Yanghe(002304)2023-08-28 16:00Financial Performance - Revenue for the reporting period reached RMB 21.87 billion, a year-on-year increase of 15.68%[12] - Net profit attributable to shareholders of the listed company was RMB 7.86 billion, up 14.06% year-on-year[12] - Net cash flow from operating activities was RMB 265.03 million, a significant improvement of 105.95% compared to the same period last year[12] - Basic earnings per share (EPS) were RMB 5.2192, an increase of 14.06% year-on-year[12] - The company achieved a revenue of 21.89 billion yuan in the first half of 2023, a year-on-year increase of 15.68%, with a net profit attributable to shareholders of 7.86 billion yuan, up 14.06% year-on-year[18] - Total operating revenue for the first half of 2023 reached 21,872,929,852.09 yuan, a year-on-year increase of 15.68%[30] - Revenue for the first half of 2023 reached 8,760,904,624.28 yuan, compared to 7,443,769,403.38 yuan in the same period last year[110] - Operating profit for the first half of 2023 was 10,429,545,617.72 yuan, up from 9,156,883,209.02 yuan in the same period last year[108] - Net profit attributable to shareholders of the parent company for the first half of 2023 was 7,862,381,306.21 yuan, compared to 6,893,372,221.12 yuan in the same period last year[109] - Comprehensive income for the first half of 2023 was 7,879,272,040.35 yuan, compared to 6,899,926,164.35 yuan in the same period last year[109] - Sales revenue from goods and services received in cash increased to 15.89 billion yuan in the first half of 2023, up from 12.90 billion yuan in the same period last year, representing a growth of 23.2%[113] - Parent company's sales revenue from goods and services received in cash increased to 7.88 billion yuan in the first half of 2023, up from 2.05 billion yuan in the same period last year, representing a growth of 283.7%[115] Liquor Sales and Profit Margins - Mid-to-high-end liquor sales reached 19.05 billion yuan, a year-on-year increase of 17.60%, while ordinary liquor sales were 2.41 billion yuan, up 3.80% year-on-year[20] - The gross profit margin of mid-to-high-end liquor was 80.77%, an increase of 1.25 percentage points year-on-year, while the gross profit margin of ordinary liquor was 47.06%, up 3.82 percentage points year-on-year[21] - Revenue from baijiu products grew by 16.16% to 21,390,059,723.76 yuan, contributing 97.79% to total revenue[32] - The company's gross profit margin for baijiu products improved by 1.98 percentage points to 77.08%[33] - Sales volume of baijiu increased by 8.69% to 115,897.46 tons in the first half of 2023[26] Asset and Liability Management - Total assets at the end of the reporting period were RMB 60.56 billion, a decrease of 10.89% compared to the end of the previous year[12] - Shareholders' equity attributable to the listed company was RMB 49.77 billion, an increase of 4.83% compared to the end of the previous year[12] - The weighted average return on equity (ROE) was 15.29%, slightly up by 0.04 percentage points year-on-year[12] - Total assets as of June 30, 2023, amounted to 51.52 billion yuan, down from 59.03 billion yuan at the beginning of the year[106] - Total liabilities as of June 30, 2023, were 22.69 billion yuan, a decrease from 25.64 billion yuan at the start of the year[106] - Owner's equity as of June 30, 2023, stood at 28.83 billion yuan, down from 33.39 billion yuan at the beginning of the year[106] - Current liabilities totaled 22.42 billion yuan as of June 30, 2023, compared to 25.36 billion yuan at the start of the year[106] - Non-current liabilities amounted to 266.60 million yuan as of June 30, 2023, down from 284.76 million yuan at the beginning of the year[106] - Total liabilities and owner's equity as of June 30, 2023, were 51.52 billion yuan, a decrease from 59.03 billion yuan at the start of the year[106] - Total current assets as of June 30, 2023, were 34.71 billion yuan, down from 43.13 billion yuan at the beginning of the year[105] - Total non-current assets as of June 30, 2023, were 16.81 billion yuan, up from 15.89 billion yuan at the start of the year[105] Cash Flow and Investments - Net cash flow from operating activities improved significantly to 265.03 million yuan in the first half of 2023, compared to a negative cash flow of -4.45 billion yuan in the same period last year[113] - Net cash flow from investing activities decreased to 1.53 billion yuan in the first half of 2023, down from 4.12 billion yuan in the same period last year[114] - Cash outflow for dividends, profits, and interest payments increased to 5.63 billion yuan in the first half of 2023, up from 4.49 billion yuan in the same period last year[114] - Net cash flow from financing activities was -5.60 billion yuan in the first half of 2023, compared to -4.48 billion yuan in the same period last year[114] - Cash and cash equivalents at the end of the period stood at 20.22 billion yuan, up from 16.04 billion yuan at the end of the same period last year[114] - Parent company's net cash flow from operating activities improved to -2.50 billion yuan in the first half of 2023, compared to -3.28 billion yuan in the same period last year[115] - Parent company's net cash flow from investing activities decreased to 1.40 billion yuan in the first half of 2023, down from 2.60 billion yuan in the same period last year[116] - Parent company's cash and cash equivalents at the end of the period stood at 16.15 billion yuan, up from 14.63 billion yuan at the end of the same period last year[116] Environmental and Social Responsibility - The company and its subsidiaries strictly comply with environmental protection laws and industry standards, including the "Environmental Protection Law of the People's Republic of China" and "Atmospheric Pollution Prevention and Control Law"[59] - Jiangsu Yanghe Distillery Co., Ltd. obtained a pollutant discharge permit valid from July 18, 2022, to July 17, 2027[59] - Jiangsu Shuanggou Liquor Co., Ltd. obtained a pollutant discharge permit valid from August 12, 2021, to August 11, 2026[59] - Jiangsu Yanghe Distillery Co., Ltd. Siyang Branch obtained a pollutant discharge permit valid from November 11, 2022, to November 10, 2027[59] - Guizhou Guijiu Group Co., Ltd. obtained a pollutant discharge permit valid from October 18, 2022, to October 17, 2027[59] - The company's emission outlets have no cases of exceeding emission standards, with concentrations of 61.9mg/L, 1.0mg/L, 1.43mg/L, and 17.05mg/L at one outlet[62] - The total emissions at one outlet are 56.21 tons, 0.91 tons, 1.29 tons, and 15.48 tons for chemical oxygen demand, ammonia nitrogen, total phosphorus, and total nitrogen respectively[62] - The company's wastewater treatment stations processed a total of 90.9 million tons of wastewater in the first half of 2023, with COD reduction of 8,636 tons, ammonia nitrogen reduction of 117 tons, total phosphorus reduction of 87 tons, and total nitrogen reduction of 202 tons[63] - The company invested approximately 33.51 million yuan in environmental governance and protection in the first half of 2023, and paid 301,483.64 yuan in environmental protection tax[65] - The company generated 135,700 tons of steam from biogas boilers in the first half of 2023, reducing carbon emissions by approximately 42,000 tons[67] - The company's Siyang branch reduced purchased steam by 25,000 tons and carbon emissions by approximately 7,774 tons in the first half of 2023 through optimizing steam pressure thresholds[67] - The company's Yanghe branch added 8.5 MW of distributed photovoltaic power generation, increasing green electricity usage by 1.5658 million kWh and reducing carbon emissions by 1,102 tons[67] - The company's wastewater treatment stations have a total design capacity of 21,400 tons per day across all facilities[63] - The company's environmental monitoring systems are connected to provincial and national pollution monitoring platforms, with daily manual sampling and periodic third-party testing[65] - The company has developed and implemented carbon peak and carbon neutrality strategies and action plans in line with national policies[67] - The company's environmental protection measures include resource utilization of sludge and distiller's grains through qualified third-party units[63] - The company has established emergency environmental response plans and conducts regular training and drills for all employees[64] - The company has provided free services to over 1,000 villagers through its "Weekend Hair Salon" initiative[69] - The company has supported 225 employees and their immediate family members through its welfare programs[69] - The company has been recognized as a "Charitable Enterprise of the Year" in the 2023 China Charity List[69] Risk Management and Corporate Governance - The company highlighted potential risks in its operations, urging investors to pay attention to the detailed risk analysis in the report[3] - The company identified macroeconomic fluctuations, intensified market competition, and changing consumer demands as key risks, and outlined strategies to mitigate these risks[51] - The company's 2022 annual general meeting saw a 76.67% participation rate from investors, reflecting strong shareholder engagement[53] - The company implemented an employee stock ownership plan covering 4,738 employees, with a total of 9,118,384 shares held, representing 0.61% of the company's total share capital[56] - The company confirmed an increase in capital reserve-other capital reserve of 61,207,154.39 yuan due to employee stock ownership plan expenses[57] - The company has no significant litigation, arbitration, or bankruptcy restructuring matters during the reporting period[70][74] - The company has no non-operational fund occupation by controlling shareholders or related parties[70] - The company has no illegal external guarantees during the reporting period[70] - The company's semi-annual financial report has not been audited[70] Subsidiaries and Investments - Sujiu Group Trade Co., Ltd., a subsidiary, reported a net profit of 4,176,630,372.33 yuan, contributing significantly to the company's overall profitability[49] - Jiangsu Yanghe Liquor Operation Management Co., Ltd., another subsidiary, achieved a net profit of 501,508,973.30 yuan, reflecting strong performance in the liquor retail sector[49] - Jiangsu Shuanggu Distillery Co., Ltd. recorded a net profit of 1,815,526,833.17 yuan, highlighting its robust position in the liquor production and sales market[49] - The company's total equity at the end of the reporting period was 5,856,883,743.42 yuan, indicating a solid financial foundation[46] - The company did not engage in any derivative investments during the reporting period, focusing instead on core business operations[47] - No significant assets or equity were sold during the reporting period, maintaining stability in the company's asset structure[48] - The company indirectly holds partnership shares in Jiangsu Jiequan Emerging Industry Development Fund through Jiangsu Xinghe Investment Management Co., Ltd. and Nanjing Xingnahe Venture Capital Partnership[86] - The company's wholly-owned subsidiary, Sujiu Group Jiangsu Wealth Management Co., Ltd., has subscribed to partnership shares in Suzhou Danqing Phase II Innovation Medical Industry Investment Partnership[86] - Jiangsu Yanghe Investment Management Co., Ltd. has subscribed to partnership shares in Panmao (Shanghai) Investment Center[86] - Jiangsu Yanghe Investment Management Co., Ltd. has subscribed to partnership shares in Jiangsu Zijin Hongyun Health Industry Investment Partnership, Suqian Yida Industrial Venture Capital Fund, and Hunan Huaye Tiancheng Venture Capital Partnership[87] - Jiangsu Yanghe Investment Management Co., Ltd. has subscribed to partnership shares in Nanjing Xingnahe Yuan Venture Capital Partnership, Suzhou Zhongxing Xingfu Digital Intelligence Venture Capital Partnership, and Nanjing Hongyang Equity Investment Partnership[87] - Jiangsu Yanghe Investment Management Co., Ltd. has subscribed to partnership shares in Zhuhai Hengqin Huaye Tiancheng Phase IV Venture Capital Partnership, Xiamen Yuanfeng Equity Investment Fund Partnership, and Shanghai Yunfeng Xincheng Investment Center[87] - Jiangsu Yanghe Blue Investment Management Co., Ltd. and Jiangsu Yanghe Dream Investment Management Co., Ltd. have subscribed to partnership shares in Nanjing Huatai Yanghe Equity Investment Mother Fund[88] Shareholder and Equity Information - The total number of shares of Jiangsu Yanghe Brewery Co., Ltd. remained unchanged at 1,506,988,000 shares, with 99.72% being unrestricted shares and 0.28% being restricted shares[90][91] - The restricted shares decreased by 1,414,146 shares, primarily due to the expiration of lock-up periods for former directors and supervisors[90][92] - Jiangsu Yanghe Group Co., Ltd. holds the largest shareholding at 34.16%, with 514,858,939 shares, followed by Shanghai Haiyan Logistics Development Co., Ltd. at 17.58% with 264,991,926 shares[94] - The number of restricted shares held by Zhou Xinhu decreased by 719,573 shares, and those held by Cong Xuenian decreased by 694,573 shares due to the expiration of their lock-up periods[92] - The total number of restricted shares at the end of the period was 4,242,436 shares, down from 5,656,582 shares at the beginning of the period[92] - The company's total equity attributable to the parent company at the end of the period was 47,524,448,603.75 yuan, with minority shareholders' equity at 49,501,629.07 yuan[117] - The comprehensive income for the period was 5,569,766.00 yuan, contributing to the total equity increase[118] - The company allocated 5,634,104,576.76 yuan for profit distribution, including dividends to shareholders[118] - The capital reserve increased by 61,207,154.39 yuan due to owner contributions and equity instruments[118] - The company's total equity at the end of the period was 49,877,823,221.73 yuan, reflecting an increase from the previous period[119] - The company's equity at the beginning of the year was 47,474,946,974.68 yuan, with minority shareholders' equity at 49,501,629.07 yuan[117] - The company's equity at the end of the previous year was 42,481,310,257.79 yuan, with minority shareholders' equity at -4,899,531.80 yuan[120] - The company's total comprehensive income for the period was RMB 6,893,372,221.12[121] - Owner's equity increased by RMB 61,207,154.37 due to capital contributions[121] - Profit distribution to shareholders amounted to RMB -4,519,335,222.00[121] - The company's total owner's equity at the end of the period was RMB 33,385,296,116.54[123] - The company's capital reserve increased by RMB 61,207,154.39 during the period[124] - Profit distribution to shareholders for the period was RMB -5,634,104,576.76[124] - The company's undistributed profit at the beginning of the period was RMB 29,676,346,187.62[123] - The company's total owner's equity at the beginning of the period was RMB 33,385,296,116.54[123] - The company's total equity at the end of the period was RMB 28,834,516,507.71[125] - The company's capital reserve increased by RMB 61,207,154.37 during the period[126] - The company's undistributed profit decreased by RMB 3,767,609,584.65 during the period[126] - The company's total equity at the beginning of the period was RMB 31,387,872,398.21[126] - The company's total equity at the end of the period was RMB 27,681,469,967.93[128] - The company's capital reserve at the end of the period was RMB 1,443,539,455.31[128] - The company's undistributed profit at the end of the period was RMB 24,033,727,193.41[128] - The company's total equity decreased by RMB 3,706,402,430.28 during the period[126] - The company's capital reserve at the beginning of the period was RMB 1,382,332,300.94[126] - The company's undistributed profit at the beginning of the period was RMB 27,801,336,778.06[126] Accounting and Financial Reporting - The company's financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" and other relevant regulations, ensuring accurate reflection of the company's financial status[132] - The company's management believes that the company has the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no significant events affecting this ability[133] - Revenue from product sales is recognized when control of the goods is transferred to the customer, with export sales recognized upon shipment and customs clearance[133] - The company provides discounts to dealers based on marketing policies and sales performance, which