2021 Annual Report Abstract of Yantai Changyu Pioneer Wine Co., Ltd.
Stock Code: 000869, 200869 Stock Abbreviation: Changyu A, Changyu B Announcement No.: Final 2022-01
Yantai Changyu Pioneer Wine Co., Ltd.
2021 Annual Report Abstract
1. Important Notice
This Annual Report Abstract comes from the whole contents of annual report. If investors desire to
comprehensively understand the Company’s operating results, financial situation and future
development plan, please read the Annual Report on the media specified by the China Securities
Regulatory Commission.
Except following directors, other directors have personally attended the meeting for deliberating the
annual report.
Name of director not Position of director
Reason of not personally
personally attending not personally Name of entrustee
attending the meeting
the meeting attending the meeting
Aldino Marzorati Director Conflict with working hours Zhou Hongjiang
Stefano Battioni Director Conflict with working hours Leng Bin
Enrico Sivieri Director Conflict with working hours Zhou Hongjiang
Non-standard audit opinion notice
Available Not available
The preliminary scheme of the report period’s ordinary share profit distribution or increasing equity
with reserve deliberated by the board of the directors
Available Not available
Whether to increase equity with reserve
Yes No
The Company’s preliminary scheme of profit distribution deliberated and passed by the board of
directors this time is shown as following: Based on the Company’s total 685,464,000 shares, the
Company plans to pay CNY4.5 (including tax) in cash as dividends for every 10 shares to all
shareholders and send 0 bonus share (including tax). Capital reserve will not be transferred to equity.
The draft plan of preferred share profit distribution during the report period deliberated and passed
by the board of directors
Available Not available
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2021 Annual Report Abstract of Yantai Changyu Pioneer Wine Co., Ltd.
2. Basic information of the Company
(1) Brief introduction of the Company
Abbreviation of Shares Changyu A, Changyu B Code number of the Shares 000869, 200869
Place of listing of Shares Shenzhen Stock Exchange
Contact person and Authorized Representative of the
Secretary to the Board of Directors
information Securities Affairs
Name Mr. Jiang Jianxun Mr. Li Tingguo
56 Dama Road, Yantai, Shandong, 56 Dama Road, Yantai, Shandong,
Address
China China
Fax 0086-535-6633639 0086-535-6633639
Tel 0086-535-6602761 0086-535-6633656
E-mail jiangjianxun@changyu.com.cn stock@changyu.com.cn
(2) Main businesses during the report period or brief introduction of products
1) Situation of the industry in which the Company operates
During the report period, the Company’s main businesses are production and operation of wine and brandy, thus
providing domestic and foreign consumers with healthy and fashionable alcoholic drinks. Compared with earlier
stage, there are no significant changes happened to the Company’s main businesses. The wine industry that the
Company involved in is still in growth stage. Although being affected by many factors including the epidemic for
the short-term, the competition in the market is fierce, the wine consumption temporarily declines, and a large
number of wine production enterprises are on the brink of loss. However, seen from the long term, with the change
in the consumption conception of younger consumers, the whole domestic wine market is likely to be on the rising
trend. The Company is at the forefront in the domestic wine market and is significantly ahead of major domestic
competitors.
The Company’s products were divided into two series: wine and brandy. For wine, main brands included Changyu,
Noble Dragon, AFIP, Longyu, Golden Ice Valley, Zenithwirl, Vermouth, Rena, Baron Balboa, J.LORMIN, Atrio,
Kilikanoon and IWCC and so on. For Brandy, main brands included Koya, Mminni, Pagese, Roullet Fransac and so
on.
2) License obtained
As of December 31st, 2021, the Company and its subsidiaries have obtained 8 food production licenses (alcohol), of
which the food production licenses having been obtained since the beginning of 2020 are as follows:
Food Food production license
Producer name Obtaining time Obtaining method
category number
Shaanxi Chateau Changyu Rena Approval from
Alcohol 2020.10.19 SC11561040400532
Co., Ltd. government authority
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2021 Annual Report Abstract of Yantai Changyu Pioneer Wine Co., Ltd.
Yantai Chateau Koya Brandy Co., Approval from
Alcohol 2021.01.11 SC11537063601165
Ltd. government authority
3) Major sales mode
The Company’s main sales mode was the distribution mode, and main sales channel was offline sales, that is, the
Company’s products were distributed to sales terminals through approximately 4,000 distributors at home and
abroad and ultimately provided to consumers.
Distribution mode
Available Not available
① Situation of change in the number of distributors
Number at the Increased number during Number at the
Region
beginning of 2021 this report period end of 2021
Eastern China 1702 155 1857
South China 541 24 565
Central China 479 -3 476
North China 358 7 365
Northwest China 156 28 184
Southwest China 411 82 493
Northeast China 289 29 318
HongKong, Macao,Taiwan China and overseas 511 62 573
Total 4447 384 4831
② The Company adopted the settlement method of cash and carry with the distributors, and mainly adopted
buyout distribution mode.
The ratio of sales in self-owned exclusive shop exceeds 10%
Available Not available
③ Sales of online direct selling
Available Not available
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2021 Annual Report Abstract of Yantai Changyu Pioneer Wine Co., Ltd.
2021 2020
Sales model Operating income Operating cost Operating income Operating cost Gross
Gross margin
(CNY) (CNY) (CNY) (CNY) margin
Distribution 3,263,303,800 1,349,422,481 58.65% 2,945,453,550 1,289,537,264 56.22%
Direct sales 689,763,784 298,367,393 56.74% 449,948,451 214,340,143 52.36%
Total 3,953,067,583 1,647,789,874 58.32% 3,395,402,001 1,503,877,407 55.71%
④ The change in sales prices of major products accounting for more than 10% of total operating income in current
report period exceeds 30% compared with those in last report period
Available Not available
⑤ Procurement mode and procurement content
Unit：CNY’0000
The amount of the main
Procurement mode Procurement content
procurement content
Price determined by quality comparison with standard price items Raw materials such as grapes/ bulk wine 49,125.70
Tender/Price determined by quality comparison with standard price items Packaging materials 53,324.70
Tender/Price determined by quality comparison with standard price items Brewing materials 2,262.50
Tender/Price determined by quality comparison with standard price items Vineyard supplies 1,082.80
Contract Fuel and power 2,945.50
Price determined by quality comparison with standard price items Other wines and derivatives 1,651.80
Amount of purchasing raw materials from cooperatives or farmers exceeds 30% of total procedure amount
Available Not available
The year-on-year change in the price of major outsourced raw materials exceeds 30%
Available Not available
⑥ Major production mode
The production mode of the Company is self-produce.
Manufacturing consignment
Available Not available
⑦ Major components of operating costs
2021 2020 Year-on-year
Sector Project Proportion in the Proportion in the increase or
Amount Amount
operating cost (%) operating cost (%) decrease (%)
Liquor Blending liquor 833,479,062 51.93% 731,348,214 49.42% 13.96%
and Packing material 477,555,065 29.76% 457,572,889 30.92% 4.37%
alcoholic Wages 59,063,486 3.68% 56,969,384 3.85% 3.68%
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2021 Annual Report Abstract of Yantai Changyu Pioneer Wine Co., Ltd.
beverage Manufacturing
234,857,160 14.63% 234,032,840 15.81% 0.35%
expenses
Blending liquor 611,321,504 51.55% 540,591,702 49.07% 13.08%
Packing material 328,926,668 27.74% 326,909,741 29.67% 0.62%
Wine Wages 50,206,319 4.23% 48,585,743 4.41% 3.34%
Manufacturing
195,416,595 16.48% 185,657,867 16.85% 5.26%
expenses
Blending liquor 220,058,439 53.02% 190,756,512 52.20% 15.36%
Packing material 147,425,674 35.52% 130,663,148 35.76% 12.83%
Brandy
Wages 8,708,416 2.10% 8,383,641 2.29% 3.87%
Manufacturing cost 38,849,077 9.36% 35,597,765 9.75% 9.13%
⑧ Yield and inventory
Sector Project Unit 2021 2020 Year-on-year increase or decrease (%)
Alcohol and Sales volume Ton 97,499 98,414 -0.93%
alcoholic beverage Yield Ton 100,737 93,990 7.18%
industry
Inventory Ton 30,412 28,522 6.63%
Sales volume Ton 67,700 70,662 -4.19%
Wine Yield Ton 67,342 67,477 -0.20%
Inventory Ton 16,104 15,898 1.30%
Sales volume Ton 29,799 27,752 7.38%
Brandy Yield Ton 33,394 26,513 25.95%
Inventory Ton 14,308 12,624 13.34%
⑨ Explanation for other major situation
During the report period, there did not exist the situation that had a significant impact on the
Company, such as trademark ownership disputes, food quality issue and food safety incidents and so
on.
(3) Key accounting data and financial indicators
1) Key accounting data and financial indicators in recent three years
Whether the Company needs to retrospectively adjust or restate the accounting data of previous fiscal
years.
Yes No
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2021 Annual Report Abstract of Yantai Changyu Pioneer Wine Co., Ltd.
Unit: CNY
December 31, December 31, Increase/decrease compared December 31,
2021 2020 with last year-end (%) 2019
Total assets (CNY) 13,472,009,754 13,102,481,541 2.82% 13,647,932,568
Net Assets attributed to shareholders of
10,447,884,183 10,267,832,644 1.75% 10,308,910,198
the listed company (CNY)
Increase/decrease compared
2021 2020 2019
with last year (%)
Operating revenue (CNY) 3,953,067,583 3,395,402,001 16.42% 5,074,025,899
Net profit attributed to shareholders of
500,102,606 470,860,587 6.21% 1,141,367,296
the listed company (CNY)
Net profit attributed to shareholders of
the listed company after deducting 472,235,962 397,655,187 18.76% 892,496,644
non-recurring profits and losses (CNY)
Net cash flows from operating
1,125,382,658 505,146,673 122.78% 848,852,360
activities (CNY)
Basic earnings per share (CNY) 0.73 0.69 5.80% 1.67
Diluted earnings per share (CNY) 0.73 0.69 5.80% 1.67
Weighted average for earning rate of
4.84% 4.57% 0.27% 11.40%
net assets (CNY)
2) Key accounting data by quarter
Unit: CNY
st nd rd
1 Quarter 2 Quarter 3 Quarter 4th Quarter
Operating revenue 1,134,006,251 740,454,186 796,762,047 1,281,845,099
Net profit attributed to shareholders of the listed
286,745,340 85,076,479 79,742,460 48,538,327
company
Net profit attributed to shareholders of the listed
company after deducting non-recurring profits 280,760,222 72,915,820 67,549,124 51,010,796
and losses
Net cash flows from operating activities 314,895,523 141,039,626 336,257,978 333,189,531
Whether there are significant differences between above-mentioned financial indicators or their sum
and the related financial indicators in the quarterly report and semi-annual report disclosed by the
Company.
Yes No
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2021 Annual Report Abstract of Yantai Changyu Pioneer Wine Co., Ltd.
(4) Capital stock and shareholders’ situation
1) Number of ordinary shareholder and preferred shareholder recovering voting power, and situation of shares held by top ten shareholders
Unit: share
Total number of shareholders by Total number of preferred Total number of preferred shareholder recovering
Total shareholders in the
51,552 the end of last month before the 50,528 shareholder recovering voting 0 voting power by the end of last month before the 0
report period
disclosure day of the annual report power by the end of report period disclosure day of the annual report
Situation of shares held by top ten shareholders
Pledged or frozen
Name of Shareholders Character of shareholders Percentage (%) Amount of holding shares Number of restricted shares
Share status Amount
YANTAI CHANGYU GROUP CO., LTD. Domestic non-state legal person 50.40% 345,473,856 - -
GAOLING FUND, L.P. Foreign legal person 3.08% 21,090,219 - -
BBH BOS S/A FIDELITY FD - CHINA FOCUS
Foreign legal person 1.33% 9,140,216 - -
FD
SHENWAN HONGYUAN
Foreign legal person 1.08% 7,413,952 - -
SECURITIES(HONGKONG) LIMITED
FIDELITY PURITAN TRUST: FIDELITY
Foreign legal person 0.93% 6,350,762 - -
SERIES INTRINSIC OPPORTUNITIES FUND
Haitong International Securities Company
Foreign legal person 0.74% 5,060,702 - -
Limited-Account Client
GUOTAI JUNAN SECURITIES (HONGKONG)
Foreign legal person 0.73% 5,011,871 - -
LIMITED
Fengdi JIANG Domestic natural person 0.71% 4,854,000 - -
China Merchants Futures (Hong Kong) Co.,
Foreign legal person 0.67% 4,589,660 - -
Limited
VANGUARD EMERGING MARKETS STOCK Foreign legal person 0.61% 4,170,863 - -
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2021 Annual Report Abstract of Yantai Changyu Pioneer Wine Co., Ltd.
INDEX FUND
Among the top 10 shareholders, Yantai Changyu Group Company Limited has no associated relationship or accordant action
The explanation for the associated relationship and accordant action
relationship with the other 9 listed shareholders, while the relationship among the other shareholders is unknown.
Explanation for shareholders who involved in financing activities
The top 10 shareholders did not involve in financing activities and stock trade business.
and stock trading business (if have)
2) Number of preferred shareholder and situation of preferred shares held by top ten preferred shareholders
Available Not available
There are no shares held by preferred shareholders during the report period.
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2021 Annual Report Abstract of Yantai Changyu Pioneer Wine Co., Ltd.
3) Introduction for property right and control relations between the Company and its actual controllers
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2021 Annual Report Abstract of Yantai Changyu Pioneer Wine Co., Ltd.
(5) Subsistent company bonds at the date when the annual report is approved to be disclosed
Available Not available
3. Major issues
No
Yantai Changyu Pioneer Wine Co., Ltd.
Board of Directors
April 27, 2022
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