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贵州茅台财务分析

☆财务分析☆ ◇600519 贵州茅台 更新日期:2019-11-06◇ 港澳资讯 灵通V7.0
☆【港澳资讯】所载文章、数据仅供参考,使用前务请仔细核实,风险自负。☆
★本栏包括【1.财务指标】【2.报表摘要】【3.异动科目】【4.环比分析】★

【1.财务指标】
【主要财务指标】
┌───────────┬─────┬─────┬─────┬─────┐
|财务指标              |2019-09-30|2018-12-31|2017-12-31|2016-12-31|
├───────────┼─────┼─────┼─────┼─────┤
|审计意见              |  未经审计|标准无保留|标准无保留|标准无保留|
|                      |          |      意见|      意见|      意见|
├───────────┼─────┼─────┼─────┼─────┤
|净利润(万元)          |3045485.54|3520362.53|2707936.03|1671836.27|
|净利润增长率(%)       |   23.1317|   30.0017|   61.9738|    7.8389|
|营业总收入(万元)      |6350866.30|7719938.41|6106275.69|4015508.44|
|营业总收入增长率(%)   |   15.5349|   26.4263|   52.0673|   20.0564|
|加权净资产收益率(%)   |   24.9200|   34.4600|         -|   24.4400|
|资产负债比率(%)       |   19.5191|   26.5493|   28.6683|   32.7942|
├───────────┼─────┼─────┼─────┼─────┤
|净利润现金含量(%)     |   89.6915|  117.5596|   81.8078|  224.0127|
|基本每股收益(元)      |   24.2400|   28.0200|   21.5600|   13.3100|
|每股收益-扣除(元)     |         -|   28.3300|   21.6700|   13.5000|
|稀释每股收益(元)      |   24.2400|   28.0200|   21.5600|   13.3100|
├───────────┼─────┼─────┼─────┼─────┤
|每股资本公积金(元)    |    1.0945|    1.0945|    1.0945|    1.0945|
|每股未分配利润(元)    |   83.9342|   76.4067|   63.6932|   49.9267|
|每股净资产(元)        |   99.7122|   89.8255|   72.8003|   58.0276|
|每股经营现金流量(元)  |   21.7445|   32.9448|   17.6350|   29.8132|
|经营活动现金净流量增长|   -3.2099|   86.8152|  -40.8483|  114.7885|
|率(%)                 |          |          |          |          |
└───────────┴─────┴─────┴─────┴─────┘
┌───────────┬─────┬─────┬─────┬─────┐
|财务指标              |2019-09-30|2019-06-30|2019-03-31|2018-12-31|
├───────────┼─────┼─────┼─────┼─────┤
|审计意见              |  未经审计|  未经审计|  未经审计|标准无保留|
|                      |          |          |          |      意见|
├───────────┼─────┼─────┼─────┼─────┤
|净利润(万元)          |3045485.54|1995102.56|1122143.13|3520362.53|
|净利润增长率(%)       |   23.1317|   26.5592|   31.9097|   30.0017|
|营业总收入(万元)      |6350866.30|4117268.13|2248052.53|7719938.41|
|营业总收入增长率(%)   |   15.5349|   16.7971|   22.2083|   26.4263|
|加权净资产收益率(%)   |   24.9200|   16.2100|    9.4700|   34.4600|
|资产负债比率(%)       |   19.5191|   27.5644|   19.1172|   26.5493|
├───────────┼─────┼─────┼─────┼─────┤
|净利润现金含量(%)     |   89.6915|  120.7302|   10.5977|  117.5596|
|基本每股收益(元)      |   24.2400|   15.8800|    8.9300|   28.0200|
|每股收益-扣除(元)     |         -|   15.9500|         -|   28.3300|
|稀释每股收益(元)      |   24.2400|   15.8800|    8.9300|   28.0200|
├───────────┼─────┼─────┼─────┼─────┤
|每股资本公积金(元)    |    1.0945|    1.0945|    1.0945|    1.0945|
|每股未分配利润(元)    |   83.9342|   75.5726|   85.3396|   76.4067|
|每股净资产(元)        |   99.7122|   91.3510|   98.7566|   89.8255|
|每股经营现金流量(元)  |   21.7445|   19.1745|    0.9467|   32.9448|
|经营活动现金净流量增长|   -3.2099|   35.8155|  -75.9050|   86.8152|
|率(%)                 |          |          |          |          |
└───────────┴─────┴─────┴─────┴─────┘
备注:以上指标P为扭亏为盈,L为持续亏损。

【偿债能力指标】
┌───────────┬─────┬─────┬─────┬─────┐
|财务指标              |2019-09-30|2018-12-31|2017-12-31|2016-12-31|
├───────────┼─────┼─────┼─────┼─────┤
|流动比率              |    4.4176|    3.2485|    2.9099|    2.4359|
|速动比率              |    3.6677|    2.6946|    2.3380|    1.8789|
|资产负债比率(%)       |   19.5191|   26.5493|   28.6683|   32.7942|
|产权比率(%)           |   24.2531|   36.1458|   40.1902|   48.7967|
└───────────┴─────┴─────┴─────┴─────┘
┌───────────┬─────┬─────┬─────┬─────┐
|财务指标              |2019-09-30|2019-06-30|2019-03-31|2018-12-31|
├───────────┼─────┼─────┼─────┼─────┤
|流动比率              |    4.4176|    3.1372|    4.5106|    3.2485|
|速动比率              |    3.6677|    2.6086|    3.7246|    2.6946|
|资产负债比率(%)       |   19.5191|   27.5644|   19.1172|   26.5493|
|产权比率(%)           |   24.2531|   38.0538|   23.6357|   36.1458|
└───────────┴─────┴─────┴─────┴─────┘

【运营能力指标】
┌───────────┬─────┬─────┬─────┬─────┐
|财务指标              |2019-09-30|2018-12-31|2017-12-31|2016-12-31|
├───────────┼─────┼─────┼─────┼─────┤
|存货周转率            |    0.2195|    0.2863|    0.2784|    0.1765|
|流动资产周转率        |    0.4387|    0.5888|    0.5752|    0.5008|
|固定资产周转率        |    4.0537|    4.8299|    3.9208|    3.0045|
|总资产周转率          |    0.3780|    0.5002|    0.4704|    0.3901|
|每股现金流量增长率(%) |   -3.2099|   86.8152|  -40.8483|  114.7885|
└───────────┴─────┴─────┴─────┴─────┘
┌───────────┬─────┬─────┬─────┬─────┐
|财务指标              |2019-09-30|2019-06-30|2019-03-31|2018-12-31|
├───────────┼─────┼─────┼─────┼─────┤
|存货周转率            |    0.2195|    0.1352|    0.0718|    0.2863|
|流动资产周转率        |    0.4387|    0.2816|    0.1570|    0.5888|
|固定资产周转率        |    4.0537|    2.6097|    1.4253|    4.8299|
|总资产周转率          |    0.3780|    0.2430|    0.1354|    0.5002|
|每股现金流量增长率(%) |   -3.2099|   35.8155|  -75.9051|   86.8152|
└───────────┴─────┴─────┴─────┴─────┘
备注:以上指标P为扭亏为盈,L为持续亏损。

【盈利能力指标】
┌───────────┬─────┬─────┬─────┬─────┐
|财务指标(%)           |2019-09-30|2018-12-31|2017-12-31|2016-12-31|
├───────────┼─────┼─────┼─────┼─────┤
|营业利润率            |   71.0799|   69.7227|   66.8867|   62.4402|
|营业净利率            |   53.1919|   51.3718|   49.8239|   46.1390|
|营业毛利率            |   91.4894|   91.1420|   89.7962|   91.2251|
├───────────┼─────┼─────┼─────┼─────┤
|成本费用利润率        |  217.2691|  197.7240|  176.2772|  152.0740|
|总资产报酬率          |   26.6590|   31.8830|   28.8799|   21.3228|
|加权净资产收益率      |   24.9200|   34.4600|         -|   24.4400|
└───────────┴─────┴─────┴─────┴─────┘
┌───────────┬─────┬─────┬─────┬─────┐
|财务指标(%)           |2019-09-30|2019-06-30|2019-03-31|2018-12-31|
├───────────┼─────┼─────┼─────┼─────┤
|营业利润率            |   71.0799|   71.9159|   73.9060|   69.7227|
|营业净利率            |   53.1919|   53.6787|   55.0532|   51.3718|
|营业毛利率            |   91.4894|   91.8668|   92.1113|   91.1420|
├───────────┼─────┼─────┼─────┼─────┤
|成本费用利润率        |  217.2691|  223.6075|  246.6203|  197.7240|
|总资产报酬率          |   26.6590|   17.1719|    9.9578|   31.8830|
|加权净资产收益率      |   24.9200|   16.2100|    9.4700|   34.4600|
└───────────┴─────┴─────┴─────┴─────┘

【发展能力指标】
┌───────────┬─────┬─────┬─────┬─────┐
|财务指标(%)           |2019-09-30|2018-12-31|2017-12-31|2016-12-31|
├───────────┼─────┼─────┼─────┼─────┤
|营业收入增长率        |   16.6400|   26.4885|   49.8059|   18.9917|
|总资产增长率          |   10.4675|   18.7479|   19.1930|   30.8605|
|营业利润增长率        |   20.8561|   31.8515|   60.4740|    9.5069|
├───────────┼─────┼─────┼─────┼─────┤
|净利润增长率          |   23.1317|   30.0017|   61.9738|    7.8389|
|净资产增长率          |   22.3588|   23.3862|   25.4580|   14.0290|
└───────────┴─────┴─────┴─────┴─────┘
┌───────────┬─────┬─────┬─────┬─────┐
|财务指标(%)           |2019-09-30|2019-06-30|2019-03-31|2018-12-31|
├───────────┼─────┼─────┼─────┼─────┤
|营业收入增长率        |   16.6400|   18.2386|   23.9196|   26.4885|
|总资产增长率          |   10.4675|   27.0999|   18.9600|   18.7479|
|营业利润增长率        |   20.8561|   24.1177|   31.3569|   31.8515|
├───────────┼─────┼─────┼─────┼─────┤
|净利润增长率          |   23.1317|   26.5592|   31.9097|   30.0017|
|净资产增长率          |   22.3588|   22.8670|   24.1100|   23.3862|
└───────────┴─────┴─────┴─────┴─────┘
备注:以上指标P为扭亏为盈,L为持续亏损。

【2.报表摘要】
【资产负债表摘要】
┌───────┬──────┬──────┬──────┬──────┐
|指标          |  2019-09-30|  2018-12-31|  2017-12-31|  2016-12-31|
|(单位:万元)  |            |            |            |            |
├───────┼──────┼──────┼──────┼──────┤
|资产总额      | 16255040.92| 15984667.47| 13461011.69| 11293453.83|
|货币资金      | 11272886.22| 11207479.14|  8786886.99|  6685496.21|
|应收票据及应收|    85867.95|    56373.97|   122170.60|    81762.72|
|账款          |            |            |            |            |
|预付账款      |   206052.98|   118237.85|    79080.73|   104610.07|
├───────┼──────┼──────┼──────┼──────┤
|其他应收款    |    13100.86|    39389.05|    27278.21|     7722.76|
|存货          |  2375548.47|  2350695.08|  2205748.14|  2062225.18|
|流动资产总额  | 13994914.85| 13786183.53| 11224918.60|  9018054.88|
|固定资产      |  1481501.24|  1524855.66|  1524409.66|  1445317.74|
├───────┼──────┼──────┼──────┼──────┤
|负债总额      |  3172836.40|  4243818.68|  3859048.94|  3703599.54|
|应付票据及应付|   119567.40|   117829.64|    99205.59|   104060.82|
|账款          |            |            |            |            |
|预收帐款      |  1125530.13|  1357651.68|  1442910.69|  1754108.22|
|流动负债      |  3167941.84|  4243818.68|  3857491.94|  3702042.54|
├───────┼──────┼──────┼──────┼──────┤
|非流动负债    |     4894.56|           -|     1557.00|     1557.00|
|未分配利润    | 10543793.54|  9598194.40|  8001130.75|  6271780.80|
|盈余公积金    |  1640853.27|  1344422.12|   821559.55|   713565.00|
|母公司股东权益| 12525821.66| 11283856.43|  9145152.28|  7289413.78|
|少数股东权益  |   556382.85|   456992.36|   456810.46|   300440.51|
|股东权益合计  | 13082204.51| 11740848.79|  9601962.75|  7589854.29|
|商誉          |           -|           -|           -|           -|
|在建工程(净额)|   279722.71|   195432.30|   201640.50|   274558.00|
|可出售金融资产|           -|     2900.00|     2900.00|     2900.00|
└───────┴──────┴──────┴──────┴──────┘
┌───────┬──────┬──────┬──────┬──────┐
|指标          |  2019-09-30|  2019-06-30|  2019-03-31|  2018-12-31|
|(单位:万元)  |            |            |            |            |
├───────┼──────┼──────┼──────┼──────┤
|资产总额      | 16255040.92| 16512164.90| 15988817.64| 15984667.47|
|货币资金      | 11272886.22| 11555785.99| 11168441.75| 11207479.14|
|应收票据及应收|    85867.95|    70966.39|    51977.49|    56373.97|
|账款          |            |            |            |            |
|预付账款      |   206052.98|   141968.46|   114121.75|   118237.85|
├───────┼──────┼──────┼──────┼──────┤
|其他应收款    |    13100.86|    43447.55|    43122.09|    39389.05|
|存货          |  2375548.47|  2401400.06|  2402511.83|  2350695.08|
|流动资产总额  | 13994914.85| 14254594.58| 13787400.00| 13786183.53|
|固定资产      |  1481501.24|  1501381.83|  1512202.50|  1524855.66|
├───────┼──────┼──────┼──────┼──────┤
|负债总额      |  3172836.40|  4551487.28|  3056611.50|  4243818.68|
|应付票据及应付|   119567.40|   132608.20|   117401.15|   117829.64|
|账款          |            |            |            |            |
|预收帐款      |  1125530.13|  1225689.54|  1138456.72|  1357651.68|
|流动负债      |  3167941.84|  4543719.81|  3056611.50|  4243818.68|
├───────┼──────┼──────┼──────┼──────┤
|非流动负债    |     4894.56|     7767.47|           -|           -|
|未分配利润    | 10543793.54|  9493410.56| 10720337.53|  9598194.40|
|盈余公积金    |  1640853.27|  1640853.27|  1344422.12|  1344422.12|
|母公司股东权益| 12525821.66| 11475489.36| 12405784.80| 11283856.43|
|少数股东权益  |   556382.85|   485188.25|   526421.34|   456992.36|
|股东权益合计  | 13082204.51| 11960677.62| 12932206.14| 11740848.79|
|商誉          |           -|           -|           -|           -|
|在建工程(净额)|   279722.71|   250784.29|   238706.51|   195432.30|
|可出售金融资产|           -|           -|           -|     2900.00|
└───────┴──────┴──────┴──────┴──────┘

【利润表摘要】
┌───────┬──────┬──────┬──────┬──────┐
|指标          |  2019-09-30|  2018-12-31|  2017-12-31|  2016-12-31|
|(单位:万元)  |            |            |            |            |
├───────┼──────┼──────┼──────┼──────┤
|营业收入      |  6093465.81|  7363887.24|  5821786.13|  3886219.00|
|营业成本      |   518588.13|   652292.18|   594043.64|   341010.41|
|营业费用      |   261398.83|   257207.69|   298606.85|   168105.20|
|管理费用      |   413940.79|   532594.08|   470179.56|   418718.98|
├───────┼──────┼──────┼──────┼──────┤
|财务费用      |      -54.20|     -352.12|    -5572.23|    -3317.52|
|投资收益      |           -|           -|           -|           -|
|营业利润      |  4331230.73|  5134298.77|  3894000.75|  2426562.52|
├───────┼──────┼──────┼──────┼──────┤
|营业外收支净额|   -10639.42|   -51538.42|   -19993.54|   -30774.42|
|利润总额      |  4320591.31|  5082760.34|  3874007.21|  2395788.10|
|净利润        |  3045485.54|  3520362.53|  2707936.03|  1671836.27|
└───────┴──────┴──────┴──────┴──────┘
┌───────┬──────┬──────┬──────┬──────┐
|指标          |  2019-09-30|  2019-06-30|  2019-03-31|  2018-12-31|
|(单位:万元)  |            |            |            |            |
├───────┼──────┼──────┼──────┼──────┤
|营业收入      |  6093465.81|  3948778.83|  2164400.27|  7363887.24|
|营业成本      |   518588.13|   321162.01|   170744.07|   652292.18|
|营业费用      |   261398.83|   198695.92|    87150.31|   257207.69|
|管理费用      |   413940.79|   271585.87|   145680.30|   532594.08|
├───────┼──────┼──────┼──────┼──────┤
|财务费用      |      -54.20|     -191.28|      -33.75|     -352.12|
|投资收益      |           -|           -|           -|           -|
|营业利润      |  4331230.73|  2839799.63|  1599622.23|  5134298.77|
├───────┼──────┼──────┼──────┼──────┤
|营业外收支净额|   -10639.42|   -10786.50|   -10753.81|   -51538.42|
|利润总额      |  4320591.31|  2829013.13|  1588868.42|  5082760.34|
|净利润        |  3045485.54|  1995102.56|  1122143.13|  3520362.53|
└───────┴──────┴──────┴──────┴──────┘

【现金流量表摘要】
┌───────┬──────┬──────┬──────┬──────┐
|指标          |  2019-09-30|  2018-12-31|  2017-12-31|  2016-12-31|
|(单位:万元)  |            |            |            |            |
├───────┼──────┼──────┼──────┼──────┤
|销售商品收到现|  6616823.97|  8426869.57|  6442147.93|  6101296.41|
|金            |            |            |            |            |
|经营活动现金流|  6944780.33|  8934563.54|  6736946.25|  6727914.56|
|入            |            |            |            |            |
|经营活动现金流|  4213240.14|  4796040.10|  4521642.64|  2982789.60|
|出            |            |            |            |            |
|经营活动现金净|  2731540.20|  4138523.44|  2215303.61|  3745124.96|
|额            |            |            |            |            |
├───────┼──────┼──────┼──────┼──────┤
|投资活动现金流|      732.11|     1124.42|     2144.71|      565.44|
|入            |            |            |            |            |
|投资活动现金流|   204759.12|   164020.69|   114209.23|   110815.52|
|出            |            |            |            |            |
|投资活动现金净|  -204027.02|  -162896.27|  -112064.52|  -110250.08|
|额            |            |            |            |            |
|筹资活动现金流|    83300.00|           -|      600.00|     1600.00|
|入            |            |            |            |            |
├───────┼──────┼──────┼──────┼──────┤
|筹资活动现金流|  2012114.83|  1644109.32|   890517.79|   835051.23|
|出            |            |            |            |            |
|筹资活动现金净| -1928814.83| -1644109.32|  -889917.79|  -833451.23|
|额            |            |            |            |            |
|汇率变动的现金|       -5.33|        2.90|        7.29|        7.23|
|流            |            |            |            |            |
|现金流量净增加|   598693.02|  2331520.75|  1213328.59|  2801430.89|
|额            |            |            |            |            |
└───────┴──────┴──────┴──────┴──────┘
┌───────┬──────┬──────┬──────┬──────┐
|指标          |  2019-09-30|  2019-06-30|  2019-03-31|  2018-12-31|
|(单位:万元)  |            |            |            |            |
├───────┼──────┼──────┼──────┼──────┤
|销售商品收到现|  6616823.97|  4332908.45|  2275818.31|  8426869.57|
|金            |            |            |            |            |
|经营活动现金流|  6944780.33|  5825166.22|  2345102.46|  8934563.54|
|入            |            |            |            |            |
|经营活动现金流|  4213240.14|  3416474.20|  2226181.46|  4796040.10|
|出            |            |            |            |            |
|经营活动现金净|  2731540.20|  2408692.01|   118921.01|  4138523.44|
|额            |            |            |            |            |
├───────┼──────┼──────┼──────┼──────┤
|投资活动现金流|      732.11|      407.77|       61.40|     1124.42|
|入            |            |            |            |            |
|投资活动现金流|   204759.12|   114046.14|    61891.78|   164020.69|
|出            |            |            |            |            |
|投资活动现金净|  -204027.02|  -113638.36|   -61830.38|  -162896.27|
|额            |            |            |            |            |
|筹资活动现金流|    83300.00|    83300.00|           -|           -|
|入            |            |            |            |            |
├───────┼──────┼──────┼──────┼──────┤
|筹资活动现金流|  2012114.83|  1986522.98|           -|  1644109.32|
|出            |            |            |            |            |
|筹资活动现金净| -1928814.83| -1903222.98|           -| -1644109.32|
|额            |            |            |            |            |
|汇率变动的现金|       -5.33|       -3.01|      -21.39|        2.90|
|流            |            |            |            |            |
|现金流量净增加|   598693.02|   391827.66|    57069.24|  2331520.75|
|额            |            |            |            |            |
└───────┴──────┴──────┴──────┴──────┘

【3.异动科目】
【资产负债表异动科目】
┌────────┬──────┬──────┬────────────┐
|报表项目(单位: | 2019-09-30 |变动幅度(%) |        原因说明        |
|万元)           |            |            |                        |
├────────┼──────┼──────┼────────────┤
|拆出资金        |    39000.00|           -|是公司控股子公司贵州茅台|
|                |            |            |集团财务有限公司同业拆出|
|                |            |            |资金。                  |
├────────┼──────┼──────┼────────────┤
|应交税费        |   459996.45|      -57.29|主要是缴纳年初应交税费。|
├────────┼──────┼──────┼────────────┤
|在建工程        |   279722.71|       43.13|主要是完成的工程进度增加|
|                |            |            |。                      |
├────────┼──────┼──────┼────────────┤
|其他应收款      |    13100.86|      -66.74|主要是公司控股子公司贵州|
|                |            |            |茅台集团财务有限公司收到|
|                |            |            |年初应收利息。          |
├────────┼──────┼──────┼────────────┤
|预付款项        |   206052.98|       74.27|主要是预付仁怀市、习水县|
|                |            |            |征地款。                |
├────────┼──────┼──────┼────────────┤
|应付职工薪酬    |    32686.15|      -83.93|主要是支付上年度年终绩效|
|                |            |            |工资。                  |
├────────┼──────┼──────┼────────────┤
|应收票据        |    85867.95|       52.32|主要是公司全资子公司贵州|
|                |            |            |茅台酱香酒营销有限公司银|
|                |            |            |行承兑汇票办理销售业务增|
|                |            |            |加。                    |
├────────┼──────┼──────┼────────────┤
|其他流动资产    |     2458.38|      -82.45|是抵扣上年年末留抵增值税|
|                |            |            |进项税额。              |
└────────┴──────┴──────┴────────────┘

【利润分配表异动科目】
┌────────┬──────┬──────┬────────────┐
|报表项目(单位: | 2019-09-30 |变动幅度(%) |        原因说明        |
|万元)           |            |            |                        |
├────────┼──────┼──────┼────────────┤
|财务费用        |      -54.20|       87.64|主要是商业银行手续费支出|
|                |            |            |增加。                  |
├────────┼──────┼──────┼────────────┤
|利息支出        |    12837.61|       33.19|是公司控股子公司贵州茅台|
|                |            |            |集团财务有限公司对集团成|
|                |            |            |员单位利息支出增加。    |
├────────┼──────┼──────┼────────────┤
|资产减值损失    |           -|           -|主要是根据新金融工具准则|
|                |            |            |规定,计提的减值准备改为|
|                |            |            |“信用减值损失”项目列示|
|                |            |            |。                      |
├────────┼──────┼──────┼────────────┤
|信用减值损失    |     -744.38|           -|主要是公司控股子公司贵州|
|                |            |            |茅台集团财务有限公司拆出|
|                |            |            |资金计提减值准备。      |
├────────┼──────┼──────┼────────────┤
|手续费及佣金收入|        0.94|           -|是公司控股子公司贵州茅台|
|                |            |            |集团财务有限公司对集团成|
|                |            |            |员单位委托贷款手续费收入|
|                |            |            |。                      |
├────────┼──────┼──────┼────────────┤
|研发费用        |     6515.12|      328.56|主要是计入“管理费用”科|
|                |            |            |目的研发支出增加。      |
├────────┼──────┼──────┼────────────┤
|手续费及佣金支出|       44.58|       42.73|主要是公司控股子公司贵州|
|                |            |            |茅台集团财务有限公司业务|
|                |            |            |增加。                  |
├────────┼──────┼──────┼────────────┤
|营业外支出      |    11528.68|      -57.51|主要是公益性捐赠较上年同|
|                |            |            |期减少。                |
├────────┼──────┼──────┼────────────┤
|资产处置收益    |       -3.21|           -|主要是处置固定资产。    |
└────────┴──────┴──────┴────────────┘

【现金流量表异动科目】
┌────────┬──────┬──────┬────────────┐
|报表项目(单位: | 2019-09-30 |变动幅度(%) |        原因说明        |
|万元)           |            |            |                        |
├────────┼──────┼──────┼────────────┤
|吸收投资收到的现|    83300.00|           -|主要是公司控股子公司贵州|
|金              |            |            |茅台集团财务有限公司增资|
|                |            |            |吸收投资款。            |
├────────┼──────┼──────┼────────────┤
|支付利息、手续费|    14240.36|       65.02|主要是公司控股子公司贵州|
|及佣金的现金    |            |            |茅台集团财务有限公司利息|
|                |            |            |支出增加。              |
├────────┼──────┼──────┼────────────┤
|收到其他与经营活|   121894.50|      105.17|主要是公司控股子公司贵州|
|动有关的现金    |            |            |茅台酒销售有限公司收取经|
|                |            |            |销商保证金。            |
├────────┼──────┼──────┼────────────┤
|存放中央银行和同|  -493285.95|     -329.53|主要是公司控股子公司贵州|
|业款项净增加额  |            |            |茅台集团财务有限公司存入|
|                |            |            |的不可提前支取的定期银行|
|                |            |            |存款到期。              |
├────────┼──────┼──────┼────────────┤
|客户贷款及垫款净|      300.00|      -70.00|主要是公司控股子公司贵州|
|增加额          |            |            |茅台集团财务有限公司发放|
|                |            |            |集团成员单位贷款较上年同|
|                |            |            |期减少。                |
├────────┼──────┼──────┼────────────┤
|汇率变动对现金及|       -5.33|     -173.35|是公司全资子公司贵州茅台|
|现金等价物的影响|            |            |酒巴黎贸易有限公司境外经|
|                |            |            |营财务报表折算为记账本位|
|                |            |            |币报表产生的外币折算差额|
|                |            |            |。                      |
├────────┼──────┼──────┼────────────┤
|支付其他与经营活|   428682.91|       95.89|主要是公司控股子公司贵州|
|动有关的现金    |            |            |茅台酒销售有限公司退回经|
|                |            |            |销商保证金。            |
├────────┼──────┼──────┼────────────┤
|客户存款和同业存|   -77698.41|     -109.44|主要是公司控股子公司贵州|
|放款项净增加额  |            |            |茅台集团财务有限公司归集|
|                |            |            |集团公司其他成员单位资金|
|                |            |            |增加额减少。            |
├────────┼──────┼──────┼────────────┤
|购建固定资产、无|   202803.94|       99.52|主要是基本建设支付工程款|
|形资产和其他长期|            |            |较上年同期增加。        |
|资产支付的现金  |            |            |                        |
├────────┼──────┼──────┼────────────┤
|投资活动产生的现|  -204027.02|      -99.42|主要是购建固定资产、无形|
|金流量净额      |            |            |资产和其他长期资产支付的|
|                |            |            |现金较上年同期增加。    |
└────────┴──────┴──────┴────────────┘

【4.环比分析】
┌───────────────────────────────────┐
|                               2018年度                               |
├────┬───────┬───────┬──────┬───────┤
|        |主营收入(万元)|占年度比重(%)|净利润(万元)|占年度比重(%)|
├────┼───────┼───────┼──────┼───────┤
| 一季度 |    1746616.64|         23.72|   850690.67|         24.16|
| 二季度 |    1593054.35|         21.63|   725727.91|         20.62|
| 三季度 |    1884496.01|         25.59|   896936.69|         25.48|
| 四季度 |    2139720.24|         29.06|  1047007.25|         29.74|
└────┴───────┴───────┴──────┴───────┘
┌───────────────────────────────────┐
|                               2017年度                               |
├────┬───────┬───────┬──────┬───────┤
|        |主营收入(万元)|占年度比重(%)|净利润(万元)|占年度比重(%)|
├────┼───────┼───────┼──────┼───────┤
| 一季度 |    1330863.91|         22.86|   612311.93|         22.61|
| 二季度 |    1088139.11|         18.69|   512774.16|         18.94|
| 三季度 |    1826043.73|         31.37|   873298.61|         32.25|
| 四季度 |    1576739.38|         27.08|   709551.33|         26.20|
└────┴───────┴───────┴──────┴───────┘

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