Yantai Changyu Pioneer Wine Co., Ltd. 2020 Third Quarter Report Main Body
Stock Code: 000869, 200869 Stock Abbreviation: Changyu A, Changyu B Notice No.: Final 2020-04
Yantai Changyu Pioneer Wine Co., Ltd.
2020 Third Quarter Report Main Body
October 2020
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Yantai Changyu Pioneer Wine Co., Ltd. 2020 Third Quarter Report Main Body
I. Important Notice
The board of directors, the board of supervisors, directors, supervisors and senior executives
of the Company guarantee the truthfulness, accuracy and completeness of the contents
contained in the third quarter report with no false records, misleading statements or
significant omissions, and undertake individual and joint legal liabilities.
All directors attended the meeting for deliberating this quarter report.
Mr. Zhou Hongjiang (Person in charge of the Company), Mr. Jiang Jianxun (Person in
charge of accounting work) and Mrs. Guo Cuimei (Person in charge of accounting organ &
Accountant in charge) assure the truthfulness, accuracy and completeness of the financial
statements in the third quarter report.
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Yantai Changyu Pioneer Wine Co., Ltd. 2020 Third Quarter Report Main Body
II. Corporate Information
1. Key accounting data and financial indicators
Whether the Company makes retroactive adjustments or restates the accounting data of previous fiscal years.
Yes No
The reason of makes retroactive adjustments or restates: business combination under the same control
The end of this The end of last year More or less than last year (%)
report period Before adjustment After adjustment After adjustment
Total assets (CNY) 13,049,517,856 13,647,932,568 13,767,237,838 -5.21%
Net assets attributed to
the shareholders of the 10,198,945,037 10,308,910,198 10,401,071,088 -1.94%
listed company (CNY)
More or less More or less
From the
Same period of last year than last Same period of last year than last year
beginning of the
This report period year (%) (%)
year to the end of
Before After After Before After After
this report period
adjustment adjustment adjustment adjustment adjustment adjustment
Operating income
774,191,143 968,100,175 980,743,772 -21.06% 2,192,739,690 3,526,374,960 3,553,926,816 -38.30%
(CNY)
Net profit attributed to
the shareholders of the 85,120,851 125,557,834 130,147,686 -34.60% 403,760,926 728,961,623 740,898,517 -45.50%
listed company (CNY)
Net profit attributed to
the shareholders of the
listed company after 73,406,867 119,702,422 119,702,422 -38.68% 340,173,716 672,193,117 672,193,117 -49.39%
deducting the
extraordinary gains and
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Yantai Changyu Pioneer Wine Co., Ltd. 2020 Third Quarter Report Main Body
losses (CNY)
Net cash flow from
operating activities 268,955,826 145,855,707 150,903,125 78.23% 252,437,074 645,331,713 656,726,875 -61.56%
(CNY)
Basic earnings per share
0.12 0.18 0.19 -36.84% 0.59 1.06 1.08 -45.37%
(CNY/share)
Diluted earnings per
0.12 0.18 0.19 -36.84% 0.59 1.06 1.08 -45.37%
share (CNY/share)
Weighted average for
earning rate of the net 0.92% 1.31% 1.37% -0.45% 3.85% 7.38% 7.50% -3.65%
assets
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Yantai Changyu Pioneer Wine Co., Ltd. 2020 Third Quarter Report Main Body
Details of extraordinary profit and loss
Available Not available
Unit：CNY
Amount from the
Item beginning of the year to the Explanation
end of report period
Disposal gains and losses for non-current assets,
including the reversal of accrued impairment -1,124,290
provision
Government grants credited in current profit and loss
(except for those recurring government grants that are
closely related to the entity's operation, in line with 65,451,990
related regulations and have proper basis of
calculation)
Current net profit and loss of subsidiary arising from
business combination under the same control for the
12,943,426
current period from the beginning of the period to the
date of the merger
Other non-operating income and expenses in addition
4,701,227
to above items
Less: Income tax effect 17,066,302
Minority interests effect (after-tax) 1,318,841
Total 63,587,210 --
The reasons shall be made clear and definitely as to the extraordinary profit and loss that the
Company has defined by virtue of the Explanatory Announcement on Public Company’s
Information Disclosure No.1 - Extraordinary Profit and Loss and as to regarding the extraordinary
profit and loss as recurrent profit and loss as specified in the Explanatory Announcement on Public
Company’s Information Disclosure No.1 - Extraordinary Profit and Loss.
Available Not available
There is no situation regarding the extraordinary profit and loss as defined and specified in the
Explanatory Announcement on Public Company’s Information Disclosure No.1 - Extraordinary
Profit and Loss as recurrent profit and loss.
2. The total number of shareholders and the shareholding of top 10 shareholders at the end
of the report period
1) The total number of common shareholders and the total number of preferred
shareholders with recovered voting power as well as the shareholding of top 10
shareholders
Unit: share
Total number of preferred
Total number of common
shareholders with recovered vo
shareholders at the end of 48,873 0
ting power at the end of repo
report period
rt period (if have)
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Yantai Changyu Pioneer Wine Co., Ltd. 2020 Third Quarter Report Main Body
The top 10 common shareholders
Shareholding Number of Number of Pledged or frozen
Character of
Name of Shareholders ratio holding restricted Share
shareholders Number
(%) shares shares status
Domestic
YANTAI CHANGYU
non-state-owned 50.40% 345,473,856 — —
GROUP CO., LTD.
legal person
Foreign legal — —
GAOLING FUND,L.P. person 3.08% 21,090,219
CHINA SECURITIES State-owned
2.25% 15,440,794 — —
FINANCE CORP legal person
BBH BOS S/A FIDELITY FD Foreign legal
2.02% 13,822,699 — —
- CHINA FOCUS FD person
SHENWAN HONGYUAN
Foreign legal
SECURITIES(HONG 1.20% 8,228,333 — —
person
KONG) LIMITED
FIDELITY PURITAN
TRUST: FIDELITY SERIES Foreign legal
0.93% 6,350,762 — —
INTRINSIC person
OPPORTUNITIES FUND
GUOTAI JUNAN
Foreign legal
SECURITIES(HONGKONG) 0.76% 5,215,446 — —
person
LIMITED
CENTRAL HUIJIN ASSET State-owned
0.69% 4,761,200 — —
MANAGEMENT LTD. legal person
HAITONG
INTERNATIONAL
Foreign legal
SECURITIES COMPANY 0.68% 4,687,187 — —
person
LIMITED-ACCOUNT
CLIENT
FIDELITY CHINA SPECIAL Foreign legal
0.55% 3,779,202 — —
SITUATIONS PLC person
The shareholding of top 10 shareholders with unrestricted shares
Number of Type of share
Name of Shareholders unrestricted
Type of share Number
shares held
YANTAI CHANGYU GROUP CO., LTD. 345,473,856 A share 345,473,856
GAOLING FUND,L.P. 21,090,219 B share 21,090,219
CHINA SECURITIES FINANCE CORP 15,440,794 A share 15,440,794
BBH BOS S/A FIDELITY FD - CHINA FOCUS FD 13,822,699 B share 13,822,699
SHENWAN HONGYUAN SECURITIES(HONG
8,228,333 B share 8,228,333
KONG) LIMITED
FIDELITY PURITAN TRUST: FIDELITY SERIES
6,350,762 B share 6,350,762
INTRINSIC OPPORTUNITIES FUND
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Yantai Changyu Pioneer Wine Co., Ltd. 2020 Third Quarter Report Main Body
GUOTAI JUNAN SECURITIES(HONGKONG)
5,215,446 B share 5,215,446
LIMITED
CENTRAL HUIJIN ASSET MANAGEMENT LTD. 4,761,200 A share 4,761,200
HAITONG INTERNATIONAL SECURITIES
4,687,187 B share 4,687,187
COMPANY LIMITED-ACCOUNT CLIENT
FIDELITY CHINA SPECIAL SITUATIONS PLC 3,779,202 B share 3,779,202
Yantai Changyu Group Company Limited has no
The explanation for the associated relationship
associated relationship or accordant action relationship
and accordant action of the top 10
with the other 9 listed shareholders, and the relationship
shareholders
among the other shareholders is unknown.
Explanation for the top 10 shareholders who
involved in financing activities and stock No
trading business(if any)
Whether or not the Company’s top 10 common shareholders and top 10 common shareholders with
unrestricted shares conduct agreed buy-back transaction during the report period
Yes No
There are no top 10 common shareholders or top 10 common shareholders with unrestricted shares
in the Company conduct agreed buy-back transaction during the report period.
2) The total number of preferred shareholders and the shareholding of top 10 preferred
shareholders
Available Not available
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Yantai Changyu Pioneer Wine Co., Ltd. 2020 Third Quarter Report Main Body
III. Major Issue
1. Situation and reasons on changes in main financial data and financial index during the report period
Available Not available
Unit: CNY
Item Ending balance Initial balance Increase rate Reason for change
Accounts receivable 163,837,210 265,693,603 -38.34% Mainly due to decrease in trade receivables
Account prepaid 22,130,403 67,840,190 -67.38% Mainly due to decrease in advance payment for raw materials
Other receivables 65,496,611 24,380,907 168.64% Mainly due to receivables from disposal of fixed assets
Interest receivable 634,668 148,927 326.16% Mainly due to increase in interest receivable of fixed deposit
Mainly due to being included in contract liability in
Advance receipts 131,429,639 -100.00%
accordance with new Revenue Standards in 2020
Long-term borrowing 203,994,136 128,892,501 58.27% Mainly due to increase in long-term borrowing from the bank
Amount in Amount in
Item Increase rate Reason for change
current period last period
Mainly due to decrease in product sales volume affected by
Operating income 2,192,739,690 3,553,926,816 -38.30%
COVID-19
Mainly due to reduce in marketing activities affected by
Selling expenses 421,620,422 932,125,012 -54.77%
COVID-19
Loss of credit impairment
3,125,029 -2,183,171 Not applicable Mainly due to the turn back of provision for bad debts
(loss is listed with "-")
Loss for impairment of assets 5,083,785.00 1,691,320 200.58% Mainly due to the turn back of preparation for assets
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Yantai Changyu Pioneer Wine Co., Ltd. 2020 Third Quarter Report Main Body
(loss is listed with "-") impairment
Net profits attributed to the Mainly due to decrease in sales revenue affected by
403,760,926 740,898,517 -45.50%
owner of parent company COVID-19
Cash received from sales of Mainly due to decrease in sales revenue affected by
2,310,331,855 3,404,022,629 -32.13%
goods and rending of services COVID-19
Sub-total of cash inflows of Mainly due to decrease in sales revenue affected by
2,413,325,169 3,519,431,675 -31.43%
operating activities COVID-19
Net cash flow from operating Mainly due to decrease in sales revenue affected by
252,437,074 656,726,875 -61.56%
activities COVID-19
Sub-total of cash inflows of Mainly due to decrease in cash received from return of fixed
82,752,204 175,995,217 -52.98%
investment activities deposit
Cash paid to acquire fixed
Mainly due to decrease in cash invested in new project and
assets, intangible asset and 100,318,579 201,434,544 -50.20%
continued project
other long-term assets
Cash paid to acquire fixed
58,200,000 113,718,193 -48.82% Mainly due to decrease in fixed deposit
deposit
2. Analysis explanation of the major issue’s progress as well as its influence and solution
Available Not available
Implementation progress of share repurchases
Available Not available
Implementation progress of reducing repurchased shares by the way of centralized competitive bidding
Available Not available
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Yantai Changyu Pioneer Wine Co., Ltd. 2020 Third Quarter Report Main Body
3. The commitments that the Company’s actual controllers, shareholders, related parties, purchasers, the Company and other related
parties do not implement completely exceeding the time limit within the report period
Available Not available
Commitment Commitment Commitment Commitment
Commitments Commitment content Implementation
Party Type time period
Commitments at share reform
Commitments made in acquisition
report or equity changes report
Commitments at asset restructuring
Yantai Changyu Solve horizontal Non-horizontal Has been fulfilling the
1997.05.18 Permanent
Group Co., Ltd. competition competition commitment
According to Trademark According to
License Contract, the Trademark License
annual trademark use Contract, the annual
fee of trademarks trademark use fee
including “张裕” charged by Yantai
Commitments at the initial public (Changyu) paid by the Changyu Group Co.,
Company to Yantai 1997.05.18 Ltd. should be mainly
offering or refinancing Yantai Changyu Define the use of
Changyu Group Co., 1997.05.18 to used to publicize
Group Co., Ltd. trademark use fee
Ltd. should be mainly 2019.04.04 trademarks including
used by Yantai Changyu “张裕” (Changyu) and
Group Co., Ltd. to contractual products.
publicize trademarks Except the period from
including “张裕” 2013 to 2017 when
(Changyu) and Yantai Changyu
contractual products. Group Co., Ltd. Didn’t
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Yantai Changyu Pioneer Wine Co., Ltd. 2020 Third Quarter Report Main Body
strictly fulfill the
commitment, Yantai
Changyu Group Co.,
Ltd. has been fulfilling
the commitment.
Equity incentive commitments
The CNY231,768,615
that was not used for
publicity of trademarks
and contract products as
promised will be offset
by the four-year
trademark use fee from 2019.04.04
Compensating
Commitments made to the minority Yantai Changyu 2019 to 2022. If Has been fulfilling the
unfulfilled 2019.04.04 to
shareholders of the Company Group Co., Ltd. insufficient, the shortfall commitment
commitment 2023.12.31
would be filled in one
time in 2023. If there is
any excess, the excess
portion of the trademark
use fee would be
collected from the year
with excess occurrence.
Commitment under timely implementation or not No
According to Trademark License Contract (hereafter referred to as “this Contract”), Changyu
For commitments that exceed the time limit and are Group promised that the annual trademark use fee paid by the Company to Changyu Group
not completed, specific reasons of not completing the would be mainly used by Changyu Group to publicize these trademarks and contractual products.
implementation and the next step However, the above-mentioned “mainly” is not a specific number. During the implementation
process, due to inconsistent understanding, it is easy to cause divergence and leads to problems.
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Yantai Changyu Pioneer Wine Co., Ltd. 2020 Third Quarter Report Main Body
From 2013 to 2017, Changyu Group collected a total of CNY420,883,902 trademark use fee, of
which 51% was used to publicize trademarks including Changyu and contract products with
amount of CNY214,650,790. The amount has been used to publicize trademarks including
Changyu and contract products is CNY50,025,181, with a balance of CNY164,625,609.
In 2018 and 2019, the trademark use fee collected of 2017 and 2018 is CNY155,623,907, of
which 51% is used to publicize trademarks including Changyu and contract products with amount
of CNY79,368,193. The amount has been used to publicize trademarks including Changyu and
contract products is CNY12,225,187, with a balance of CNY67,143,006.
Since 2013, the accumulated balance of Changyu Group using to publicize trademarks including
Changyu and contract products is CNY231,768,615.
If Changyu Group is not able to implement the above-mentioned commitment owing to various
reasons, the Company will timely supervise and urge Changyu Group to fulfill its commitment
and request Changyu Group to raise funds through bank loaning, assets sales and equity sales etc.
in order to implement the commitment.
For detailed information, please refer to Announcement of Commitment Issues of Yantai Changyu
Group Co., Ltd. disclosed on April 4th, 2019.
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Yantai Changyu Pioneer Wine Co., Ltd. 2020 Third Quarter Report Main Body
4. Financial assets investment
1) The situation of security investment
Available Not available
There is no security investment during the report period.
2) The situation of derivative investment
Available Not available
There is no derivative investment during the report period.
5. Progress of fund-raising investment project
Available Not available
6. Prediction for 2020 annual business performance
Warning and cause explanation for the prediction that the cumulative net profit from the beginning
of the year to the end of the next report period might be a loss or might occur a significant change
compared with the same period of last year
Available Not available
7. Major contracts during daily operations
Available Not available
8. Entrusted financial management
Available Not available
There is no entrusted financial management during the report period.
9. The situation of illegal external guarantee
Available Not available
There is no illegal external guarantee during the report period.
10. The situation of non-operating fund occupation of controlling shareholders and related
parties
Available Not available
There is no non-operating fund occupation of controlling shareholders and related parties during the
report period.
11. The activity registration form of receptions, communication and interview etc. during the
report period
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Yantai Changyu Pioneer Wine Co., Ltd. 2020 Third Quarter Report Main Body
Available Not available
There is no reception, communication or interview etc. during the report period.
Yantai Changyu Pioneer Wine Co., Ltd.
Board of Directors
October24th, 2020
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