With the successive disclosure of 2021 annual reports of liquor enterprises, the Baijiu industry has once again handed over a high-quality report card Kweichow Moutai Co.Ltd(600519) as the leader of Baijiu, in 2021, the revenue reached 109462 billion yuan, an increase of 11.71% year-on-year. The revenue of liquor enterprises exceeded 100 billion yuan for the first time. In fact, at present, the high-end market of Chinese Baijiu is mainly centered on Kweichow Moutai Co.Ltd(600519) Wuliangye Yibin Co.Ltd(000858) .
Chengwansong, Secretary General of Beijing liquor circulation industry association, believes that the current pattern of Baijiu high-end market with Maotai and Wuliangye Yibin Co.Ltd(000858) as the core is relatively stable. For other famous and high-quality Baijiu enterprises, it is difficult to realize the continuous expansion of enterprises only by relying on the high-end market, and the risk is very high. Therefore, famous and high-quality Baijiu enterprises should do a good job in the base Market in the future, and carry out nationwide layout around the core sector.
leading performance increase
The reporter of Beijing Business Daily found that in 2021, only one Baijiu listed company experienced a decline in revenue, while other Baijiu companies achieved growth in revenue Kweichow Moutai Co.Ltd(600519) 2021 achieved revenue of 106.19 billion yuan, with a year-on-year increase of 11.88%, becoming the first enterprise in the industry with revenue exceeding 100 billion yuan Wuliangye Yibin Co.Ltd(000858) achieved a revenue of 66.209 billion yuan, a year-on-year increase of 15.51% Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) , Luzhou Laojiao Co.Ltd(000568) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) achieved revenue of 25.35 billion yuan, 20.642 billion yuan and 19.971 billion yuan respectively, with year-on-year growth of 20.14%, 23.96% and 42.75% respectively. According to the data, the head Baijiu enterprises achieved a growth of over 10% in revenue in 2021.
Beijing Business Daily reporter's employment performance sent an interview outline to the above-mentioned enterprises. As of press time, the enterprises have not replied.
As the "reservoir" of Baijiu enterprises, the payment received in advance can also reflect the profitability of the enterprises. From the perspective of "reservoir", the advance payment of Baijiu enterprises also increased in 2021 Kweichow Moutai Co.Ltd(600519) , Wuliangye Yibin Co.Ltd(000858) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) advance payment was 12.718 billion yuan, 13.059 billion yuan, 11.645 billion yuan and 7.376 billion yuan respectively.
Behind the impressive achievements of Baijiu leading enterprises are the tacit understanding of the high-end layout of enterprises. Ping An Securities pointed out in the research report that Baijiu has the ability to cross the cycle. With the increase of per capita income, the mainstream price band of Baijiu has been continuously upgraded, successfully opening the ceiling of high-end Baijiu and the expansion space of the industry. All Baijiu enterprises have gained new vitality through product upgrading.
duopoly
From the perspective of profitability, the product upgrading trend of Baijiu industry has not changed. With the support of consumption upgrading, the consumption mode of Baijiu consumers has gradually changed to high quality. Consumers' brand awareness has been gradually enhanced, which has promoted the consumption proportion of medium and high-end and above Baijiu products, and the gross profit margin of high-end products of liquor enterprises has shown an overall upward trend.
The reporter of Beijing business daily learned that in 2021, Kweichow Moutai Co.Ltd(600519) Maotai liquor achieved a revenue of 93.465 billion yuan and a gross profit margin of 94.03% The Wuliangye Yibin Co.Ltd(000858) products of Wuliangye Yibin Co.Ltd(000858) achieved a revenue of 49.112 billion yuan and a gross profit margin of 85.59% Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) Fenjiu series achieved a revenue of 17.92 billion yuan and a gross profit margin of 76.55%.
In terms of product sales volume, Kweichow Moutai Co.Ltd(600519) core product Feitian Maotai is hard to find both online and offline. The monthly sales volume of the eighth generation Wuliangye Yibin Co.Ltd(000858) on tmall platform is 200 +. In contrast to the high-end products of other brands, the monthly sales volume of Luzhou Laojiao Co.Ltd(000568) Guojiao 1573 on tmall platform is 100 +, and the monthly sales volume of Jiangsu King'S Luck Brewery Joint-Stock Co.Ltd(603369) Guoyuan series is less than 10. From the perspective of products, the high-end market of Chinese Baijiu is basically dominated by two major brands Kweichow Moutai Co.Ltd(600519) Wuliangye Yibin Co.Ltd(000858) .
Shen Meng, executive director of Xiangsong capital, said that the "moat" of the high-end market is a brand value, and it is not a unilateral decision of the enterprise. It must be recognized by consumers. Therefore, the Baijiu industry, especially the so-called high-end market, still follows the Matthew effect.
According to chengwansong's analysis, the high-end market is a market with extremely high brand requirements. At present, the pattern of Baijiu high-end market with Maotai and Wuliangye Yibin Co.Ltd(000858) as the core is relatively stable. If other famous and high-quality Baijiu enterprises only rely on the high-end market, it is difficult to achieve sustained growth in performance. In addition to consolidating the base market and making nationwide distribution around the core economic sectors, we should also pay attention to the secondary high-end and light luxury areas in terms of product structure.
seek breakthrough
With the rapid development of Baijiu industry and the support of consumption upgrading, enterprises have laid out high-end market one after another. It is understood that Baijiu enterprises at the head have some layout in the high-end market. In fact, consumers' consumption of high-end Baijiu is still based on brand strength.
Consumer Ms. Cao told the Beijing Business Daily that most people of Kweichow Moutai Co.Ltd(600519) and Wuliangye Yibin Co.Ltd(000858) know that the products of other brands may not be cheap, but everyone doesn't know.
At present, the high-end market of Chinese Baijiu is mainly centered on Kweichow Moutai Co.Ltd(600519) and Wuliangye Yibin Co.Ltd(000858) as the core. Under the duopoly pattern, how other famous and high-quality Baijiu enterprises break their bottlenecks has become an urgent task for enterprises. The reporter of Beijing business daily learned that many enterprises are not only laying out the high-end market, but also seizing the national market share.
It is understood that in 2021, Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) while steadily developing the large base market, it also took the development of the southern market as an opportunity to plan the common development of Jiangsu, Zhejiang, Shanghai, Anhui, Guangdong and other markets, so as to promote the expansion of the Yangtze River Delta and Pearl River delta markets.
Luzhou Laojiao Co.Ltd(000568) also said that the company would increase market intensive cultivation in the future, and deeply cultivate the base market and key markets. At the same time, we will strengthen market expansion and accelerate the layout of the blank market, so as to complete the national development.
Shen Meng said that it is not important to seize the high-end market, but to consolidate and develop the potential market. In the process of changing consumer structure and gradually increasing the proportion of young consumers, Baijiu brands not only have to compete internally, but also compete externally with competing products that attract more young people.
Chengwansong pointed out that the actual space of Baijiu high-end market is limited. Most of the famous Baijiu enterprises' products are still concentrated in the sub high-end and light luxury fields, and the famous liquor enterprises still have great prospects in this market. In addition, the social attribute of Baijiu also makes the ration liquor market have great development potential.
