Topic of this week: according to the national liquor time and space report, Maotai may completely cancel the unpacking order, that is, all the unpacking order policies formulated by the original head office will be cancelled, and the commercial distribution at all levels can be delivered directly in boxes. The original unpacking paperboard and goods specification certificate still need to be submitted to the designated place for verification. After Maotai dealers’ unpacking policy was promulgated last year, the number of original boxes in the market decreased sharply and the price rose rapidly. Recently, under the control of the company’s price policy, the price of Feitian Maotai began to fall and gradually fell back to a reasonable range by superimposing the large volume of channels at the end of the year. If the company completely cancels the unpacking order, it will lead to a sharp increase in the number of original boxes, lower the price probability of Maotai, drive the prices of bulk bottles down one after another, and the gap between original boxes and bulk bottles is expected to be reduced. Therefore, canceling the unpacking order is conducive to creating a healthy market order in Maotai and driving the sustainable and healthy development of the company.
Industry highlights: 1) Wangwang plans to raise prices on a large scale next year. 2) Muyuan Foods Co.Ltd(002714) increased the capital of subsidiaries by 5.15 billion. 3) Shanghai Bairun Investment Holding Group Co.Ltd(002568) increase the price by 4-10%. 4) Inner Mongolia Yili Industrial Group Co.Ltd(600887) 12 billion fixed increase was implemented. 5) Ruixing coffee’s loss narrowed in the third quarter. 6) Kweichow Moutai Co.Ltd(600519) invested 7.833 billion yuan to implement the first phase of the packaging logistics park project.
Risk tips: 1. Risk of macroeconomic weakness; 2. The risk of long-term epidemic prevention and control in China; 3. Risks of major food safety events; 4. Major agricultural epidemic risk.
