A-Share Listed Chinese Spirits Companies - Profiles and Financial Data

A-Share Listed Chinese Spirits Companies - Profiles and Financial Data

Chinese spirits, or Baijiu, is a traditional distilled spirit in China which has a relatively high alcohol content. It is very important in Chinese culinary culture. High-end Chinese spirits are served in official or business banquets. They are also popular gifts for relatives, friends or business partners. In recent years, although Chinese spirits have been overshadowed by other liquors, such as wine, they will remain as a major variety of alcoholic beverages in China in the foreseeable future.

According to CRI, from 2005 to 2012, the production volume, sales volume and sales price of Chinese spirits kept rising. The profitability of the industry strengthened significantly. Some national famous brands, such as Moutai and Wuliangye, as well as regional famous brands, reinforced their product structure adjustment, marketing network development and advertizing activities. Since 2013, the growth of China's economy has been slowing down and so has that of the Chinese spirits industry. On the other hand, stronger purchasing power and higher consumption standards of Chinese consumers have driven the demand for mid- to- high-end Chinese spirits up. The consumption is transiting from mid- to- low-end Chinese spirits to mid- to high-end ones.

In 2016, the production volume of Chinese spirits was 13,583,600 kiloliters, increasing by 3.23% YOY. By contrast, the production volumes of beer and wine both declined, demonstrating the advantage of Chinese spirits among its liquor competitors.

Consumption is upgrading in China. Younger consumers attach more importance to health. Due to high alcohol content, drinking too much Chinese spirits will harm consumers' health. The trend for Chinese spirits is towards less strong products.

In this report, CRI analyzes 18 Chinese spirits brewery companies listed in A-share market in China.

The report is composed of two parts: the first part is enterprise profiles and the second part is the operation status of these enterprises in the recent decade (presently 2006 to 2016, we will update it to the latest as time goes by).

The operation status is demonstrated from the following perspectives: (1) financial indexes, such as earnings per share, book value per share (BPS), sales per share, net cash flow per share, return on net worth and debt to asset ratio; (2) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (3) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (4) indexes on the balance sheet, such as liquid asset, fixed asset, current liability, non-current liability, capital reserve and shareholders' equity.

The report provides readers with a quick guide to the profiles and financials of Chinese cement manufacturers being listed in the recent 10 years.

(1) Financial Indexes

• Earnings per Share
• Book Value per Share (BPS)
• Sales per Share (SPS)
• Net Cash Flow per Share from Operations
• Net Cash Flow per Share (CNY)
• Return on Net Worth
• Net Profit Margin on Total Assets
• Return on Invested Capital (ROIC) (%)
• Gross Profit Margin on Sales (%)
• Net Profit Margin on Sales (%)
• EBIT Margin (%)
• EBITDA Margin (%)
• Debt to Asset Ratio (%)
• Total Asset Turnover (times)
• Cash/Operating Income Received from Sales of Goods or Services
• YOY Growth Rate of Operating Revenue (%)
• YOY Growth Rate of Operating Profit (%)
• YOY Growth Rate of Net Profit Attributable to Shareholders of Parent Company (%)

(2) Summary of Income Statement

• Gross Revenue (CNY, million)
• Total Operating Costs (CNY, million)
• Revenue (CNY, million)
• Operating Profit (CNY, million)
• Total Profit (CNY, million)
• Net Profit (CNY, million)
• Net Profit Attributable to Shareholders of Parent Company (CNY, million)
• Non-recurring Items (CNY, million)
• Net Profit Deducting Non-recurring Items (CNY, million)
• R&D Costs (CNY, million)
• Earnings Before Interest and Tax (EBIT) (Based on iFind) (CNY, million)
• Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (Based on iFind) (CNY, million)

(3) Summary of Balance Sheet

• Liquid Asset (CNY, million)
• Fixed Asset (CNY, million)
• Long-term Equity Investment
• Total Assets (CNY, million)
• Liquid Liability (CNY, million)
• Non-current Liability (CNY, million)
• Total Liability (CNY, million)
• Capital Reserve (CNY, million)
• Surplus Reserve (CNY, million)
• Undistributed Profit (CNY, million)
• Shareholders' Equity (CNY, million)
• Equity Attributable to Shareholders of Parent Company (CNY, million)

(4) Summary of Cash Flow Statement

• Cash Received from Sales of Goods and Services (CNY, million)
• Cash Flow from Operations (CNY, million)
• Cash Paid to Purchase Fixed Assets, Intangible Assets and Other Long-term Assets (CNY, million)
• Cash Paid for Investments (CNY, million)
• Cash Flow from Investments (CNY, million)
• Cash Received from Investors (CNY, million)
• Cash Received from Borrowings (CNY, million)
• Cash Flow from Financing (CNY, million)
• Net Increase of Cash and Cash Equivalents (CNY, million)
• Cash and Cash Equivalents, End of Period (CNY, million)
• Depreciation and Amortization (CNY, million)

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