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Amid significant declines in both revenue and net profit, Changyu A (000869.SZ), a leading Chinese wine producer based in Yantai, Shandong, revealed challenges in its 2024 annual report. The company’s over-reliance on non-recurring gains and synchronized drops in core business operations underscore the urgency for strategic transformation. 

Financial Performance Highlights

In 2024, Changyu reported operating revenue of RMB 3.277 billion, down 25.26% year-on-year (YoY). Net profit attributable to shareholders plummeted 42.68% to RMB 305 million, while non-GAAP net profit (excluding one-off items) plunged 71.76% to RMB 131 million. Operating cash flow also contracted sharply by 66.09% to RMB 398 million. 

The company’s two main segments—wine and brandy—both underperformed. Wine revenue fell 22.32% to RMB 2.438 billion, while brandy sales dropped 35.80%. Management attributed the downturn to intensified competition and market challenges during the industry’s developmental phase. 

Cost-Cutting Measures Backfire

Changyu strategically reduced sales expenses by 18.29% to RMB 1.013 billion, primarily by slashing marketing investments. However, this failed to stabilize sales, accelerating the revenue decline. Notably, the sales team expanded by 19 employees despite overall workforce reductions. 

Profit quality raised concerns as non-recurring gains accounted for 57.05% of net profit. These included RMB 127 million from asset disposals (e.g., vineyards) and RMB 52.61 million in government subsidies. Such unsustainable income streams highlighted weaknesses in core profitability. 

Production and Inventory Adjustments

Wine production fell 10.25% to 57,700 tons, aligning with a 12.22% sales decline. Inventory decreased 3.92% to 16,400 tons, reflecting effective output controls. Brandy faced steeper imbalances: production dropped 22.46% to 21,800 tons, lagging behind a 31.56% sales slump, resulting in a 15.16% inventory buildup. 

Executive Compensation Aligns with Revenue Drop

Total executive compensation fell 19.83% to RMB 10.298 million, mirroring the 25% revenue decline. Chairman Zhou Hongjiang’s salary decreased 20.94% to RMB 1.418 million, while General Manager Sun Jian’s pay dropped 21.14% to RMB 1.311 million. Four vice presidents saw an 18.64% average salary cut to RMB 1.041 million each. 

Controversial R&D and Cross-Company Ties

Despite maintaining 127 technical staff, R&D expenses rose 12.2% to RMB 19.54 million, attributed to increased testing and material costs. The lack of disclosed project outcomes sparked skepticism about spending efficiency. 

Notably, Vice President Leng Bin also serves as Chairman and CEO of Yantai Zhongya Zhibao Pharmaceutical Co., a firm specializing in health products. Changyu’s transactions with Zhongya Zhibao included purchasing RMB 63,900 worth of goods while selling RMB 4.977 million (+15.57% YoY), creating RMB 1.041 million in receivables. 

Complex Ownership Structure 

Parent company Changyu Group increased its voting rights stake from 49.9% to 51.4% in 2024. Changyu paid RMB 177.7 million in trademark fees to the group under a 1997 licensing agreement. Additionally, intricate equity links tie Leng Bin and other executives to Zhongya Zhibao through layered investments. 

Outlook

While Changyu demonstrates adeptness in capital structuring, its reliance on non-core earnings and dual business declines signal pressing needs for operational revitalization. To achieve sustainable growth, the company must prioritize sales innovation and core competitiveness in an increasingly competitive market.