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张 裕B:2014年半年度报告摘要(英文版)2014-08-27  

						                                            2014 Semi-Annual Report Abstract of Yantai Changyu Pioneer Wine Co. Ltd.

Shares Code: 000869. 200869       Shares Abbreviation: Changyu A、Changyu B                 Notice No.: 2014-Final02


                               Yantai Changyu Pioneer Wine Co. Ltd.


                                2014 Semi-Annual Report Abstract


1. Important Warning


This Semi-annual report abstract comes from the whole contents of semi-annual report, Investors
desire to comprehend more details, We advise investors to read the Semi-Annual Report carefully.
The Semi-Annual Report has been published in the website of Juchao Information or Shenzhen
Stock Exchange and other websites stipulated by the China Securities Regulatory Commission.


Brief Introduction for the Company


Abbreviation of the                                         Code number of the
                    Changyu A、Changyu B                                       000869、200869
Shares:                                                     Shares

Abbreviation of the
Shares after        -
alteration

Place of listing of
                          Shenzhen Stock Exchange
the Shares

Contact person and                                     Authorized Representative of the
                   Secretary to the Board of Directors
   information                                                Securities Affairs

Name                      Mr. Qu Weimin                                Mr. Li Tingguo

                          56 Dama Road, Yantai, Shandong,              56 Dama Road, Yantai, Shandong,
Address
                          China                                        China

Tel                       0086-535-6633656                             0086-535-6633656

Fax                       0086-535-6633639                             0086-535-6633639

E-mail                    quwm@changyu.com.cn                          stock@changyu.com.cn




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                                        2014 Semi-Annual Report Abstract of Yantai Changyu Pioneer Wine Co. Ltd.


2. Key financial data and shareholders changing

(1)Key financial data
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
                                                                                      Unit: CNY
                                                                                       More or less than
                                            In the report           In the same period
Item                                                                                   the same period of
                                            period                  of last year
                                                                                       last year(%)

Business revenue (CNY)                          2,301,990,248           2,539,378,234                   -9.35%

Net profit attributed to the shareholders
                                                  638,041,311             740,574,221                 -13.85%
of the listed company (CNY)

Net profit attributed to the shareholders
of the listed company after deducting             629,900,854             736,714,423                 -14.50%
the irregular profit and loss (CNY)

Net cash flows from the operating
                                                  889,675,131             409,158,489                 117.44%
activities (CNY)

Basic earnings (CNY) per share                               0.93                 1.08                -13.89%

Diluted earnings (CNY) per share                             0.93                 1.08                -13.89%

Return on net assets (%)                                    9.77%              11.79%                   -2.02%


                                            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)                              8,614,013,724           8,001,532,444                    7.65%

Net Assets attributed to the shareholders
                                                6,846,051,413           6,208,279,705                  10.27%
of the listed company (CNY)




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                                                                                                                              2014 Semi-Annual Report Abstract of Yantai Changyu Pioneer Wine Co. Ltd.

(2) The top ten shareholders of the Company and the shareholdings.
                                                                                                                                                                                               Total 47385
Total shareholders in the report period
                                                                                                                                                                                   36242 shareholders of A share
                                                                                                                                                                                   11143 shareholders of B share
                                                                                  the top 10 shareholders holding situation
                                                                                       Character of         Percentage                                     Number of               Pledged or frozen
Name of Shareholders                                                                                                           Shares held
                                                                                       shareholders         (%)                                            restricted shares       Share status Amount
                                                                                      Domestic non-state-
YANTAI CHANGYU GROUP CO. LTD.                                                                                        50.40%                  345,473,856
                                                                                      owned legal person                                                                       0               -             0


GAOLING FUND,L.P.                                                                     Foreign shareholder             3.53%                   24,176,997
                                                                                                                                                                               0               -             0
GIC PRIVATE LIMITED                                                                   Foreign shareholder             2.69%                   18,456,155
                                                                                                                                                                               0               -             0
BBH BOS S/A FIDELITY FD - CHINA FOCUS FD                                              Foreign shareholder             2.35%                   16,106,326
                                                                                                                                                                               0               -             0
GSIC A/C MONETARY AUTHORITY OF SINGAPORE                                              Foreign shareholder             0.89%                    6,085,399
                                                                                                                                                                               0               -             0
BBH A/C VANGUARD EMERGING MARKETS STOCK INDEX FUND                                    Foreign shareholder             0.68%                    4,651,666
                                                                                                                                                                               0               -             0
BBH S/A FIDELITY FUNDS SICAV-HEALTH CARE                                              Foreign shareholder             0.63%                    4,306,656
                                                                                                                                                                               0               -             0
VALUE PARTNERS HIGH-DIVIDEND STOCKS FUNDS                                             Foreign shareholder             0.62%                    4,280,146
                                                                                                                                                                               0               -             0
NORGES BANK                                                                           Foreign shareholder             0.61%                    4,171,564
                                                                                                                                                                               0               -             0
FIDELITY CHINA SPECIAL SITUATIONS PLC                                                 Foreign shareholder             0.55%                    3,779,202
                                                                                                                                                                               0               -             0
                                                                                      Among the top 10 shareholders, Yantai Changyu Group Company Limited has no associated relationship or
The explanation for the associated relationship and accordant action of the top 10
                                                                                      accordant action relationship with the other 9 listed shareholders, and the relationship among the other shareholders
shareholders
                                                                                      is unknown.

Explanation for the shareholders who involved in financing activities and stock
                                                                                      The top 10 Shareholders is not involved in financing activities and stock trading business.
trading business




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                                           2014 Semi-Annual Report Abstract of Yantai Changyu Pioneer Wine Co. Ltd.

(3) The top 10 preferred shareholders holding situation form
□ Available   √ Not available

There is no preferred shareholders holding situation during the report period.

(4) Controlling shareholder or changes of the actual controllers situation
Changes of the controlling shareholder during the report period

□ Available   √ Not available

There is no any change of the controlling shareholder during the report period.
Changes of the actual controllers during the report period

□ Available   √ Not available

There is no any Change of the actual controllers during the report period



3. Management's Discussion & Analysis


(1) Summarization

During the report period, under the influence of multiple factors, such as slowdown of domestic
economic growth, overwhelming flow of foreign wine into Chinese market and the relative national
policies and so on, the competition in the domestic wine industry was fierce, especially there was a great
decline on the effective demands for the premium wines, which brought a strong pressure to the
Companys production and operation. Facing quite a lot of external disadvantages, the Company
insisted to focus on the market, in accordance with the trend of market development, adjust the
marketing tactics and product structure in time, constantly perfect the marketing channels and promote
product sales, so that to restrain the situation of decline in operating results. In the second quarter (April,
May, June), rebound of main business income and net profit in different levels emerges, 14.86% and
6.23% respectively more than the same period in previous year; Based on this, the company realized
business income of CNY 2301.99 million, 9.35% less than the same period in previous year; realized
net profit of CNY 638.04 million, 13.85% less than the same period in previous year. Both decline
range diminished, compared with those in the first quarter.




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                                                                                                     2014 Semi-Annual Report Abstract of Yantai Changyu Pioneer Wine Co. Ltd.


(2)Analysis to main business
Period comparison of main financial data
                                                                                                                                                                Unit: CNY

                                                   In the same period of   More or less
                            In the report period                                          Reason for changes
                                                   last year               (%)
Operating revenue                                                                         Mainly the decrease of sales revenue for the high-end cheteau wine, comparing
                               2,301,990,248            2,539,378,234          -9.35%
                                                                                          with the same period of last year.
                                                                                          Mainly the changes of sales products structure, the proportion of high-end
Operating cost                                                                            products declining, the proportion of low grade products increasing, the
                                754,302,386              759,692,089           -0.71%
                                                                                          increased price of raw material including grapes comparing with the same
                                                                                          period of last year
Sales expense                                                                             According to the market situation, appropriately compressing marketing
                                486,481,030              584,280,630          -16.74%
                                                                                          investment
Management expense              103,980,497              104,896,929           -0.87%
Financial expense                -14,254,385             -13,607,053           -4.76%
Income tax expense              210,241,876           244,475,516              -14%       Mainly decreasing of net profit, comparing with the same period of last year
                                                                                          Mainly increasing of expenditure of R&D investment, comparing with the
R&D investment                    5,436,054               5,342,521            1.75%
                                                                                          same period of last year

Net amount of cash flow
generated  in  operating        889,675,131              409,158,489          117.44%     Mainly decreasing of cash outflow from various operating activities
activities

Net amount of cash flow
generated in investment         -240,974,464            -502,430,760          52.04%      Mainly the decrease of cash used to pay fixed deposit over 3 months
activities



Net increased amount of                                                                   Mainly increase of net amount of cash flow generated in operating and
                                648,662,711              -93,272,271          795.45%
cash and cash equivalents                                                                 investment activities




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                                         2014 Semi-Annual Report Abstract of Yantai Changyu Pioneer Wine Co. Ltd.


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.

(3) Review and summary of the progress situation during the report period of the company’s
business plan disclosed in earlier stage


During the report period, influenced by the abrupt change of market situation and the great
recession on the demand for the premium wines, in order to deal with the unfavorable business
environment, during the report period, the Company carried out the operation strategy of steady
development in the middle and high-end wines, and vigorous expansion for the low-level wines,
brandy and imported wines with own brands. While making efforts to promote the
development of middle and high-end wines, the Company made an appropriate tilt on marketing
resources to the low-level wines, brandy and imported wines with own brands for meeting
the market demand, which effectively curb the decline on the business income. The main work in
the report period is as following:

Firstly, to perfect sales system construction, strengthen the marketing process management. The
Company has completed to reorganize and adjust all levels employees of sale team, set up
additionally prefecture-level city managers, strengthen management of salesperson classification,
perfect salesperson performance assessment method, which are better at arousing the motivation of
salesperson; to set up middle-small restaurant direct-supplying management company and Lanzhou,
Yinchuan and Xianyang direct-supplying company, further to expand direct-supplying business.; to
clear up and simplify company’s existing products system, making core products system which
adapt to the future development much clearer; further to define major push for different kind of
products, strengthen marketing pertinence; through constructing the market work regulation of
contact point and examining sales terminal, to promote the full implementation and development of
the marketing strategy named “move towards terminal”.

Secondly, to continue the propulsion of informatization construction and management innovation.
The Company has completed the projects of the first and second phase of SAP system. SAP system

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                                         2014 Semi-Annual Report Abstract of Yantai Changyu Pioneer Wine Co. Ltd.


has been taken comprehensive on-line operation during the report period. Focusing on the future
development goals and the urgent and significant problems to solve on management,
production, technology and marketing, the Company proposed and completed over 279 items
of innovation and reasonable projects, which brought the related works and management level to
a new step.

Thirdly, to reinforce the management of cost and expense, making great efforts to improve
economic benefits. The Company has enforced the assessment of input-output ratio of
advertisement fee and capital occupation in the bulk wine, packing material and finished goods, so
that to reduce capital occupation and increase the efficiency and effectiveness in the use of funds;
has compressed production cost expense through the measures of centralized purchasing, packaging
improvements, packaging simplification, and cancelling commissioned processing, which helped to
reduce per ton of wine cost, and increase economic benefits.

Fourthly, to accelerate the research and development (R&D) of new technology, new procedure,
new products, steadily promote the construction of technological renovation projects. The Company
increased the input intensity of technology projects, strengthened R&D ability, and completed to
declare 3 items of scientific and technological achievements in state, provincial and city level, and
one item patent; By means of strict implementation of special audit and third-party supervision to
construction projects, projects’ quality, investment scale and construction progress have been
controlled preferably, and the main investment projects went well.

During the second half year of 2014, the Company will mainly fulfill the following work and measures
as follows:


Firstly, persist to drive the innovation of sales modes, strengthen to develop and control sales terminal.
The Company will optimize the current sales mode of dealers as the main part, properly enlarge the
scale of delivery dealers and direct trade, insist to the working system of contact point markets which
are managed by company’s leaders, step up the development of sales terminal and management intensity,
and accelerate to promote the moving terminal management system construction, which will provide
technology supports and examination approach for terminal work and making great efforts to grasp the
products initiative in terminal sales.


Secondly, continue to reinforce the management of cost expenses, improve effects in the use of funds.
The company strengthens to budget management and refine assessment items, simplify products’
packing, come into full effects of tray transportation, expand centralized purchasing of raw material,
optimize pricing model of purchasing grapes price etc, intensify the management control of main cost
expenses in production cost and sales expenses, increase the effect in the use of funds, add company
benefit.




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                                           2014 Semi-Annual Report Abstract of Yantai Changyu Pioneer Wine Co. Ltd.


  Thirdly, ensure steady progress of investment projects, optimize the production structure, enlarge
  production capacity and upgraded management level. In the light of 2014 capital expenditure plan’s
  schedule, the Company steadily promote investment projects construction, strictly control the project
  schedule and the investment budget, ensure good quality and construction safety of engineering, lay a
  solid foundation for further improving production capacity and optimizing productivity structure;
  accelerate implement and propulsion of SAP, reinforce the training of related staffs, improve preferably
  the Company’s management level and control ability by means of modern information technology.


  Fourthly, to reinforce the management of the vineyard bases, perfect the work on grape purchase, the
  Company will make further definition to the duty and division of administrators at all-levels vineyards
  and grapes planters, strengthen the training and assessment of grape planters, reinforce to guide and
  manage vineyards on site, encourage to popularize the mechanized farming, improve grape quality and
  reduce the cost of raw materials; accomplish grape purchasing plans and implementation scheme,
  organize and deploy internal resources scientifically, guarantee both quality and quantity to complete
  acquisition grapes, ensure sufficient and quality grape material supply.


  (4) Structure of main businesses
                                                                                                       Unit: CNY

                                                                                               Increase or
                                                 Increase or decrease Increase or decrease
                                       Gross                                                decrease of gross
              Operating    Operating             of operating revenue of operating cost
                                       profit                                                profit over the
               revenue       cost                over the same period over the same period
                                        (%)                                                same period of last
                                                    of last year (%)    of last year (%)
                                                                                                  year
Sector
Wine      and
alcoholic     2,295,163,767 748,344,147 67.39%                 -9.44%                 -1.26%                -2.70%
beverages
Product
Wine          1,765,168,335 553,653,304 68.63%                 -9.28%                  4.52%                -4.14%
Brandy          467,055,981 158,456,974 66.07%                 -4.69%                 -6.24%                 0.56%
Sparkling
                 20,570,297 13,653,755 33.62%                   2.01%                  8.01%                -3.69%
wine
Other            42,369,154 22,580,114 46.71%                -45.95%                 -51.50%                 6.10%
Region
Eastern
              1,953,179,965 628,664,664 67.81%                 -9.56%                 -1.42%                -2.66%
Region
Middle
                233,339,819 82,589,404 64.61%                  -8.39%                 -0.67%                -2.75%
Region
Western
                108,643,983 37,090,079 65.86%                  -9.56%                  0.08%                -3.29%
Region




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                                        2014 Semi-Annual Report Abstract of Yantai Changyu Pioneer Wine Co. Ltd.


(5) Analysis to core competitiveness


Compared with the participants in the arena of the Chinese wine sector, we believe that the Company is
provided with the following advantages:


Firstly, the Company has been enjoying a well-known wine brand since 120-odd years, both “Changyu”
and “Jiebaina” are Chinese famous trademarks that have strong influence and good reputation.


Secondly, the Company has set up a nationwide marketing network, formed a “three-level” marketing
network system mainly composed of the Company’s salesmen and dealers, possessed the strong
marketing ability and market exploitation ability.


Thirdly, the Company has already had strong research strength and a product R&D system, owned the
only “State-level Wine R&D Center”, made mastery of advanced winemaking technology and
production processes, been powerful enough in product innovation and established a perfect quality
control system.


Fourthly, the Company is in possession of a lot of grape-growing bases to meet its future development,
having developed a great deal of vineyards in the most suitable areas for wine grape growing such as in
Shandong, Ningxia, Xinjiang, Liaoning, Hebei and Sha’anxi, whose scales and structures have generally
met the Company’s needs for development.


Fifthly, the Company has a great variety of products composed of all grades, its wine and brandy of
over 100 sorts can meet different consumers’ demands. The Company has taken the lead in the domestic
wine sector through rapid development in the past 10-odd years and has possessed comparative
superiority in the future competition.


All in all, the Company has built up a strong core competitive edge and obtained and maintained a
relatively dominant position in the long-term market competition.


4. Issues related to financial report
(1) Compared with the previous year’s financial report, explanation on the changes of
accounting policies, accounting estimates, accounting method.

□Available V Not available

During the report period, there are no changes of accounting policies, accounting estimates,
accounting method compared with the previous year’s financial report.
(2) During the report period, a description of the situation on the Company makes retroactive
adjustments or restates because of changes of accounting errors.

□Available V Not available

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                                        2014 Semi-Annual Report Abstract of Yantai Changyu Pioneer Wine Co. Ltd.

There are no big accounting errors which need to make retroactive adjustments or restate situation.
(3) Compared with the previous year’s financial report, explanation for the changes of the
consolidated statements scope.

□Available V Not available

During the report period, there are no changes of the consolidated statements scope.

 (4) During the report period, be explained on the public accountants issued “non-standard
audit reports” by Board of directors and supervisory board.

□Available V Not available




                                                             Yantai Changyu Pioneer Wine Co. Ltd.
                                                                          Board of Directors
                                                                           27th August 2014




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