2022 Annual Report Abstract of Yantai Changyu Pioneer Wine Co., Ltd.
Stock Code: 000869， 200869 Stock Abbreviation: Changyu A， Changyu B Announcement No.: 2023-Final 01
Yantai Changyu Pioneer Wine Co., Ltd.
2022 Annual Report Abstract
April 13, 2023
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2022 Annual Report Abstract of Yantai Changyu Pioneer Wine Co., Ltd.
I. 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 for the following director, other directors attended this board meeting for reviewing this
annual report in person.
Name of director not attending Position of director not attending Reason of not attending the Name of
the meeting personally the meeting personally meeting personally entrustee
Aldino Marzorati Director On a business trip Enrico Sivieri
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, we plan
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 preliminary scheme of preferred share profit distribution during the report period deliberated and
passed by the board of directors
□Available Not available
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2022 Annual Report Abstract of Yantai Changyu Pioneer Wine Co., Ltd.
II. Basic information of the Company
1. Brief introduction of the Company
Stock Abbreviation Changyu A, Changyu B Stock Code 000869, 200869
Place of Stock Listing Shenzhen Stock Exchange
Stock Abbreviation
-
before Alteration
Contact person and Authorized Representative of Securities
Secretary to the Board of Directors
information Affairs
Name Mr. Jianxun Jiang Mr. Tingguo Li
Address 56 Dama Road, Yantai, Shandong, China 56 Dama Road, Yantai, Shandong, 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 industry in which the Company operates during the report period
In 2022, the domestic wine market continued to decline due to the impact of the economic situation
and the pressure from other liquors such as Baijiu and beers. The sales volume of imported wine and
domestic wine continued the trend of “double decline”, and the rising costs of raw material and
packaging further dragged down the profitability of enterprises. The vast majority of wine enterprises
were in difficulty, and the domestic wine industry was still on the edge of loss.
In the face of difficulties and challenges, the Company persisted in taking the market as the center,
adhered to the development strategy of “Focus on middle-and-high level, Focus on high quality,
Focus on large single product” and the marketing philosophy of “obtaining growth from the terminal
and nurturing consumers”, took market-oriented action to accelerate the pace of business division
reform, actively carry out circle marketing and continue to promote digital transformation . In 2022,
the Company realized the operating revenue of CNY3918.94million with a year-on-year decrease of
0.86% and the net profit attributable to the parent company’s shareholders of CNY428.68million
with a year-on-year decrease of 14.28%, maintaining the leading role in the industry.
(2) Main businesses during the report period
The Company need to comply with the disclosure requirements of Food and Liquor Manufacturing
Related Businesses in Shenzhen Stock Exchange Industry Information Disclosure Guideline No. 3 -
Industry Information Disclosure.
① Situation of the industry in which the Company operates
During the report period, the Company’s main business was production and operation of wine and
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2022 Annual Report Abstract of Yantai Changyu Pioneer Wine Co., Ltd.
brandy, thus providing domestic and foreign consumers with healthy and fashionable
alcoholic drinks. Compared with earlier stage, there were no significant changes happened to the
Company’s main business. The wine industry that the Company involved in was still in growth stage.
Being affected by many factors including slowing domestic economic growth and strong pressure
from alternatives in recent years, the competition in the market was fierce, the wine consumption
continuously declined, and a large number of wine production enterprises were on the brink of loss,
even some wine enterprises were eliminated from the market. However, seen from the long term, the
existing consumption concept might change with the increase of people’s income level and their
pursuit of a relaxed, romantic and healthy lifestyle. More domestic wine would be drunk by people,
and wine would enter more and more household consumption. The situation of current low average
consumption of domestic wine would gradually improve. The Company was at the forefront in the
domestic wine market and was 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 The production licenses of main products obtained by the Company in China
Food Food production license
Producer name Obtaining time Obtaining method
category number
Yantai Changyu Pioneer Wine Co., Approval from SC11537060100050
Alcohol 2021.06.01
Ltd. government authority
Beijing Chateau Changyu AFIP Approval from SC11511280920745
Alcohol 2022.08.22
Global Co., Ltd. government authority
Liaoning Changyu Golden Icewine Approval from SC11521052200370
Alcohol 2021.03.25
Valley Co., Ltd. government authority
Ningxia Chateau Changyu Moser Approval from SC11564010500657
Alcohol 2018.01.25
XV Co., Ltd. government authority
Xinjiang Chateau Changyu Baron Approval from SC11565900100392
Alcohol 2017.08.25
Balboa Co., Ltd. government authority
Yantai Chateau Changyu-Castel Approval from SC11537063600172
Alcohol 2021.06.08
Co., Ltd. government authority
Shaanxi Chateau Changyu Rena Approval from SC11561040400532
Alcohol 2020.10.19
Co., Ltd. government authority
Yantai Chateau Koya Brandy Co., Approval from SC11537063601165
Alcohol 2021.01.11
Ltd. government authority
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2022 Annual Report Abstract of Yantai Changyu Pioneer Wine Co., Ltd.
③ Explanation for other major events
During the report period, there did not exist the trademark ownership dispute, food quality issue or
food safety incident etc. that had a significant impact on the Company.
(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.
① Situation of change in the number of distributors
Number at the Increased number during Number at the
Region
beginning of 2022 this report period end of 2022
1857 79 1936
Eastern China
565 40 605
South China
476 -29 447
Central China
365 -7 358
North China
184 -14 170
Northwest China
493 -10 483
Southwest China
318 -6 312
Northeast China
HongKong, Macao,Taiwan 573 29 602
China and overseas
4831 82 4913
Total
② The Company and distributors took cash spot settlement, and mainly adopted buyout distribution
mode.
2022 2021
Sales model Operating income Operating cost Operating income Operating cost Gross
Gross margin
(CNY) (CNY) (CNY) (CNY) margin
Distribution 3,272,506,752 1,396,195,485 57.34% 3,263,303,800 1,349,422,481 58.65%
Direct sales 646,434,408 284,599,247 55.97% 689,763,784 298,367,393 56.74%
Total 3,918,941,160 1,680,794,732 57.11% 3,953,067,584 1,647,789,874 58.32%
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2022 Annual Report Abstract of Yantai Changyu Pioneer Wine Co., Ltd.
③ 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 66,633.60
Tender/Price determined by quality comparison with standard price items Packaging materials 41,755.50
Tender/Price determined by quality comparison with standard price items Brewing materials 2,364.30
Tender/Price determined by quality comparison with standard price items Vineyard supplies 1,140.30
Contract Fuel and power 4,739.90
Price determined by quality comparison with standard price items Other wines and derivatives 2,736
(4) Major production mode
The production mode of the Company is self-produce.
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
Unit: CNY
December 31st, December 31st, More or less than
December 31st, 2020
2022 2021 Last year end (%)
Total assets 13,171,506,378 13,472,009,754 -2.23% 13,102,481,541
Net Assets attributed to
10,579,053,733 10,447,884,183 1.26% 10,267,832,644
shareholders of the listed company
More or less than
2022 2021 2020
Last year (%)
Operating revenue 3,918,941,160 3,953,067,583 -0.86% 3,395,402,001
Net profit attributed to
428,681,411 500,102,606 -14.28% 470,860,587
shareholders of the listed company
Net profit attributed to
shareholders of the listed company
413,831,359 472,235,962 -12.37% 397,655,187
after deducting non-recurring
profits and losses
Net cash flows from operating
868,876,647 1,125,382,658 -22.79% 505,146,673
activities
Basic earnings per share 0.63 0.73 -13.70% 0.69
Diluted earnings per share 0.63 0.73 -13.70% 0.69
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2022 Annual Report Abstract of Yantai Changyu Pioneer Wine Co., Ltd.
Weighted average for earning rate
4.09% 4.84% -0.75% 4.57%
of net assets
(2) Key accounting data by quarter
Unit: CNY
st nd rd
1 Quarter 2 Quarter 3 Quarter 4th Quarter
Operating revenue 1,165,989,959 787,102,176 857,930,890 1,107,918,135
Net profit attributed to shareholders of
290,587,744 67,871,859 75,890,351 -5,668,543
the listed company
Net profit attributed to shareholders of
the listed company after deducting 284,168,658 60,140,364 68,081,711 1,440,626
non-recurring profits and losses
Net cash flows from operating activities 299,300,737 306,972,858 132,417,260 130,185,792
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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2022 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 report
44,371 the end of last month before the 42,682 shareholder recovering voting 0 voting power by the end of last month before the 0
period
disclosure day of the annual report power by the end of report period disclosure day of the annual report
Shareholders holding more than 5% or the top 10 shareholders holding situation
Number of Pledged /marked or frozen
Name of Shareholders Character of shareholders Percentage (%) Amount of holding shares
restricted shares Share status Amount
YANTAI CHANGYU GROUP CO., LTD. Domestic non-state legal person 50.40% 345,471,556 0 - 0
GAOLING FUND, L.P. Foreign legal person 3.08% 21,090,219 0 - 0
BBH BOS S/A FIDELITY FD - CHINA FOCUS FD Foreign legal person 1.12% 7,683,016 0 - 0
SHENWAN HONGYUAN SECURITIES (HONGKONG) LIMITED Foreign legal person 1.06% 7,293,952 0 - 0
#JIANG Fengdi Domestic natural person 0.77% 5,295,000 0 - 0
GUOTAI JUNAN SECURITIES (HONGKONG) LIMITED Foreign legal person 0.73% 4,998,831 0 - 0
Haitong International Securities Company Limited-Account Client Foreign legal person 0.73% 4,986,502 0 - 0
HONG KONG SECURITIES CLEARING COMPANY LIMITED Foreign legal person 0.64% 4,420,086 0 - 0
VANGUARD EMERGING MARKETS STOCK INDEX FUND Foreign legal person 0.59% 4,026,863 0 - 0
FIDELITY CHINA SPECIAL SITUATIONS PLC Foreign legal person 0.55% 3,779,202 0 - 0
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 the top 10 shareholders who involved in financing activities
The top 10 shareholders do 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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2022 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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2022 Annual Report Abstract of Yantai Changyu Pioneer Wine Co., Ltd.
5. Existing bond position on the submit date of annual report approval
□Available Not available
III. Important Matters
None
Yantai Changyu Pioneer Wine Co., Ltd.
Board of Directors
April 13, 2023
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