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Wuliangye Yibin Co., Ltd. Annual Report 2020 (Full Text)

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Wuliangye Yibin Co., Ltd. Annual Report 2020 President Zeng Congqin (Signature) April 28, 2021 Wuliangye Yibin Co., Ltd. Annual Report 2020 (Full Text) Contents Section I Important Notice and Interpretations .................................................................................... 3 Section II Company Profile and Main Financial Highlights .................................................................. 5 Section III Summary of Company Business ........................................................................................ 10 Section IV Discussion and Analysis of Operation ................................................................................. 11 Section V Significant Matters .............................................................................................................. 35 Section VI Changes in Shares and Shareholders ............................................................................... 50 Section VII Preferred Share .................................................................................................................. 56 Section VIII Convertible Corporate Bonds............................................................................................. 56 Section IX Directors, Supervisors, Senior Management and Employees ........................................... 57 Section X Corporate Governance ....................................................................................................... 68 Section XI Corporate Bonds ................................................................................................................ 73 Section XII Financial Report ................................................................................................................. 74 Section XIII Reference File Directory .................................................................................................. 209 2 Wuliangye Yibin Co., Ltd. Annual Report 2020 (Full Text) Section I Important Notice and Interpretations I. The board of directors, the board of supervisors, directors, and supervisors of the Company undertake that the content of the Annual Report is true, accurate, and complete, and contains no false record, misleading statements, or major omission, and assume joint and several legal liabilities arising therefrom. II. Zeng Congqin, the person in charge of the Company, Luo Wei, the person in charge of the accounting work, and Luo Jun, the person in charge of the accounting institution (accountant in charge) declare and ensure: the truthfulness, accuracy, and integrity of the financial report in the Annual Report. III. Seven directors should be present at the board meeting auditing the Report and actually six directors attended. Director Li Shuguang was not present at the meeting due to work reasons and voted on the resolution of this meeting by means of circulation; Director-designate Jiang Lin was present at the meeting. IV. The future plan, development strategy, and other forward-looking statements included in the Report shall not constitute the Company's substantial commitment to the investors due to uncertainties, and we remind the investors to notice the investment risks. V. The Company has disclosed the potential risks in the Report, and we remind the investors to notice the investment risks. VI. The Company designated China Securities Journal, Shanghai Securities News, Securities Times, and CNINFO as the information-disclosure media of the Annual Report 2020 of the Company and all the information of the Company shall be subject to the information published on the above media. VII. The profit distribution plan reviewed and adopted at the Board Meeting of the Company is that: Based on the total capital stock of 3,881,608,005, the Company will distribute the dividend of RMB 25.80 in cash (tax inclusive) and 0 bonus share (tax inclusive) to all shareholders for every 10 shares and will not transfer the capital reserve to increase capital stock. 3 Wuliangye Yibin Co., Ltd. Annual Report 2020 (Full Text) Interpretations Terms refers to Interpretations Company, the Company or Wuliangye refers to Wuliangye Yibin Co., Ltd. Yibin State-owned Assets Supervision and State-owned Assets Supervision and Administration refers to Administration Commission Commission of Yibin Municipal Government Wuliangye Group Company or the Group refers to Sichuan Yibin Wuliangye Group Co., Ltd. Company Push Group Company refers to Sichuan Yibin Push Group Co., Ltd. Global Group Company refers to Sichuan Yibin Global Group Co., Ltd. Anji Logistic Group Co., Ltd. refers to Sichuan Anji Logistic Group Co., Ltd. Sacred Mountain Molin Company refers to Sichuan Sacred Mountain Molin Group Co., Ltd. Finance Company refers to Sichuan Yibin Wuliangye Group Finance Co., Ltd. I&E Company refers to Yibin Wuliangye Group I&E Co., Ltd. Creart Company refers to Yibin Wuliangye Creart Co., Ltd. New Retail Company refers to Sichuan Wuliangye New Retail Management Co., Ltd. NongXiang Series Baijiu refers to Wuliang NongXiang Series Baijiu Yibin Co., Ltd. 4 Wuliangye Yibin Co., Ltd. Annual Report 2020 (Full Text) Section II Company Profile and Main Financial Highlights I. Company information Stock abbreviation Wuliangye Stock code 000858 Stock exchange for listing Shenzhen Stock Exchange Company name in Chinese 宜宾五粮液股份有限公司 Company short name in Chinese 五粮液 Company name in English (if any) WULIANGYE YIBIN CO.,LTD. Company short name in English (if WLY any) Legal representative of the Zeng Congqin Company Registered address No. 150, Minjiang West Road, Cuiping District, Yibin, Sichuan Zip code of the registered address 644007 Office address No. 150, Minjiang West Road, Cuiping District, Yibin, Sichuan Zip code of the office address 644007 Website http://www.wuliangye.com.cn E-mail [email protected] II. Contact person and contact information Secretary of the board of directors Representative for securities affairs Name Peng Zhifu Xiao Xiangfa, Li Xinyi No. 150, Minjiang West Road, Cuiping No. 150, Minjiang West Road, Cuiping Address District, Yibin, Sichuan District, Yibin, Sichuan Tel (0831) 3567000, 3566938, 3567988 (0831) 3567000, 3566938, 3567988 Fax (0831) 3555958 (0831) 3555958 E-mail [email protected] [email protected] III. Information disclosure and preparation place Name of media selected by the Company for China Securities Journal, Shanghai Securities News, Securities Times information disclosure Website designated by China Securities http://www.cninfo.com.cn Regulatory Commission for the Annual Report Preparation place of the Company's Annual Board office Report 5 Wuliangye Yibin Co., Ltd. Annual Report 2020 (Full Text) IV. Registration changes Organization code 91511500MA62A0WM8P Changes in primary business since the No change during the reporting period Company's listing (if any) Previous changes of controlling shareholders (if No change during the reporting period any) V. Other relevant information Accounting firm engaged by the Company Name of accounting firm Sichuan Huaxin (Group) CPA (LLP) Office address of the accounting firm 28/F, South Jinmaolidu, No.18, Ximianqiao Street, Chengdu, Sichuan Name of signatory accountant Li Min, Liu Jun, Ye Juan The sponsor institution engaged by the Company to perform the continuous supervision responsibility during the reporting period √ Applicable □ Not applicable Office address of sponsor Name of sponsor Name of sponsor institution Continuous supervision period institution representative No. 618, Shangcheng Road, Guotai Junan Securities Co., China (Shanghai) Pilot Free Cai Hu, Liu Qiqun January 1, 2020-December 31, 2020 Ltd. Trade Zone Financial consultant engaged by the Company to perform the continuous supervision responsibility during the reporting period □ Applicable √ Not applicable VI. Main accounting data and financial highlights Whether the Company needs to retroactively adjust or restate the accounting data of the previous years □ Yes √ No Increase/decrease Year 2020 Year 2019 compared with the Year 2018 previous year Operating revenue (RMB) 57,321,059,453.15 50,118,105,877.14 14.37% 40,030,189,599.87 Net profit attributable to shareholders of the listed company 19,954,809,594.52 17,402,164,190.16 14.67% 13,384,246,683.60 (RMB) Net profit attributable to shareholders of the listed company 19,994,943,929.15 17,405,930,787.45 14.87% 13,398,843,689.90 after deducting non-recurring gains and losses (RMB) Net cash flows from operating 14,698,327,593.21 23,112,072,040.66 -36.40% (Note 1) 12,317,359,034.90 6 Wuliangye Yibin Co., Ltd. Annual Report 2020 (Full Text) activities (RMB) Basic earnings per share 5.141 4.483 14.68% 3.474 (RMB/share) Diluted earnings per share 5.141 4.483 14.68% 3.474 (RMB/share) Decreasing by Weighted average return on equity 24.94% 25.26% 22.80% 0.32% Increase/decrease at the end of the current year End of Year 2020 End of Year 2019 End of Year 2018 compared with the end of the previous year Total assets (RMB) 113,893,139,013.72 106,396,972,333.66 7.05% 86,094,265,733.09 Net assets attributable to shareholders of the listed company 85,705,972,645.74 74,290,700,662.22 15.37% 63,487,270,080.56 (RMB) Note 1: This was mainly due to the combined effect of some sales returns in the first quarter being reflected at the end of the previous year and the increase in taxes paid. The lower of the Company's net profit before or after deduction of non-recurring profit and loss for the last three accounting years is negative and the audit report for the latest year indicates that there is uncertainty
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