Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report Main Body
Shares Code: 000869, 200869 Stock Abbreviation: Changyu A, Changyu B Notice No.: Final 2021-02
Yantai Changyu Pioneer Wine Co., Ltd.
2021 First Quarter Report Main Body
I. Important Notice
The Company’s board of directors, board of supervisors, directors, supervisors and senior
executives guarantee the truthfulness, accuracy and completeness of contents contained in this
quarter report as well as no unfaithful facts, misleading statements or significant omissions
and undertake individual and collective legal liabilities.
All directors attended the board 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 Ms. Guo Cuimei (person in charge of accounting institution and
person in charge of accounting) declare to assure the truthfulness, accuracy and completeness
of the financial statement in this quarter report.
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report Main Body
II、Corporate Information
1. Key accounting data and financial indicators
Whether the Company needs to make retroactive adjustments or restate the accounting data of
previous fiscal years.
□Yes No
The same period of More or less than the same
This report period
last year period of last year (%)
Operating revenue (CNY) 1,134,006,251 805,715,048 40.75%
Net profit attributed to the
shareholders of the listed 286,745,340 234,499,910 22.28%
company (CNY)
Net profit attributed to the
shareholders of the listed
280,760,222 225,980,141 24.24%
company after deducting the
irregular profit and loss (CNY)
Net cash flows from the
314,895,523 -118,493,699 not available
operating activities (CNY)
Basic earnings per share
0.42 0.34 23.53%
(CNY)
Diluted earnings per share
0.42 0.34 23.53%
(CNY)
Weighted average for earning
2.75% 2.23% 0.52%
rate of the net assets
The end of this More or less than the end
The end of last year
report period of last year (%)
Total assets (CNY) 13,456,572,813 13,102,481,541 2.70%
Net Assets attributed to the
shareholders of the listed 10,539,609,394 10,267,832,644 2.65%
company (CNY)
Details of non-recurring gains and losses
Yes □No
Unit：CNY
From beginning of year
Item Explanation
to end of report period
Gain on disposal of non-current assets (including the
-6,232
reversal of accrued impairment provision)
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report Main Body
Government grants credited in profit and loss (except
for those recurring government grants that are closely
6,454,025
related to the entity’s operation, in line with related
regulations and have proper basis of calculation)
Other non-operating income and expenses 1,395,626
Less: Income tax effect 1,839,989
Minority interests effect (after-tax) 18,312
Total 5,985,118 --
The reasons shall be made clear and definitely as to the non-recurring profit and loss that the
Company has defined by virtue of the Explanatory Announcement on Public Company’s
Information Disclosure No.1 - Non-recurring Profit and Loss and as to regarding the non-recurring
profit and loss as recurrent profit and loss as specified in the Explanatory Announcement on Public
Company’s Information Disclosure No.1 –Non-recurring Profit and Loss.
□Available Not available
There is no situation that non-recurring profit and loss is defined and specified as recurrent profit
and loss in accordance with the Explanatory Announcement on Public Company’s Information
Disclosure No.1 - Non-recurring Profit and Loss during the report period.
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report Main Body
2. The total number of shareholders and top 10 shareholders at the end of the report period
1) The number of the common shareholders and preferred shareholders with recovered voting power as well as the shareholding of top
10 shareholders
Unit:share
Total number of common shareholders at the end Total number of preferred shareholders with recovered
53,529 0
of report period voting power at the end of report period (if have)
Shareholding of top 10 shareholders
Character of Percentage Number of Pledged or frozen
Name of Shareholders Shares held
shareholders (%) restricted shares Share status Amount
YANTAI CHANGYU GROUP COMPANY Domestic non-state-
50.40% 345,473,856 0 — —
LIMITED owned legal person
GAOLING FUND, L.P. Foreign legal person 3.08% 21,090,219 0 — —
State-owned legal
CHINA SECURITIES FINANCE CORP 1.75% 11,966,365 0 — —
person
BBH BOS S/A FIDELITY FD - CHINA Foreign legal person
1.61% 11,015,226 0 — —
FOCUS FD
SHENWAN HONGYUAN SECURITIES Foreign legal person
1.06% 7,284,152 0 — —
(HONGKONG) LIMITED
FIDELITY PURITAN TRUST: FIDELITY Foreign legal person
SERIES INTRINSIC OPPORTUNITIES 0.93% 6,350,762 0 — —
FUND
GUOTAI JUNAN SECURITIES Foreign legal person
0.78% 5,335,545 0 — —
(HONGKONG) LIMITED
Haitong International Securities Company Foreign legal person
0.70% 4,789,387 0 — —
Limited-Account Client
CENTRAL HUIJIN ASSET State-owned legal
0.69% 4,761,200 0 — —
MANAGEMENT LTD. person
China Merchants Securities (HK) Co., Ltd. Foreign legal person 0.63% 4,284,707 0 — —
Shareholding of top 10 shareholders with unrestricted shares
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report Main Body
Type of share
Name of Shareholders Number of unrestricted shares held
Type of share Amount
YANTAI CHANGYU GROUP COMPANY LIMITED 345,473,856 A share 345,473,856
GAOLING FUND, L.P. 21,090,219 B share 21,090,219
CHINA SECURITIES FINANCE CORP 11,966,365 A share 11,966,365
BBH BOS S/A FIDELITY FD - CHINA FOCUS FD 11,015,226 B share 11,015,226
SHENWAN HONGYUAN SECURITIES(HONGKONG) LIMITED 7,284,152 B share 7,284,152
FIDELITY PURITAN TRUST: FIDELITY SERIES INTRINSIC
6,350,762 B share 6,350,762
OPPORTUNITIES FUND
GUOTAI JUNAN SECURITIES(HONGKONG) LIMITED 5,335,545 B share 5,335,545
Haitong International Securities Company Limited-Account Client 4,789,387 B share 4,789,387
CENTRAL HUIJIN ASSET MANAGEMENT LTD. 4,761,200 A share 4,761,200
China Merchants Securities (HK) Co., Ltd. 4,284,707 B share 4,284,707
Among the top 10 shareholders, Yantai Changyu Group Company Limited has no
The explanation for the associated relationship and accordant
associated relationship or accordant action relationship with the other 9 listed
action of the top 10 shareholders
shareholders, and the relationship among the other shareholders is unknown.
Explanation for the top 10 common shareholders who involved in
No
financing activities and stock trading business(if any)
Whether or not the Company’s top 10 common shareholders and top 10 common shareholders with unrestricted shares promise to buy back
trading during the report period
□Yes No
There are no top 10 common shareholders and top 10 common shareholders with unrestricted shares in the Company promise to buy back
trading during the report period.
2) The table of the total number of the preferred shareholders and the shareholding status of the top 10 preferred shareholders
□Available Not available
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report Main Body
III 、Major Issue
1. Situation and reason of change in major financial data and financial index during the
report period
Available □Not available
Compared with the beginning of the report period, at the end of the report period, in the
consolidated balance sheet, monetary fund increased by 19.58%, mainly due to the receipt of
monetary funds for sales of products during the report period; receivables financing increased by
21.55%, mainly due to the receipt of notes receivables from sales of products during the report
period; accounts prepaid decreased by 66.89%, mainly due to the completion of procedure and
settlement for the amount prepaid for raw materials at the beginning of the report period; non-
current liabilities due within one year decreased by 33.67%, mainly due to the repayment of due
long-term bank loan during the report period.
Compared with the same period of last year, in the consolidated profit statement during the report
period: operating income increased by 40.75%, operating costs increased by 51.55%, taxes and
surcharges increased by 45.50%, net profit increased by 21.70%, mainly due to the increase in
product sales during the report period; selling expenses increased by 79.84%, mainly due to the
Company's increased marketing investment; financial expenses increased by 58.18%, mainly due to
the implementation of the new lease standards in 2021that the amortization of financing expenses
was included in financial expenses.
Compared with the same period of last year, in the consolidated cash flow statement during the
report period: cash received from sales of goods and rending of services increased by 44.02%,
mainly due to the increase in monetary funds received from sales of products during the report
period; other cash paid related to operating activities increased by 49.85%, mainly due to the
increase in cash paid for marketing investment; cash received from acquiring loans decreased by
97.29%, mainly due to a decrease in obtained bank loan; cash paid to repay debt decreased by
80.79%, mainly due to the decrease in the cash used for the repayment of bank loan; the cash and
cash equivalents increased significantly (from negative to positive), mainly due to the increase in
cash received from sales of products during the report period.
2. Analysis explanation of major issue’s process, influence and solution
□Available Not available
Implementation progress of share repurchase
□Available Not available
Implementation progress of reducing or repurchasing shares by the way of centralized bidding
□Available Not available
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First 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 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
Group Co., Non-horizontal competition 1997.05.18 Permanent Has been fulfilling the commitment
competition
Ltd.
Commitments at the According to Trademark License According to Trademark License
initial public offering Contract, the annual trademark use Contract, the annual trademark use fee
or refinancing Yantai
fee of trademarks including “张裕” 1997.05.18 charged by Yantai Changyu Group Co.,
Changyu Define the use
(Changyu) paid by the Company to Ltd.should be mainly used to publicize
Group Co., of trademark 1997.05.18 to
Ltd.
Yantai Changyu Group Co., Ltd. trademarks including “张裕” (Changyu)
use fee 2019.04.04
should be mainly used by Yantai and contractual products. Except the
Changyu Group Co., Ltd. to period from 2013 to 2017 when Yantai
publicize trademarks including “张 Changyu Group Co., Ltd. Didn’t strictly
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report Main Body
裕” (Changyu) and contractual fulfill the commitment, Yantai Changyu
products. 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
Yantai will be offset by the four-year
Commitments made 2019.04.04
Changyu trademark use fee from 2019 to
to the minority Compensating
Group Co., 2022. If insufficient, the shortfall 2019.04.04 to Has been fulfilling the commitment
shareholders of the unredeemed
Ltd. would be filled in one time in 2023. 2023.12.31
Company commitment 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 No
implementation or not
According to Trademark License Contract (hereafter referred to as “this Contract”), Changyu Group promised that the
annual trademark use fee paid by the Company to Changyu Group would be mainly used by Changyu Group to publicize
these trademarks and contractual products. However, the above-mentioned “mainly” is not a specific number. During the
For commitments that exceed the
implementation process, due to inconsistent understanding, it is easy to cause divergence and leads to problems.
time limit and are not completed,
specific reasons of not completing From 2013 to 2017, Changyu Group collected a total of CNY420,883,902 trademark use fee, of which 51% was used to
the implementation and the next publicize trademarks including Changyu and contract products with amount of CNY214,650,790. The amount has been
step 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
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report Main Body
CNY67,143,006. From 2013 to 2018, the accumulated balance of Changyu Group using to publicize trademarks including
Changyu and contract products is CNY231,768,615. The above balance 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 to 2022. If insufficient, the
shortfall 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.
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.
4. Investment in financial assets
1) Situation of security investment
□Available Not available
There is no security investment during the report period.
2) Situation of derivative investment
□Available Not available
There is no derivative investment during the report period.
5. Progress of investment projects with raised funds
□Available Not available
6. Forecast of business performance from January to June of 2021
A warning and reason explanation for predicting that the cumulative net profit from the beginning of the year to the end of the next report period
may be a loss or there will be a significant change compared with the same period of previous year
□Available Not available
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report Main Body
7. Major contracts during daily operations
□Available Not available
8. Entrusted Investment
□Available Not available
There is no entrusted investment during the report period.
9. Situation of illegal external guarantee
□Available Not available
There is no illegal external guarantee during the report period.
10. 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 activities registration form of receptions, communication and interview etc. during
the report period
□Available Not available
There are no activities of receptions, communication and interview etc. during the report period.
Yantai Changyu Pioneer Wine Co., Ltd.
Board of Directors
April 29th, 2021
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