珍酒李渡发布2024年半年度报告.pdf

2024 中期報告 INTERIM REPORT珍酒李渡集團有限公司ZJLD Group IncStock Code 6979股份代號 69792公司資料Corporate Information5財務摘要Financial Highlights7管理層討論及分析Management Discussion and Analysis42企業管治及其他資料Corporate Governance and Other Information52綜合損益及其他全面收益表Consolidated Statement of Profit or Loss and Other Comprehensive Income53綜合財務狀況表Consolidated Statement of Financial Position54綜合權益變動表Consolidated Statement of Changes in Equity56簡明綜合現金流量表Condensed Consolidated Cash Flow Statement57未經審計中期財務報告附註Notes to the Unaudited Interim Financial Report75致董事會的審閱報告Review Report to the Board of Directors77釋義DefinitionsCONTENTS目錄中期報告 2024 Interim Report珍酒李渡集團有限公司 ZJLD Group Inc 2公司資料Corporate InformationBOARD OF DIRECTORSExecutive DirectorsMr.Wu XiangdongMr.Yan TaoMs.Zhu LinMr.Luo YonghongMr.Ng Kwong Chue PaulNon-executive DirectorMr.Sun ZhengIndependent Non-executive DirectorsMr.Li DongMs.Yan JishengMr.Yung Tse Kwong Steven(retired on June 21,2024)Mr.Huang Ching-Shuan Johnson(appointed on June 21,2024)AUDIT COMMITTEEMr.Li Dong(Chairman)Ms.Yan JishengMr.Sun ZhengREMUNERATION COMMITTEEMr.Yung Tse Kwong Steven(Chairman)(retired on June 21,2024)Mr.Huang Ching-Shuan Johnson(Chairman)(appointed on June 21,2024)Mr.Li DongMr.Luo YonghongNOMINATION COMMITTEEMr.Wu Xiangdong(Chairman)Ms.Yan JishengMr.Yung Tse Kwong Steven(retired on June 21,2024)Mr.Huang Ching-Shuan Johnson(appointed on June 21,2024)COMPANY SECRETARYMr.Ng Kwong Chue Paul董事會執行董事吳向東先生顏濤先生朱琳女士羅永紅先生吳光曙先生非執行董事孫錚先生獨立非執行董事李東先生閆極晟女士戎子江先生（於2024年6月21日退任）黃進栓先生（於2024年6月21日獲委任）審計委員會李東先生（主席）閆極晟女士孫錚先生薪酬委員會戎子江先生（主席）（於2024年6月21日退任）黃進栓先生（主席）（於2024年6月21日獲委任）李東先生羅永紅先生提名委員會吳向東先生（主席）閆極晟女士戎子江先生（於2024年6月21日退任）黃進栓先生（於2024年6月21日獲委任）公司秘書吳光曙先生中期報告 2024 Interim Report珍酒李渡集團有限公司 ZJLD Group Inc 3公司資料 Corporate Information授權代表吳向東先生吳光曙先生中國主要營業地點及總部中國北京市東城區白橋大街15號嘉禾國信大廈8樓香港主要營業地點香港鰂魚涌太古坊華蘭路25號栢克大廈1504室註冊辦事處Cricket Square,Hutchins DrivePO Box 2681,Grand CaymanKY1-1111,Cayman Islands香港股份過戶登記分處卓佳證券登記有限公司香港夏愨道16號遠東金融中心17樓開曼群島主要股份過戶登記處Conyers Trust Company(Cayman)LimitedCricket Square,Hutchins DrivePO Box 2681,Grand CaymanKY1-1111,Cayman Islands合規顧問新百利融資有限公司香港中環皇后大道中29號華人行20樓AUTHORIZED REPRESENTATIVESMr.Wu XiangdongMr.Ng Kwong Chue PaulPRINCIPAL PLACE OF BUSINESS AND HEAD OFFICE IN THE PRC8th Floor,Jiahe Guoxin BuildingNo.15 Baiqiao AvenueDongcheng District,BeijingPRCPRINCIPAL PLACE OF BUSINESS IN HONG KONGRoom 1504,Berkshire House25 Westlands RoadTaikoo Place,Quarry BayHong KongREGISTERED OFFICECricket Square,Hutchins DrivePO Box 2681,Grand CaymanKY1-1111,Cayman IslandsHONG KONG BRANCH SHARE REGISTRARTricor Investor Services Limited17/F,Far East Finance Centre16 Harcourt RoadHong KongPRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE IN CAYMAN ISLANDSConyers Trust Company(Cayman)LimitedCricket Square,Hutchins DrivePO Box 2681,Grand CaymanKY1-1111,Cayman IslandsCOMPLIANCE ADVISORSomerley Capital Limited20/F,China Building29 Queens Road CentralCentral,Hong Kong中期報告 2024 Interim Report珍酒李渡集團有限公司 ZJLD Group Inc 4公司資料 Corporate Information核數師畢馬威會計師事務所執業會計師公眾利益實體核數師根據 會計及財務匯報局條例 註冊香港中環遮打道10號太子大廈8樓公司網址股份代號6979主要往來銀行中國工商銀行遵義京華支行中國貴州省遵義市匯川區香港路295號招商銀行南昌青山湖支行中國江西省南昌市青山湖區南京東路399號天御國際大廈107-110室中國建設銀行邵陽寶城支行中國湖南省邵陽市北塔區地王大廈裙樓一樓22-27號門面星展銀行（香港）有限公司香港皇后大道中99號中環中心16樓AUDITORKPMGCertified Public Accountants Public Interest Entity AuditorRegistered in accordance with the Accounting andFinancial Reporting Council Ordinance8th Floor,Princes Building10 Chater RoadCentral,Hong KongCOMPANY WEBSITESTOCK CODE6979PRINCIPAL BANKSIndustrial and Commercial Bank of ChinaZunyi Jinghua BranchNo.295,Hong Kong RoadHuichuan DistrictZunyi City,Guizhou ProvincePRCChina Merchants BankNanchang Qingshanhu BranchRoom 107-110,Tianyu International BuildingNo.399 Nanjing East RoadQingshanhu DistrictNanchang City,Jiangxi ProvincePRCChina Construction BankShaoyang Baocheng BranchFacade No.22-27,1st Floor,Podium BuildingDiwang Tower,Beita DistrictShaoyang City,Hunan ProvincePRCDBS Bank(Hong Kong)Limited16/F,The Center99 Queens Road CentralHong Kong中期報告 2024 Interim Report珍酒李渡集團有限公司 ZJLD Group Inc 5財務摘要Financial HighlightsThe following table sets forth our key financial data for the six months ended June 30,2024,together with the comparative figures for the corresponding period in 2023 and the change(expressed in percentages).截至6月30日止六個月For the six months ended June 30,20242023變動（未經審計）（未經審計）Change(unaudited)(unaudited)(%)（人民幣千元）（人民幣千元）(RMB000)(RMB000)收入Revenue4,133,1913,518,95717.5毛利Gross profit2,428,6822,037,14819.2期內本公司權益股東應佔利潤Profit attributable to equity shareholders of the Company for the period751,7181,584,899(52.6)經調整淨利潤（非國際財務報告準則計量）(1)Adjusted net profit (non-IFRS measure)(1)1,018,123802,51926.9經營活動所得現金淨額Net cash generated from operating activities574,886215,960166.2每股盈利Earnings per Share基本（人民幣元）(2)Basic(RMB)(2)0.2300.594(61.3)攤薄（人民幣元）(3)Diluted(RMB)(3)0.2270.260(12.8)經調整每股盈利（非國際財務報告準則計量）Non-IFRS adjusted earnings per Share基本（人民幣元）(4)Basic(RMB)(4)0.3110.3013.5攤薄（人民幣元）(5)Diluted(RMB)(5)0.3080.27113.3下表載列截至2024年6月30日止六個月我們的關鍵財務數據，連同2023年同期的比較數字及變動（以百分比表示）。中期報告 2024 Interim Report珍酒李渡集團有限公司 ZJLD Group Inc 6財務摘要 Financial Highlights下表載列截至2024年6月30日止六個月我們的若干關鍵財務比率，連同2023年同期的比較數字。附註：(1)有關非國際財務報告準則計量的詳情，請參閱本中期報告 非國際財務報告準則計量 一節。(2)每股基本盈利乃根據本公司普通權益股東應佔利潤以及已發行普通股的加權平均數計算。有關詳情，請參閱本中期報告所載中期財務報告附註6(a)。(3)每股攤薄盈利乃根據以下數據計算：(a)計算每股基本盈利時所使用的本公司普通權益股東應佔利潤，並就發行予一名投資者的金融工具的公允價值變動作出調整（倘適用）；及(b)普通股（攤薄）加權平均數。有關詳情，請參閱本中期報告所載中期財務報告附註6(b)。(4)經調整每股基本盈利乃根據經調整淨利潤（非國際財務報告準則計量）及已發行普通股的加權平均數計算。有關詳情，請參閱本中期報告所載非國際財務報告準則計量 一節及中期財務報告附註6(a)。(5)經調整每股攤薄盈利乃根據經調整淨利潤（非國際財務報告準則計量）及普通股（攤薄）加權平均數計算。有關詳情，請參閱本中期報告所載非國際財務報告準則計量 一節及中期財務報告附註6(b)。(6)本表中每股盈利的變動百分比與根據上述每股盈利數據計算的百分比之間的任何差異均為四捨五入所致。The following table sets forth certain of our key financial ratios for the six months ended June 30,2024,together with the comparative figures for the corresponding period in 2023.截至6月30日止六個月For the six months ended June 30,20242023(%)(%)毛利率Gross profit margin58.857.9淨利率Net profit margin18.245.0經 調整淨利率（非國際財務報告準則計量）(1)Adjusted net profit margin (non-IFRS measure)(1)24.622.8 Notes:(1)For more details on the non-IFRS measures,please see the section headed“Non-IFRS Measures”in this interim report.(2)The calculation of basic earnings per share is based on the profit attributable to ordinary equity shareholders of the Company and the weighted average number of ordinary shares in issue.For more details,please see note 6(a)to the interim financial report set out in this interim report.(3)The calculation of diluted earnings per share is based on(a)the profit attributable to ordinary equity shareholders of the Company used in the basic earnings per share calculation,adjusted by the changes in fair value in financial instruments issued to an investor(where applicable);and(b)the weighted average number of ordinary shares(dilutive).For more details,please see note 6(b)to the interim financial report set out in this interim report.(4)The calculation of adjusted basic earnings per share is based on the adjusted net profit(non-IFRS measure)and the weighted average number of ordinary shares in issue.For more details,please see the section headed“Non-IFRS Measures”and note 6(a)to the interim financial report set out in this interim report.(5)The calculation of adjusted diluted earnings per share is based on the adjusted net profit(non-IFRS measure)and the weighted average number of ordinary shares(dilutive).For more details,please see the section headed“Non-IFRS Measures”and note 6(b)to the interim financial report set out in this interim report.(6)Any discrepancies between the change percentages of earnings per share in this table and percentages as calculated based on the above earnings per share figures are due to rounding.中期報告 2024 Interim Report珍酒李渡集團有限公司 ZJLD Group Inc 7管理層討論及分析Management Discussion and AnalysisBUSINESS REVIEWOverviewWe are a leading baijiu company in China devoted to offering high-quality baijiu products.We produce and sell sauce aroma,mixed aroma and strong aroma baijiu,with sauce aroma baijiu being our major growth engine.According to Frost&Sullivan,we were the third largest private-owned baijiu company in China,in terms of revenue in 2023.In the first half of 2024,we continued to capitalize on the growing popularity of sauce aroma baijiu throughout China.Taking advantage of market consolidation in the baijiu industry,we achieved sustainable and quality growth.In particular,we continued to implement a comprehensive strategy that focuses on various key initiatives,including(i)continuing to vigorously implement Zhen Jius dual-channel growth strategy,expanding our emerging sales channels and high-end customer base;(ii)enhancing the quality of our distributors and strengthening the market competitiveness of our distribution channels;(iii)elevating our tasting events and distillery tours,creating the iconic and high-end“National Banquet Zhen”(國之珍宴)tasting event for Zhen Jiu,integrating baijiu with culinary offerings to stimulate growth in baijiu consumption;(iv)investing in the expansion of our storage capacity for high-quality baijiu;and(v)further optimizing the allocation of resources across production costs and marketing expenses.All of these efforts have transformed into our revenue growth and improved profitability as compared to the six months ended June 30,2023.業務回顧概覽我們是一家致力於釀造高品質白酒產品的中國領先白酒公司。我們生產及銷售醬香型、兼香型及濃香型白酒，其中醬香型白酒是我們的主要增長引擎。根據弗若斯特沙利文的數據，按2023年收入計，我們是中國第三大民營白酒公司。於2024年上半年，我們繼續受益於醬香型白酒在中國日益流行的優勢。借助白酒行業當前的市場整合趨勢，我們持續採取以下關鍵措施來實現可持續及高品質的增長：(i)繼續貫徹實施珍酒的雙渠道增長戰略，擴大我們的新興銷售渠道和高端客戶群；(ii)提升經銷商質量，增強我們經銷渠道的市場競爭力；(iii)升級品鑒會及回廠遊活動，為珍酒打造標誌性及高端的品鑒會 國之珍宴，將白酒與美食相結合，驅動白酒消費增長；(iv)投入資源以擴大高品質白酒的儲能；及(v)進一步優化生產成本及營銷費用的資源分配。與截至2023年6月30日止六個月相比，所有這些努力均已轉化以提升我們收入的增長和盈利能力的動力。中期報告 2024 Interim Report珍酒李渡集團有限公司 ZJLD Group Inc 8管理層討論及分析 Management Discussion and Analysis我們的品牌及產品我們已建立三層增長引擎。我們的旗艦品牌珍酒，以次高端及以上價格範圍的醬香型白酒為特色，是我們的主要增長引擎，在中國各地持續實現強勁且可觀的增長，抓住了醬香型白酒市場的強勁增長潛力。李渡是我們的第二增長引擎，亦是一個以次高端及以上價格範圍的兼香型白酒產品為特色的品牌，且已實現高增長。與此同時，我們致力於進一步加強其品牌知名度和拓展江西省以外地區的全國銷售網絡，為其持續增長創造額外動力。湖南市場的區域領先品牌湘窖及開口笑預期將繼續為我們的長期可持續增長作出穩定且持續的貢獻。我們對該四個白酒品牌進行戰略性定位，以滿足中國不同的消費者喜好及地理區域特點，我們的產品組合涵蓋不同價格範圍的三種香型（即醬香型、兼香型及濃香型），並整體聚焦次高端及以上價格範圍的白酒市場。由於該三層增長引擎處於不同的發展階段，它們相輔相成，共同推動我們的長期發展。珍酒我們的旗艦品牌珍酒主要面向追求優質醬香型白酒產品的醬香型白酒愛好者。珍酒專注於高品質醬香型白酒產品，並戰略性地加強其在次高端及以上價格範圍的影響力，以保持品牌銷售的穩定增長。根據弗若斯特沙利文的數據，按2023年收入計，珍酒為中國第四大醬香型白酒品牌（2022年排名第五），並在五大醬香型白酒品牌中實現了最高的同比增長率。截至2024年6月30日止六個月，珍酒貢獻我們約65.4%的收入。Our Brands and ProductsWe have developed a three-tier growth engine.Zhen Jiu,our flagship brand featuring premium and above sauce aroma baijiu,is our major growth engine which continuously delivers strong and sizable growth across China,capturing the strong growth potential of the sauce aroma baijiu market.Li Du,our second growth engine and a brand featuring premium and above mixed aroma baijiu products,has delivered high growth and is expected to create additional momentum for continued growth as we are determined to further strengthen its brand recognition and nationwide sales network outside of Jiangxi Province.Xiang Jiao and Kai Kou Xiao,our regional leading brands in the Hunan market,are expected to make steady and ongoing contribution to our long-term sustainable growth.We tactically position these four baijiu brands to target different consumer preferences and geographical regions in China,with our product portfolio covering three aroma profiles(i.e.sauce aroma,mixed aroma and strong aroma)across different price ranges,and an overall focus in the premium and above baijiu market.As the three-tier growth engines are in different phases of development,they complement one another and work in concert to drive our long-term growth.Zhen JiuOur flagship brand,Zhen Jiu,primarily targets sauce aroma baijiu lovers who crave premium sauce aroma baijiu products.Zhen Jiu focuses on high-quality sauce aroma baijiu products and strategically enhances its presence within the premium and above price range to maintain the brands steady sales growth.In terms of revenue in 2023,Zhen Jiu has become the fourth largest sauce aroma baijiu brand in China,as compared to the fifth in 2022,and achieved the highest year-on-year growth rate amongst the top five sauce aroma baijiu brands,according to Frost&Sullivan.For the six months ended June 30,2024,Zhen Jiu generated approximately 65.4%of our revenue.中期報告 2024 Interim Report珍酒李渡集團有限公司 ZJLD Group Inc 9管理層討論及分析 Management Discussion and Analysis自推出以來，珍酒已逐步優化其產品配方，創造出吸引中國消費者的標誌性口味。我們於打造受歡迎的醬香型白酒產品方面取得巨大成功，其中珍三十系列及珍十五系列獲得市場廣泛認可和國際認可。例如，珍三十系列(i)於2021年比利時布魯塞爾國際烈性酒大獎賽中榮獲大金獎，(ii)於2022年美國舊金山世界烈酒大賽中榮獲雙金獎，及(iii)於2023年比利時布魯塞爾國際烈性酒大獎賽中榮獲金獎。珍十五系列(i)於2017年至2022年比利時布魯塞爾國際烈性酒大獎賽中五次榮獲金獎，(ii)於2022年美國舊金山世界烈酒大賽榮獲兩項金獎，及(iii)於2023年比利時布魯塞爾國際烈性酒大獎賽中榮獲銀獎。此外，為表彰其於2021年至2022年的出色銷售表現，珍十五系列於2023年榮獲中國酒類流通協會頒發的中國酒業行銷金爵獎影響力產品獎。此外，珍酒於2024年以約人民幣248億元的品牌價值，被世界品牌實驗室評為 2024年中國500最具價值品牌，連續三年位居醬香型白酒品牌第三名。與2022年相比，珍酒的品牌價值上升了45%，彰顯出強勁的品牌實力。珍酒不斷推出新產品系列，以提升市場滲透率。自2023年上半年以來，我們在高端及次高端價格範圍內推出多款光瓶酒，即珍十五系列金獎紀念酒、珍三十系列大金獎紀念酒、1988年份酒、2011真實年份酒及2012真實年份酒，成為我們光瓶酒產品系列的標誌性產品。於2024年初，我們繼續推出2013真實年份酒，在高端價格範圍內擴大了我們的光瓶酒產品系列。借助珍酒品牌力的提升，我們戰略性地擴充了產品組合，以滿足特定的消費場景。2024年5月下旬，我們成功推出專為宴會場景打造的次高端價格範圍產品 珍宴。Since its launch,Zhen Jiu has gradually optimized the recipes of its products to create iconic tastes appealing to consumers across China.We experienced tremendous success in making our popular sauce aroma baijiu products,including Zhen 30 Series and Zhen 15 Series which achieved great market acceptance and international recognition.For example,Zhen 30 Series was awarded(i)the Grand Gold Medal from the Spirits Selection by Concours Mondial de Bruxelles in 2021,(ii)the Double Gold Medal at San Francisco World Spirits Competition in 2022,and(iii)the Gold Medal from the Spirits Selection by Concours Mondial de Bruxelles in 2023.Zhen 15 Series was awarded(i)the Gold Medal from the Spirits Selection by Concours Mondial de Bruxelles for five times from 2017 to 2022,(ii)two Gold Medals at San Francisco World Spirits Competition in 2022 and(iii)the Silver Medal from the Spirits Selection by Concours Mondial de Bruxelles in 2023.In addition,in recognition of the outstanding sales performance of Zhen 15 Series from 2021 to 2022,it was awarded the Chinese Liquor Marketing Golden Goblet Award Influential Product Award(中國酒業行銷金爵獎影響力產品獎)by the China Wine Business Association(中國酒類流通協會)in 2023.Moreover,Zhen Jiu was recognized by the World Brand Lab(世界品牌實驗室)as one of Chinas 500 Most Valuable Brands for 2024(2024年中國500最具價值品牌)with a brand value of approximately RMB24.8 billion in 2024,and ranked third amongst all the sauce aroma baijiu brands for three consecutive years.Zhen Jius brand value has increased by 45%as compared to that of 2022,underscoring its strong brand power.Zhen Jiu continues to introduce new product series to increase market penetration.Since the first half of 2023,we have launched various new package-free baijiu products(光瓶酒)within the deluxe and premium price ranges,namely Zhen 15 Series Gold Medal Commemorative Edition(珍十五系列金獎紀念酒),Zhen 30 Series Grand Gold Medal Commemorative Edition(珍三十系列大金獎紀念酒),1988 Vintage Baijiu(1988年份酒),2011 Real Vintage Baijiu(2011真實年份酒)