In terms of revenue, the industry leader Kweichow Moutai Co.Ltd(600519) still ranks first with a revenue of 106.19 billion yuan.
Wuliangye Yibin Co.Ltd(000858) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) , Luzhou Laojiao Co.Ltd(000568) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) ranked among the top five in the industry in turn, Anhui Gujing Distillery Company Limited(000596) .Ranking sixth in the industry with sales of 13.27 billion yuan.
The last member of the 10 billion revenue club is the parent company of Niulanshan Beijing Shunxin Agriculture Co.Ltd(000860) , with a revenue of 10.225 billion yuan.
in terms of net profit growth, most liquor enterprises have achieved double-digit growth except Xinjiang Yilite Industry Co.Ltd(600197) , Jinhui Liquor Co.Ltd(603919) , Anhui Golden Seed Winery Co.Ltd(600199) , ST Huangtai. Among them, Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Sichuan Swellfun Co.Ltd(600779) , Jiugui Liquor Co.Ltd(000799) , and Shede Spirits Co.Ltd(600702) and tianyoude liquor reached three figures
However, according to the statistics of the reporter of the international finance news, although the overall performance of the Baijiu industry in 2021 is good, the differentiation of the Baijiu sector is becoming more and more obvious. While the leading enterprises are shining, the situation of some regional liquor enterprises is still very difficult.
intensified competition
In the early morning of March 31, Kweichow Moutai Co.Ltd(600519) disclosed the annual report of 2021. The announcement shows that in 2021, it achieved a total revenue of 106.19 billion yuan, a year-on-year increase of 11.88%; The net profit was 52.46 billion yuan, a year-on-year increase of 12.34%.
this annual report is the first annual report submitted by Ding Xiongjun since he took office as Kweichow Moutai Co.Ltd(600519) chairman in September last year. It not only refreshed the best annual report performance of Kweichow Moutai Co.Ltd(600519) since it was listed in 2001, but also exceeded the 100 billion mark for the first time in Kweichow Moutai Co.Ltd(600519) annual revenue,
In terms of channels, compared with the wholesale channels with 77.24% of revenue and only 0.55% of revenue growth, the direct sales channels contributed 24.029 billion yuan of revenue to Kweichow Moutai Co.Ltd(600519) in 2021, accounting for about 22.76%, and the direct sales revenue increased by 81.49% year-on-year. According to the financial report, in 2018, the revenue of Kweichow Moutai Co.Ltd(600519) direct sales channel was only 4.376 billion yuan, accounting for only 5.94%.
; The net profit also increased by 17.15% to 23.377 billion yuan, which is the sixth consecutive year for the company to achieve double-digit growth
Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) has also entered the growth track after two years of adjustment. In 2021, it achieved a revenue of 25.35 billion yuan with a growth rate of 20.14%. surpassed the peak of 24.16 billion yuan in 2018, and the scale reached a new high in terms of product structure, in 2021, Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) medium and high-end product revenue was 21.521 billion yuan, a year-on-year increase of 21.95%; The revenue of ordinary products was 3.118 billion yuan, a year-on-year increase of 16.05%.
from the key data, the Kweichow Moutai Co.Ltd(600519) entered the “100 billion club” and achieved a revenue of 100 billion yuan. The Wuliangye Yibin Co.Ltd(000858) is also close to 70 billion yuan. The net profit is more than three times that of Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) ‘s revenue also exceeded 25 billion yuan, but its net profit was surpassed by Luzhou Laojiao Co.Ltd(000568) .
In addition, although the revenue of Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) in 2021, which ranked fifth, was not higher than that of Luzhou Laojiao Co.Ltd(000568) , in 2021, it achieved a revenue of 19.97 billion yuan with a growth rate of 42.75%, just one step away from the club of 20 billion yuan in the industry, and narrowed the gap with Luzhou Laojiao Co.Ltd(000568) from nearly 4 billion yuan in 2019 to less than 700 million yuan.
More importantly, in the first quarter of 2022, the performance of Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) has exceeded Luzhou Laojiao Co.Ltd(000568) . In the first three months of 2022, Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) achieved an operating revenue of about 10.53 billion yuan and a net profit of about 3.71 billion yuan. In contrast, Luzhou Laojiao Co.Ltd(000568) , its operating revenue was 6.312 billion yuan, with a profit of 2.876 billion yuan.
This means that the war between the first echelons seems to continue.
second tier liquor enterprises are also in scuffle . Among them, Shede Spirits Co.Ltd(600702) with revenue growth of 83.8% surpassed Hebei Hengshui Laobaigan Liquor Co.Ltd(600559) from 13th place in 2020 to 10th place, followed by Sichuan Swellfun Co.Ltd(600779) and Anhui Yingjia Distillery Co.Ltd(603198) , Hebei Hengshui Laobaigan Liquor Co.Ltd(600559) ranked 12th and 13th respectively.
differentiation becomes more obvious
Compared with the first and second tier liquor enterprises, the situation faced by regional liquor enterprises such as Xinjiang Yilite Industry Co.Ltd(600197) , Anhui Golden Seed Winery Co.Ltd(600199) , ST Huangtai is more complex.
As soon as the new year passed this year, the China Resources Department began to “go out”. In mid-199, one of the shareholders of “China Resources Investment Group” disclosed that it plans to acquire 49% of the shares of “China Resources Investment Group”. After the equity transfer is completed, the proportion of equity held by Fuyang investment and Development Group Co., Ltd. (hereinafter referred to as “Fuyang investment and development”) will be reduced from 100% to 51%, and the actual controller of Anhui Golden Seed Winery Co.Ltd(600199) is still Fuyang SASAC.
On April 30, Anhui Golden Seed Winery Co.Ltd(600199) which introduced China Resources war investment released the financial report for 2021. According to the financial report, its revenue in 2021 was 1.211 billion yuan, a year-on-year increase of 16.70%; The net profit loss was 166 million yuan, from profit to loss, with a sharp year-on-year decrease of 339.76%, and this decline has also become the largest in the industry.
Regarding the substantial loss of net profit, Anhui Golden Seed Winery Co.Ltd(600199) explained that the competition in the Baijiu industry continues to intensify, and the industry profits are further concentrated in the top enterprises, and in the middle and high-end and high-end Baijiu brands. As a regional Baijiu brand, the company has been under great market pressure. The middle and low-end products of liquor produced and sold by the company account for a large proportion, and the prices of raw materials and labor costs continue to rise. In addition, in 2021, although the company’s liquor revenue increased by 24.75% compared with that in 2020, due to the pressure of strong competitive products, the company’s medium and high-end products are still in the promotion and cultivation period, the market foundation is still weak, it has not been able to occupy the market on a large scale, and the gross profit margin of old products is low, resulting in a slow increase in the comprehensive gross profit margin.
In fact, except for Anhui Golden Seed Winery Co.Ltd(600199) , as a typical regional liquor enterprise, Xinjiang Yilite Industry Co.Ltd(600197) , Jinhui Liquor Co.Ltd(603919) , tianyoude liquor, ST Huangtai’s revenue in 2021 did not exceed 2 billion yuan, especially ST Huangtai’s data was less than 100 million yuan, and its net profit also changed from profit to loss, plummeting 140.48% to – 14 million yuan compared with 2020.
Due to the performance of negative net profit and operating income less than 100 million yuan, Gansu Huangtai Wine-Marketing Industry Co.Ltd(000995) was warned of delisting risk from April 29, the stock abbreviation was changed from ” Gansu Huangtai Wine-Marketing Industry Co.Ltd(000995) ” to ” ST Huangtai”, and the daily rise and fall of stock price was limited to 5%. This is the fifth time that it has been ST since 2004, 2009, 2015 and 2018, which is less than one and a half years since it officially resumed listing on December 16, 2020.
Caixuefei, an analyst in the Baijiu industry, told reporters that under the trend of strong differentiation, the famous liquor that has completed the upgrading of product structure is likely to continue to grow stronger, while the regional liquor enterprises that have not completed the upgrading of product structure are in a difficult situation this is because after the upgrading of China’s alcohol consumption structure, social alcohol consumption is stronger, which puts forward higher requirements for the brand and quality of alcohol. Famous wine has great advantages in brand cultural value and quality cognition for regional liquor enterprises, only by actively strengthening brand culture mining and quality concept innovation and embracing new models can they have the opportunity to break through, such as new retail, live broadcast, winery model, etc
Cai Xuefei further said that the epidemic has led to the closure of many alcohol consumption scenes, the disappearance of a large number of friends’ consumption, the shrinking of wedding banquet, business gift and other markets, and the reduction of the frequency and scope of a large number of social activities, which will inevitably lead to the decline of alcohol consumption .
