of 2024 was RMB 33,815,566,574.75[138] - The company's capital reserve at the end of the first half of 2024 was RMB 5,285,589,296.33[140] - The company's total comprehensive income for the period was RMB 7,090,426,787.07, with a net profit attributable to shareholders of RMB 6,870,958,576.30[141] - The company allocated RMB 6,219,148,324.03 for profit distribution to shareholders[141] - The company's capital reserve increased by RMB 204,415,619.85, primarily due to owner contributions and share-based payments[141] - The company's undistributed profits decreased by RMB 22,278,388.19, mainly due to profit distribution[141] - The company's total assets increased by RMB 887,494,116.25, reaching RMB 34,207,871,130.03[141] - The company's total liabilities decreased by RMB 235,683,863.98, primarily due to reductions in short-term borrowings[141] - The company's equity attributable to shareholders increased by RMB 878,596,929.31, reaching RMB 26,772,197,213.98[141] - The company's cash and cash equivalents increased by RMB 36,655,098.51, reaching RMB 120,923,806.61[141] - The company's capital reserve increased by RMB 101,085,675.76, primarily due to owner contributions[143] - The company's undistributed profits decreased by RMB 7,191,248,930.49, mainly due to profit distribution[143] - Share capital increased to 1,471,987,769.00, up by 92,669.00 from the previous year[147] - Capital reserve rose to 4,996,441,364.97, an increase of 206,838,213.32[147] - Retained earnings decreased to 17,523,898,094.09, down by 5,607,672,707.85[147] - Total comprehensive income for the period was 595,259,962.97[146] - Total owner's equity at the end of the period was 24,939,174,093.34[147] - The company's total equity decreased by 5,615,311,056.83 compared to the previous year[146] - The company's total equity at the beginning of the period was 30,554,485,150.17[146] - The company's total equity at the end of the period was 24,939,174,093.34[147] - The company's total equity decreased by 5,615,311,056.83 compared to the previous year[146] - The company's total equity at the beginning of the period was 30,554,485,150.17[146] Dividends and Shareholder Information - The company did not distribute cash dividends, stock dividends, or capital reserve transfers[2] - Cumulative cash dividends since listing amounted to 43.301 billion yuan, 10.78 times the amount of equity refinancing, with a dividend payout ratio of 60.93%[71] - The controlling shareholder increased its stake by 1,140,200 shares, accounting for 0.08% of the total shares, with an investment of approximately 200.9629 million yuan[72] - The company plans to maintain a dividend payout ratio of no less than 50% of distributable profits, with cash dividends accounting for no less than 30%[71] - The company's restricted stock incentive plan saw 2,734,640 shares unlocked for 435 incentive objects, which became tradable on February 22, 2024[106] - The company's limited-sale shares decreased by 2,621,650 shares, reducing the proportion from 0.51% to 0.33%[105] - Total number of ordinary shareholders at the end of the reporting period is 147,587[109] - Luzhou Laojiao Group Co., Ltd. holds 25.89% of the shares, totaling 381,088,389 shares[110] - Luzhou Xingrong Investment Group Co., Ltd. holds 24.86% of the shares, totaling 365,971,142 shares[110] - China Merchants CSI Liquor Index Fund holds 2.98% of the shares, totaling 43,827,519 shares, with an increase of 810,540 shares during the reporting period[110] - Hong Kong Securities Clearing Company Ltd. holds 2.90% of the shares, totaling 42,754,559 shares, with a decrease of 4,736,702 shares during the reporting period[110] - China Securities Finance Corporation holds 2.30% of the shares, totaling 33,842,059 shares[110] - E Fund Blue Chip Select Mixed Fund holds 1.46% of the shares, totaling 21,470,000 shares[110] - ICBC Credit Suisse Emerging Growth Mixed Fund holds 0.92% of the shares, totaling 13,598,087 shares[110] - Central Huijin Asset Management Co., Ltd. holds 0.92% of the shares, totaling 13,539,862 shares[110] - China Life Insurance Company holds 0.73% of the shares, totaling 10,759,401 shares, with an increase of 1,229,089 shares during the reporting period[110] - The company's total shares held by Laojiao Group and Sichuan Jinduo Investment Co., Ltd. amounted to 382,228,589 shares, accounting for 25.97% of the total shares[111] - Laojiao Group increased its holdings by 1,140,200 shares, representing 0.08% of the total shares[111] - The top 10 shareholders hold a significant portion of the company's shares, with Laojiao Group holding 381,088,389 shares and Xinglu Investment Group holding 365,971,142 shares[111] - The company issued a corporate bond "20 Laojiao 01" with a total amount of 1.5 billion yuan, an interest rate of 3.50%, and a maturity date of March 17, 2025[117] - The bond "20 Laojiao 01" is traded on the Shenzhen Stock Exchange and follows an annual interest payment and principal repayment at maturity[117] - No significant changes in the holdings of directors, supervisors, and senior management were reported during the period[114] - The company's controlling shareholder and actual controller remained unchanged during the reporting period[114] - The company does not have any preferred shares or non-financial enterprise debt financing tools[115][119] - The company's bond "20 Laojiao 01" has no risk of termination of listing[117] - The company's bond "20 Laojiao 01" is available to qualified investors as per regulatory requirements[117] Operational Performance - Traditional channel operating model revenue was 16.107 billion yuan, with a gross margin of 89.09%[20] - Emerging channel operating model revenue was 730.67 million yuan, with a gross margin of 79.00%[21] - The company participated in the formulation or revision of 4 national standards, 2 industry standards, and 8 group standards[17] - 56 patent applications were filed, with 23 patents authorized[17] - The company's "Luzhou Laojiao" brand was selected for the 2024 "China's 500 Most Valuable Brands" list[17] - The company plans to further expand market layout and implement the "Hundred Cities Plan" in the second half of 2024[18] - The company will continue to promote digital marketing and enhance the refined operation of full-chain digital QR code marketing[18] - The company aims to deepen cultural empowerment and launch brand actions, including a national tour of the "Mobile Museum"[18] - Domestic dealer count increased by 4.00% to 1,769, with 133 new dealers added and 74 dealers reduced during the reporting period[22] - Overseas dealer count