泸州老窖:2024年第一季度报告(英文)

查股网  2024-05-11  泸州老窖(000568)公司公告

Stock Code: 000568 Stock abbreviation: Luzhou Laojiao Announcement No. 2024-17

Luzhou Laojiao Co., Ltd.

Q1 2024 Report

Luzhou Laojiao Co., Ltd. (hereinafter referred to as the “Company”) and all the members of theCompany’s Board of Directors hereby guarantee that the contents of this Report are true, accurateand complete and free of any misrepresentations, misleading statements or material omissions.Important Statements:

1. The Board of Directors, Board of Supervisors, directors, supervisors and senior managementguarantee that the information presented in this report is free of any false records, misleadingstatements or material omissions, and shall individually and together be legally liable for truthfulness,accuracy and completeness of its contents.

2. The responsible person for the Company, the responsible person for accounting work and theresponsible person for the Company’s financial affairs (Accounting Supervisor) have warranted thatthe financial statements in this report are true, accurate and complete.

3. Whether the financial statements of this report have been audited by an auditor

□Yes ? No

This report has been prepared in both Chinese and English. Should there be any discrepancies ormisunderstandings between the two versions, the Chinese version shall prevail.

1. Key financial information

1.1 Key accounting data and financial indicators

Whether the Company performed a retroactive adjustment to or restatement of accounting data.

□Yes ? No

Q1 2024Q1 2023YoY change (%)
Operating revenues (CNY)9,188,402,377.797,610,153,819.2720.74%
Net profits attributable to shareholders of the Company (CNY)4,573,950,129.903,712,618,630.9223.20%
Net profits attributable to shareholders of the Company before non-recurring gains and losses (CNY)4,552,423,532.383,688,940,523.3523.41%
Net cash flows from operating activities (CNY)4,359,428,564.461,508,783,232.53188.94%
Basic earnings per share (CNY/share)3.122.5323.32%
Diluted earnings per share (CNY/share)3.122.5323.32%
Weighted average ROE10.43%10.30%0.13%
31 March 202431 December 2023Change (%)
Total assets (CNY)68,625,774,236.0763,294,455,201.608.42%
Net assets attributable to shareholders of the Company (CNY)46,230,637,475.2141,391,410,494.8911.69%

1.2 Non-recurring gains and losses

?Applicable □ N/A

Unit: CNY

ItemQ1 2024Note
Government grants recognised in profit or loss (exclusive of those that are closely related to the Company's normal business operations and given in accordance with defined criteria and in compliance with government policies, and have a continuing impact on the Company's profit or loss)5,509,692.79
Gain or loss on fair-value changes in financial assets and liabilities held by a non-financial enterprise, as well as on disposal of financial assets and liabilities (exclusive of the effective portion of hedges that is related to the Company's normal business operations)18,413,458.10
Other non-operating income and expenditure except above-mentioned items4,797,550.61
Less: Corporate income tax7,131,378.07
Minority interests (after tax)62,725.91
Total21,526,597.52--

Other items that meet the definition of non-recurring gain/loss:

□Applicable ? N/A 

No such cases for the reporting period.

Explain the reasons if the Company classifies any non-recurring gain/loss item mentioned in theExplanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securitiesto the Public-Non-Recurring Gains and Losses as a recurring gain/loss item.

□Applicable ? N/A 

No such cases for the reporting period.

1.3 Changes in key financial data and indicators and reasons for the changes? Applicable ? N/AA. The closing balance of prepayment increased by CNY 77,475,068.78 compared to the openingbalance, indicating an increase of 38.30%. It was mainly due to the increased prepayment to suppliersas a result of more product promotions.B. The closing balance of other current assets decreased by CNY 85,714,794.74 compared to theopening balance, indicating a decrease of 48.51%. It was mainly due to the offsetting in the currentperiod of the overpaid tax in the prior period.C. The closing balance of construction in progress decreased by CNY 1,226,827,228.78 compared tothe opening balance, indicating a decrease of 71.39%. It was mainly due to the transfer of constructionin progress that became ready for its intended use to fixed assets.D. The closing balance of deferred tax assets decreased by CNY 206,842,908.10 compared to theopening balance, indicating a decrease of 30.67%. It was mainly due to the decreased unrealizedprofits of internal transactions and the relevant reversal in the first unlocking period of the restrictedshare incentive plan.E. The closing balance of employee benefits payable decreased by CNY 208,591,469.23 compared tothe opening balance, indicating a decrease of 39.82%. It was mainly due to the settlement in the currentperiod of performance-based pay for last year.F. The closing balance of non-current liabilities due within one year increased by CNY1,464,196,674.97 compared to the opening balance, indicating an increase of 1855.34%. It was mainlydue to the reclassification of bonds payable due within one year.G. The closing balance of treasury stock decreased by CNY 233,103,448.24 compared to the openingbalance, indicating a decrease of 37.80%. It was mainly due to the relevant reversal in the firstunlocking period of the restricted share incentive plan in the current period.H. The closing balance of other comprehensive income decreased by CNY 19,096,034.51 compared tothe opening balance, indicating a decrease of 30.25%. It was mainly due to the decreased fair value ofequity investments in the current period.I. Financial expenses in the current period decreased by CNY 29,142,448.51 compared to the sameperiod of last year. It was mainly due to the increased interest income in the current period.

J. Investment income in the current period decreased by CNY 40,028,178.22 compared to the sameperiod of last year, indicating a decrease of 68.30%. It was mainly due to the decreased earnings ofinvestee Huaxi Securities.K. Net cash flows from operating activities in the current period increased by CNY 2,850,645,331.93compared to the same period of last year, indicating an increase of 188.94%. It was mainly due to theincreased cash received from sale of goods and the decreased cash paid for goods purchased andservices received in the current period.L. Net cash flows from investing activities in the current period increased by CNY 98,599,536.50compared to the same period of last year. It was mainly due to the increased net cash flows from thepurchase and redemption of wealth management products (collective asset management plans) fromsecurities firms in the current period.M. Net cash flows from financing activities in the current period decreased by CNY 3,918,505,260.73compared to the same period of last year, indicating a decrease of 68.12%. It was mainly due to thereceipt of less bank loan in the current period compared to the same period of last year.

2. Shareholder information

2.1 Total numbers of common shareholders and preference shareholders with resumed votingrights as well as shareholdings of top 10 shareholders

Unit: Share

Total number of common shareholders at the end of the reporting period118,425Total number of preference shareholders with resumed voting rights at the end of the reporting period (if any)0
Shareholdings of the top 10 shareholders (exclusive of shares lent in refinancing)
Name of shareholderNature of shareholderShareholding percentageTotal shares heldNumber of holding restricted sharesPledged, marked or frozen shares
Status of sharesNumber of shares
Luzhou Laojiao Group Co., Ltd.State-owned corporation25.89%381,088,389.000.00N/A0.00
Luzhou XingLu Investment Group Co., Ltd.State-owned corporation24.86%365,971,142.000.00N/A0.00
Hong Kong Securities Clearing Company LimitedOutbound corporation3.34%49,090,871.000.00N/A0.00
Bank of China Co., Ltd. – Baijiu index classification securities investment fund by China Merchants FundOther2.67%39,287,696.000.00N/A0.00
China Securities Finance CorporationOther2.30%33,842,059.000.00N/A0.00
Limited
Bank of China Co., Ltd.-Blue chip selected hybrid securities investment fund by E FundOther1.46%21,470,000.000.00N/A0.00
Industrial and Commercial Bank of China Co., Ltd.-Newly growth hybrid securities investment fund by Invesco Great WallOther0.92%13,598,087.000.00N/A0.00
Central Huijin Asset Management Co., Ltd.State-owned corporation0.92%13,539,862.000.00N/A0.00
China Life Insurance Company Limited-Tradition-common insurance product-005L-CT001 HuOther0.66%9,670,232.000.00N/A0.00
Agricultural Bank of China Co., Ltd. - Consumption industry stock - based securities investment fund by E FundOther0.58%8,507,232.000.00N/A0.00
Shareholdings of the top 10 non-restricted shareholders
Name of shareholderNumber of non-restricted shares heldType of shares
TypeNumber
Luzhou Laojiao Group Co., Ltd.381,088,389.00CNY common shares381,088,389.00
Luzhou XingLu Investment Group Co., Ltd.365,971,142.00CNY common shares365,971,142.00
Hong Kong Securities Clearing Company Limited49,090,871.00CNY common shares49,090,871.00
Bank of China Co., Ltd. – Baijiu index classification securities investment fund by China Merchants Fund39,287,696.00CNY common shares39,287,696.00
China Securities Finance Corporation Limited33,842,059.00CNY common shares33,842,059.00
Bank of China Co., Ltd.-Blue chip selected hybrid securities investment fund by E Fund21,470,000.00CNY common shares21,470,000.00
Industrial and Commercial Bank of China Co., Ltd.-Newly growth hybrid securities13,598,087.00CNY common shares13,598,087.00
investment fund by Invesco Great Wall
Central Huijin Asset Management Co., Ltd.13,539,862.00CNY common shares13,539,862.00
China Life Insurance Company Limited-Tradition-common insurance product-005L-CT001 Hu9,670,232.00CNY common shares9,670,232.00
Agricultural Bank of China Co., Ltd. - Consumption industry stock - based securities investment fund by E Fund8,507,232.00CNY common shares8,507,232.00
Related parties or acting-in-concert1. Luzhou Laojiao Group Co., Ltd. and Luzhou XingLu Investment Group Co., Ltd. are both holding state-owned companies under the jurisdiction of SASAC of Luzhou. The two companies signed the agreement of persons acting in concert on 31 December 2015. For details, please refer to the announcement of the Company on 5 January 2016 - Announcement on the agreement of persons acting in concert signed by shareholders. The announcement number is 2016-1 (http://www.cninfo.com.cn/). The two companies signed the renewed agreement of persons acting in concert on 27 May 2021. For details, please refer to the announcement of the Company on 29 May 2021 - Announcement on the renewed agreement of persons acting in concert signed by shareholders. The announcement number is 2021-18 (http://www.cninfo.com.cn/). 2. In addition, whether there is an association between the remaining shareholders or they belong to persons acting in concert is unknown.
Top 10 shareholders participating in securities margin trading (if any)N/A

5% or greater shareholders, top 10 shareholders and Top 10 unrestricted shareholders involved inrefinancing shares lending

□Applicable ? N/A

Unit: Share

5% or greater shareholders, top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing shares lending
Full name of shareholderShares in the common account and credit account at the period-beginShares lent in refinancing and not yet returned at the period-beginShares in the common account and credit account at the period-endShares lent in refinancing and not yet returned at the period-end
Total sharesAs % of total share capitalTotal sharesAs % of total share capitalTotal sharesAs % of total share capitalTotal sharesAs % of total share capital
Bank of China Co., Ltd. – Baijiu index classification securities investment fund by China Merchants Fund43,016,979.002.92%55,000.000.00%39,287,696.002.67%0.000.00%

Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shareslending/return compared with the prior period

□Applicable ? N/A

2.2 Total number of preferred shareholders and shareholdings of the top 10 preferredshareholders

□Applicable ? N/A

3. Other significant events

?Applicable □ N/AA. On 23 January 2024, the Company held the 38th Meeting of the 10th Board of Directors and the20th Meeting of the 10th Board of Supervisors, at which the Proposal on the Repurchase andRetirement of Certain Restricted Shares and the Adjustment of Repurchase Price and the Proposalon the Satisfaction of Unlocking Conditions for the First Unlocking Period of the 2021 RestrictedShare Incentive Plan were reviewed and approved respectively. In accordance with the relevantprovisions of the incentive plan of the Company and the authorization of the First ExtraordinaryGeneral Meeting of Shareholders of 2021, the Board of Directors of the Company agreed to adjustthe grant price and repurchase price of the reserved restricted shares under the incentive plan fromCNY 89.466 per share to CNY 85.241 per share in view of the implementation of the Company's profitdistribution plan for 2022. Meanwhile, as the unlocking conditions had been satisfied for the firstunlocking period of the 2021 Restricted Share Incentive Plan, a total of 2,734,640 restricted sharesheld by 435 eligible awardees were unlocked for public trading on 22 February 2024.

B. The Company invested in the technical upgrade program of intelligent brewing (Phase I) with thewholly-owned subsidiary, Luzhou Laojiao Brewing Co., Ltd., as the implementer. The total investmentamount approximated CNY 4,782.5090 million. For further information, see Announcement No. 2022-24 on the Implementation of Luzhou Laojiao’s Technical Upgrade Program of Intelligent Brewing(Phase I) by Subsidiary. The program is currently under construction.

4. Financial statements

4.1 Financial statements

4.1.1 Consolidated balance sheet

Prepared by: Luzhou Laojiao Co., Ltd.

Unit: CNY

Item31 March 202431 December 2023
Current assets:
Cash and cash equivalents32,136,543,172.1425,952,025,091.28
Settlement reserves
Lending funds
Held-for-trading financial assets1,283,685,143.481,426,992,098.83
Derivative financial assets
Notes receivables
Accounts receivables12,002,086.8517,461,378.98
Accounts receivables financing5,340,069,606.455,938,171,007.93
Prepayment279,784,255.48202,309,186.70
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract reserve
Other receivables23,436,341.6122,716,893.12
Including:Interests receivable
Dividends receivable
Buying back the sale of financial assets
Inventories11,826,979,701.0011,622,043,947.46
Including: Data resource
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets90,969,937.23176,684,731.97
Total current assets50,993,470,244.2445,358,404,336.27
Non-current assets:
Disbursement of loans and advances
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments2,735,747,753.902,708,254,833.50
Investments in other equity instruments380,146,500.05402,893,468.80
Other non-current financial assets
Investment property37,444,407.4137,785,416.77
Fixed assets9,726,243,826.328,613,223,465.46
Construction in progress491,641,651.751,718,468,880.53
Productive biological assets
Oil and gas assets
Use right assets33,203,550.6523,260,955.23
Intangible assets3,400,980,661.483,397,873,791.08
Including: Data resource
Development expenses
Including: Data resource
Goodwill
Long-term deferred expenses826,302.51960,005.91
Deferred tax assets467,586,709.82674,429,617.92
Other non-current assets358,482,627.94358,900,430.13
Total non-current assets17,632,303,991.8317,936,050,865.33
Total assets68,625,774,236.0763,294,455,201.60
Current liabilities:
Short-term loans
Borrowings from the central bank
Loans from other banks
Held-for-trading financial liabilities70,204.819,763.87
Derivative financial liabilities
Notes payable
Accounts payable2,256,892,679.032,357,223,733.21
Advance from customer
Contract liabilities2,534,857,788.922,672,977,090.30
Financial assets sold for repurchase
Deposits from customers and inter-bank
Customer brokerage deposits
Securities underwriting brokerage deposits
Employee benefits payable315,275,242.18523,866,711.41
Taxes payable2,200,240,887.242,939,627,533.00
Other payable897,050,396.101,150,721,162.53
Including:Interests payable
Dividends payable29,684,819.82
Handling charges and commissions payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one year1,543,114,827.3878,918,152.41
Other current liabilities329,169,207.59347,485,071.57
Total current liabilities10,076,671,233.2510,070,829,218.30
Non-current liabilities:
Insurance contract reserves
Long-term loans11,990,200,000.0010,000,300,000.00
Bonds payable1,498,716,737.02
Including:Preference shares
Perpetual bonds
Lease liabilities30,191,987.5322,356,404.47
Long-term payables
Long-term payroll payables
Accrued liabilities
Deferred income25,153,241.1027,772,083.74
Deferred tax liabilities132,374,510.44142,773,028.22
Other non-current liabilities
Total non-current liabilities12,177,919,739.0711,691,918,253.45
Total liabilities22,254,590,972.3221,762,747,471.75
Owners' equity
Share capital1,471,987,769.001,471,987,769.00
Other equity instruments
Including: preference shares
Perpetual bonds
Capital reserves5,236,750,959.915,185,481,523.22
Less: treasury stock383,640,162.35616,743,610.59
Other comprehensive income44,034,435.0063,130,469.51
Special reserves
Surplus reserves1,471,987,769.001,471,987,769.00
General risk reserve
Undistributed profits38,389,516,704.6533,815,566,574.75
Total equity attributable to owners of the parent company46,230,637,475.2141,391,410,494.89
Non-controlling interests140,545,788.54140,297,234.96
Total owners' equity46,371,183,263.7541,531,707,729.85
Total liabilities and owners' equity68,625,774,236.0763,294,455,201.60

Legal representative:Liu MiaoPerson in charge of accounting affairs:Xie HongPerson in charge of accounting department:Song Ying

4.1.2 Consolidated income statement

Unit: CNY

ItemQ1 2024Q1 2023
1. Total operating revenue9,188,402,377.797,610,153,819.27
Including: Operating revenue9,188,402,377.797,610,153,819.27
Interest income
Earned premium
Fee and commission income
2. Total operating costs3,126,339,967.342,770,392,001.49
Including: Cost of sales1,068,393,034.10906,489,329.36
Interest expense
Handling charges and commission expenses
Refunded premiums
Net payments for insurance claims
Net provision for insurance contracts
Bond insurance expense
Reinsurance Expenses
Taxes and surcharges1,143,231,107.37934,103,786.18
Selling and distribution expenses720,930,095.03691,058,449.80
General and administrative expenses228,669,867.50249,290,819.83
Research and Development expenses30,290,921.5325,482,226.00
Financial expenses-65,175,058.19-36,032,609.68
Including:Interest expenses150,321,893.20125,103,651.63
Interest income216,342,852.29163,408,426.49
Plus: Other income8,033,544.516,947,563.04
Investment income ("-" for losses)18,575,635.0358,603,813.25
Including: income from investment in associates and joint ventures22,958,991.2354,967,950.44
Income from the derecognition of financial assets measured at amortized cost
Foreign exchange gains ("-" for losses)
Net gain on exposure hedges (“-” for losses)
Gains from the changes in fair values(“-“ for losses)22,796,828.5220,126,830.02
Credit impairment losses (“-” for losses)386,569.13506,094.24
Impairment losses(“-“ for losses)
Gains from disposal of assets("-" for losses)-623,989.76
3. Operating profits ("-" for losses)6,111,854,987.644,925,322,128.57
Plus: non-operating income5,625,187.065,024,545.38
Less: non-operating expenses827,636.45170,523.97
4. Total profits before tax ("-" for total losses)6,116,652,538.254,930,176,149.98
Less: income tax expenses1,538,281,406.311,208,293,895.10
5. Net profit ("-" for net loss)4,578,371,131.943,721,882,254.88
5.1 By operating continuity
5.1.1 Net profit from continuing operation ("-" for losses)4,578,371,131.943,721,882,254.88
5.1.2 Net profit from discontinued operation ("-" for losses)
5.2 By ownership
1) Attributable to owners of the parent company4,573,950,129.903,712,618,630.92
2) Attributable to non-controlling interests4,421,002.049,263,623.96
6. Net of tax from other comprehensive income-18,978,063.93-113,249,020.72
Net of tax from other comprehensive income to the owner of the parent company-19,096,034.51-112,841,779.49
6.1 Other comprehensive income cannot reclassified into the profit and loss:-17,060,226.55-115,179,464.55
1) Remeasure the variation of net indebtedness or net asset of defined benefit plans
2) Share in other comprehensive income that cannot be classified into profit and loss under equity method
3) Changes in fair value of investments in other equity instruments-17,060,226.55-115,179,464.55
4) Changes in fair value of the company’s credit risks
5) Other
6.2 Other comprehensive income that will be reclassified into the profit and loss-2,035,807.962,337,685.06
1) Share in other comprehensive income that will be classified into profit and loss under equity method-2,180,946.522,835,340.65
2) Changes in fair value of investments in other debt obligations
3) Other comprehensive income arising from the reclassification of financial assets
4) Allowance for credit impairments in investments in other debt obligations
5) Reserve for cash-flow hedge
6) Balance arising from the translation of foreign currency financial statements145,138.56-497,655.59
7) Others
Net of tax from other comprehensive income to non-controlling interests117,970.58-407,241.23
7. Total comprehensive income4,559,393,068.013,608,633,234.16
Total comprehensive income attributable to owners of the parent company4,554,854,095.393,599,776,851.43
Total comprehensive income attributable to non-controlling interests4,538,972.628,856,382.73
8. Earnings per share
(1) Basic earnings per share3.122.53
(2) Diluted earnings per share3.122.53

Legal representative:Liu MiaoPerson in charge of accounting affairs:Xie HongPerson in charge of accounting department:Song Ying

4.1.3 Consolidated statement of cash flows

Unit: CNY

ItemQ1 2024Q1 2023
1. Cash flows from operating activities
Cash received from sale of goods and rendering of services10,640,663,886.358,042,310,196.53
Net increase in customer bank deposits and placement from banks and other financial institutions
Net increase in loans from central bank
Net increase in loans from other financial institutions
Premiums received from original insurance contracts
Net cash received from reinsurance business
Net increase in deposits and investments from policyholders
Cash received from interest, handling charges and commissions
Net increase in placements from other financial institutions
Net capital increase in repurchase business
Net cash received from customer brokerage deposits
Refunds of taxes and surcharges268,904.22
Cash received from other operating activities262,649,960.08203,610,173.93
Subtotal of cash inflows from operating activities10,903,313,846.438,246,189,274.68
Cash paid for goods purchased and services received991,589,339.081,302,008,639.40
Net increase in loans and advances to customers
Net increase in deposits in central bank and other banks and financial institutions
Cash paid for original insurance contract claims
Net increase in lending funds
Cash paid for interests, handling charges and commissions
Cash paid for policy dividends
Cash paid to and on behalf of employees535,931,858.37528,119,794.54
Cash paid for taxes and surcharges4,169,663,653.494,178,376,070.71
Cash paid for other operating activities846,700,431.03728,901,537.50
Subtotal of cash outflows from operating activities6,543,885,281.976,737,406,042.15
Net cash flows from operating activities4,359,428,564.461,508,783,232.53
2. Cash flows from investing activities
Cash received from disposal of investments802,249,587.02100,105,333.72
Cash received from returns on investments19,500,169.982,391,009.80
Net cash received from disposal of fixed assets, intangible assets and other long-term assets
Net cash received from disposal of subsidiaries and other business units
Cash received from other investing
activities
Subtotal of cash inflows from investing activities821,749,757.00102,496,343.52
Cash paid to acquire and construct fixed assets, intangible assets and other long-term assets172,070,960.03223,117,083.05
Cash paid for investments671,700,000.00
Net increase in pledge loans
Net cash paid to acquire subsidiaries and other business units
Cash paid for other investing activities
Subtotal of cash outflows from investing activities843,770,960.03223,117,083.05
Net cash flows from investing activities-22,021,203.03-120,620,739.53
3. Cash flows from financing activities
Cash received from investors79,604.288,290,725.74
Including: cash received by subsidiaries from investments by minority shareholders79,604.28
Cash received from borrowings2,000,000,000.005,850,000,000.00
Cash received from other financing activities
Subtotal of cash inflows from financing activities2,000,079,604.285,858,290,725.74
Cash paid for debt repayments10,100,000.0010,000,000.00
Cash paid for distribution of dividends and profits or payment of interest147,009,569.2795,688,541.67
Including: dividends and profits paid to minority shareholders by subsidiaries29,684,819.82
Cash paid for other financing activities8,938,151.6765,040.00
Subtotal of cash outflows from financing activities166,047,720.94105,753,581.67
Net cash flows from financing activities1,834,031,883.345,752,537,144.07
4. Effect of fluctuation in exchange rate on cash and cash equivalents69,769.10-3,053,249.05
5. Net increase in cash and cash equivalents6,171,509,013.877,137,646,388.02
Plus: balance of cash and cash equivalents at the beginning of the period25,893,029,277.8617,729,006,591.87
6. Balance of cash and cash equivalents at the end of the period32,064,538,291.7324,866,652,979.89

4.2 Adjustments to Financial Statement Items at the Beginning of the Year of the FirstImplementation of the New Accounting Standards Implemented since 2024

□Applicable ? N/A

4.3 Auditor’s report

Whether the financial statements of this report have been audited by an auditor

□Yes ? No

The said financial statements are unaudited by an auditor.

The Board of Directors of Luzhou Laojiao Co., Ltd.

27 April 2024


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