The first annual report of Baijiu is released.
On March 15, Jinhui Liquor Co.Ltd(603919) released the financial report for 2021. The company’s revenue in 2021 was 1.788 billion yuan, up 3.34% year-on-year; The net profit was 325 million yuan, a year-on-year decrease of 1.95%; Deduct non net profit of RMB 322 million, a year-on-year decrease of 2.58%; The basic earnings per share was 0.64 yuan, down 1.54% year-on-year.
Among them, the single quarter performance in the fourth quarter was poor, with revenue and net profit falling 34.74% and 52.61% respectively.
The sales expense was 278 million yuan, a year-on-year increase of 25.09% Jinhui Liquor Co.Ltd(603919) said that the increase in sales expenses over the same period last year was mainly due to the company’s increasing consumer interaction and brand building in the current period.
Specifically, the revenue of high-end products with an ex factory price of more than 100 yuan / 500ml was 1.095 billion yuan, a year-on-year increase of 26.24%, the operating cost increased by 27.10% and the gross profit margin decreased by 0.2%; The revenue of mid-range products with an ex factory price of 30 yuan to 100 yuan / 500ml was 652 million yuan, a year-on-year decrease of 19.46% and a gross profit margin decrease of 1.56%; The revenue of low-grade products with an ex factory price of less than 30 yuan / 500ml decreased significantly, with a year-on-year decrease of 43.35% and a gross profit margin of 39.38%.
The revenue of Lanzhou and its surrounding areas decreased by 8.09% and 0.09% respectively compared with that of the previous year; The operating income of central, Western and other regions of Gansu increased to varying degrees, 13.34%, 2.19% and 35.55% respectively.
Baijiu industry analyst Cai Xuefei pointed out to blue whale financial reporter that Jinhui Liquor Co.Ltd(603919) , as a liquor sector under Fosun, has significantly improved its brand value in recent years, and its product structure has been greatly improved. It is increasing the development and investment of the Northwest market, and has a better performance in the markets of Gansu and Shaanxi, but Jinhui Liquor Co.Ltd(603919) is a regional liquor company. Brand building and structural upgrading is a long-term project. Last year, under the multiple pressures of economy and epidemic, the excessive pre investment of enterprises dragged down the overall performance, which is also the inevitable stage of the growth of regional wine enterprises. With the help of Fosun, the development prospect of Jinhui Liquor Co.Ltd(603919) is still optimistic.
