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Luzhou Laojiao Co., Ltd. 2020 Interim Report

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Luzhou Laojiao Co., Ltd. 2020 Interim Report 2020 Interim Report of Luzhou Laojiao Co., Ltd. Luzhou Laojiao Co., Ltd. 2020 Interim Report August 2020 1 2020 Interim Report of Luzhou Laojiao Co., Ltd. Section I Important Statements, Contents and Definitions The Board of Directors, Board of Supervisors, as well as directors, supervisors and senior management other than the following directors, supervisors and senior management that have expressed dissent against this report guarantee that the information presented in this report is free of any false records, misleading statements or material omissions, and shall individually and together be legally liable for truthfulness, accuracy and completeness of its contents. Liu Miao, responsible person for the Company, Xie Hong, responsible person for accounting work and Yan Li, responsible person for the Company’s financial affairs (Accounting Supervisor) have warranted that the financial statements in this report are true and complete. All the directors attended the board meeting to deliberate this report by themselves. Affected by risks, uncertainties and assumptions, the forward-looking statements concerning business objectives and future plans made in this report based on the subjective assumptions and judgments of the future policies and economic conditions may be significantly different from the actual results. Such statements shall not be considered as virtual promises of the Company to investors, and the investors and relevant persons shall maintain adequate risk awareness and shall understand the differences between plans, forecasts and commitments. The Company has no interim dividend plan, either in the form of cash or stock. This Report has been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail. 2 2020 Interim Report of Luzhou Laojiao Co., Ltd. Contents 2020 Interim Report ........................................................................................................... 1 Section I Important Statements, Contents and Definitions ............................................ 2 Section II Company Profile and Key Financial Results .................................................. 5 Section III Business Profile ............................................................................................... 9 Section IV Performance Discussion and Analysis ........................................................ 12 Section V Significant Events ........................................................................................... 21 Section VI Changes in Shares and Information about Shareholders .......................... 33 Section VII Preference Shares ........................................................................................ 40 Section VIII Information about Convertible Corporate Bond ....................................... 41 Section IX Profiles of Directors, Supervisors and Senior Management ..................... 42 Section X Information about Corporate Bond ............................................................... 43 Section XI Financial Report ............................................................................................ 49 Section XII Documents Available for Reference .......................................................... 185 3 2020 Interim Report of Luzhou Laojiao Co., Ltd. Definitions Term Reference Definition Company, the Company, Luzhou Refer to Luzhou Laojiao Co., Ltd. Laojiao Laojiao Group Refer to Luzhou Laojiao Group Co., Ltd. Xinglu Group Refer to Luzhou XingLu Investment Group Co., Ltd. State-owned Assets Supervision and Administration SASAC of Luzhou Refer to Commission of Luzhou Huaxi Securities Refer to Huaxi Securities Co., Ltd. CICC Refer to China International Capital Corporation Limited Sales Company Refer to Sales Company of Luzhou Laojiao Co., Ltd. Brewing Company Refer to Luzhou Laojiao Brewing Co., Ltd. Luzhou Bank Refer to Luzhou Bank Co., Ltd. 4 2020 Interim Report of Luzhou Laojiao Co., Ltd. Section II Company Profile and Key Financial Results 1. Corporate information Stock abbreviation Luzhou Laojiao Stock code 000568 Stock exchange where the shares of the Shenzhen Stock Exchange Company are listed Name of the Company 泸州老窖股份有限公司 in Chinese Abbr. of the Company name in Chinese (if 泸州老窖 any) Name of the Company Luzhou Laojiao Co.,Ltd. in English (if any) Abbr. of the Company LZLJ name in English (if any) Legal representative Liu Miao 2. Contact us Representative for securities Secretary of the board affairs Name Wang Hongbo Wang Chuan Luzhou Laojiao Marketing Network Command Center, Nanguang Address Road, Luzhou City, Sichuan Province, China Tel. (0830)2398826 (0830)2398826 Fax (0830)2398864 (0830)2398864 E-mail [email protected] [email protected] 5 2020 Interim Report of Luzhou Laojiao Co., Ltd. 3. Other Information 3.1. Contact Information of the Company Whether any change occurred to the registered address, office address and their zip codes, website address and email address of the Company in the reporting period. Applicable √ N/A No change occurred to the said information in the reporting period, which can be found in the 2019 Annual Report. 3.2. Information disclosure and place where the interim report is kept Whether any change occurred to the information disclosure and place where the interim report is kept Applicable √ N/A No change occurred to the newspapers designated by the Company for information disclosure, the website designated by the CSRC for disclosing the interim report and the place where the interim is kept in the reporting period. The said information can be found in the 2019 Annual Report. 4. Key accounting data and financial indicators Whether the Company performed a retroactive adjustment to or restatement of accounting data. Yes √ No H1 2020 H1 2019 Change Operating revenues (CNY) 7,634,482,901.87 8,013,035,019.72 -4.72% Net profits attributable to shareholders 3,220,452,190.27 2,749,781,041.42 17.12% of the Company (CNY) Net profits attributable to shareholders of the Company before non-recurring 3,233,951,849.05 2,727,782,527.56 18.56% gains and losses (CNY) Net cash flows from operating activities 728,815,422.24 1,706,750,590.34 -57.30% (CNY) Basic earnings per share (CNY/share) 2.20 1.88 17.02% Diluted earnings per share (CNY/share) 2.20 1.88 17.02% Weighted average ROE 15.32% 14.98% 0.34% 30 June 2020 31 December 2019 Change Total assets (CNY) 31,758,214,542.80 28,919,969,078.32 9.81% 6 2020 Interim Report of Luzhou Laojiao Co., Ltd. Net assets attributable to shareholders 20,300,194,077.23 19,406,845,725.61 4.60% of the Company (CNY) 5. Differences in accounting data under domestic and overseas accounting standards 5.1. Differences in the net profits and net assets disclosed in the financial reports prepared under the international and China accounting standards Applicable √ N/A No such differences for the reporting period. 5.2. Differences in the net profits and net assets disclosed in the financial reports prepared under the overseas and China accounting standards Applicable √ N/A No such differences for the reporting period. 6. Non-recurring profits and losses √ Applicable N/A Unit: CNY Item Amount Note Profit or loss from disposal of non-current assets (including See "Section XI Note 5.40" for 104,663.83 the write-off portion of the impairment provision) details. Government grants accounted for, in the profit or loss for the current period (except for the government grants closely See "Section XI Note 5.36" for related to the business of the Company and given at a fixed 10,441,675.27 details. amount or quantity in accordance with the national uniform standards) Other non-operating income and expenditure except See "Section XI Note 5.41, 5.42" for -28,272,944.37 above-mentioned items details. Less: Corporate income tax -4,475,851.24 Minority interests (after tax) 248,904.75 Total -13,499,658.78 -- Explain the reasons if the Company classifies an item as a non-recurring profit/loss according to the definition in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public-Non-Recurring Profits and Losses, or classifies any non-recurring profit/loss item mentioned in the said explanatory announcement as a recurring profit/loss item. 7 2020 Interim Report of Luzhou Laojiao Co., Ltd. Applicable √ N/A No such cases for the reporting period. 8 2020 Interim Report of Luzhou Laojiao Co., Ltd. Section III Business Profile 1. Business scope in the reporting period The Company stands on liquor subdivision industry which belongs to liquor, beverage and refined tea manufacturing industry with the specialized liquor product design, production and sales as the main business model. The main business is the research and development, production and sales of liquor series such as "National Cellar 1573" and "Luzhou Laojiao", and the main comprehensive performance indicators rank high in the liquor industry. During the reporting period, the Company proactively tackled adverse impact of the COVID-19 pandemic on macro-economy and the consumption industry, closely followed the development theme of "Firm Determination, Strong Confidence, Strict Management, Targeted Audit, Talent Development and All-out Efforts", and advanced each task in an orderly manner, thereby achieving constant and healthy growth of operating results. 2. Significant changes in the main assets 2.1. Significant changes in the main assets Main assets Reasons for any significant change Equity assets N/A The closing
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