Article I alcohol VOL

Chinese people's obsession with rankingBestonlinepokersitesWhen it comes to the liquor industry, it is a protracted "battle for the top three". With the recent release of the financial results of Yanghe, Fenjiu, Luzhou laojiao, Gujing and other wine enterprises in 2023, this "battle for the top three" has become more and more intense.

First, let's take a look at some fresh financial reports.

Yanghe Annual report 2023 and Quarterly report 2024 show that the company achieved operating income of 331 in 2023.Bestonlinepokersites.26 billion yuan, + 10% compared with the same period last yearBestonlinepokersites.04%; realized net profit of 10.016 billion yuan, + 6.80% compared with the same period last year.

Shanxi Fenjiu 2023 annual report and 2024 quarterly report show that the company's total revenue in 2023 was 31.928 billion yuan, + 21.80% compared with the same period last year, and the net profit was 10.438 billion yuan, + 28.93% compared with the same period last year.

Luzhou laojiao 2023 annual report and 2024 quarterly report show that the company achieved operating income of 30.233 billion yuan in 2023, + 20.34% year-on-year, and net profit of 13.246 billion yuan, + 27.80% year-on-year.

This means that the 30 billion camp of Chinese spirits has further expanded, from Maotai (127.554 billion yuan), Wuliangye (73.969 billion yuan) and Yanghe (30.105 billion yuan) last year to five, with Fenjiu and Luzhou laojiao successfully promoted.

At the same time, the gap among Yanghe, Fenjiu and Luzhou laojiao is also narrowing further. In terms of revenue, Yanghe is 1.198 billion yuan more than Fenjiu and 2.893 billion yuan more than Luzhou laojiao; in terms of profit, Yanghe is 422 million yuan less than Fenjiu and 3.23 billion yuan less than Luzhou laojiao; in terms of growth rate, Yanghe is 11.76% slower than Fenjiu and 10.3% slower than Luzhou laojiao.

The iron maowu, the running water third. Judging from the speed of increase and decrease, we are likely to witness another change in the ranking of the "top three of Chinese spirits" this year. In fact, in terms of profit indicators alone, Luzhou laojiao has completed the counterattack and realized the vision of "returning to the top three".

The change of performance is more intuitive in the capital market.

The week of February 19, 2021, is the highlight moment of many liquor stock prices, from the highest point to the present, the trend of stock prices reflects the attitude of the capital market.

Guizhou Moutai stock price reached a high of 2519.9 yuan that week, currently 1693.04 yuan, with a market capitalization of 2.15 trillion yuan; Wuliangye stock price was high that week. 347.81 yuan, currently 148.98 yuan, with a market capitalization of 591 billion yuan; Shanxi Fenjiu stock price reached a high of 326.86 yuan that week, and then hit a high of 375.65 yuan on July 23, 2021, with a market capitalization of 307.8 billion yuan at present 245.58 yuan The share price of Luzhou laojiao reached a high of 318.14 yuan that week, compared with 179.97 yuan, with a market capitalization of 274.4 billion yuan, while Yanghe shares reached a high of 232.12 yuan that week, with a market capitalization of 150.8 billion yuan.

Compared with the industry that values the current performance figures in black and white, capital markets prefer variable numbers, that is, growth. For this reason, when predicting the "top three battles" of Chinese spirits, capital markets prefer to look at two figures, the results of the fourth quarter of last year and the first quarter of this year.

In this regard, the annual report also gives the answer:

Yanghe shares realized operating income of 2.843 billion yuan in the fourth quarter of 2023,-21.51% of the same period last year; net profit of-188 million yuan,-161.28% of the same period last year; operating income of 16.255 billion yuan in the first quarter of 2024, + 8.03% of the same period last year; and net profit of 6.055 billion yuan, + 5.02% of the same period last year.

The total operating income of Shanxi Fenjiu in the fourth quarter of 2023 was 5.184 billion yuan, + 27.38% compared with the same period last year; the net profit was 1.007 billion yuan, + 1.95% compared with the same period last year; the total operating income in the first quarter of 2024 was 15.338 billion yuan, + 20.94% compared with the same period last year; and the net profit was 6.262 billion yuan, + 29.95% over the same period last year.

Luzhou laojiao realized operating income of 8.291 billion yuan in the fourth quarter of 2023, + 9.10% year-on-year; net profit of 2.68 billion yuan, + 24.78%; 9.188 billion yuan, + 20.74%, in the first quarter of 2024; and 4.574 billion yuan, + 23.20% of the same period last year.

Among them, only Yanghe's fourth-quarter performance growth is negative, so it is easy to be bearish by the capital market. This also leads to the lowest valuation of Yanghe among the five giants of Mao Wufen and Luyang. However, it should be noted that the fourth quarter of the Yanghe River is the settlement season, from previous years, there will be a negative from time to time, which is not enough to draw the conclusion that the Yanghe River is slowing down. However, Yanghe's growth rate in the first quarter of this year was much lower than that of last year, and both fell to single digits, which is the real cause for concern.

The change of the ranking of enterprises in the head has always been a favorite topic in the industry.

In the article "70 years of famous Liquor: the Great Banner of the changing City", Jiudujun once combed out the glory days of the "bosses" of Chinese spirits:

Since the birth of famous liquor in 1952, Chinese liquor has experienced the Luzhou laojiao flavor era created by Luzhou laojiao from 1952 to 1987, the fragrance era of "Fen boss" led by Fen liquor from 1988 to 1993, and the liquor king era of Wuliangye from 1994 to 2012. and then to 2013 to the present Maotai liquor industry "ceiling". In this process, China's liquor production capacity increased from 1080,000 litres in 1949 to 13.58 million litres in 2016, and then to 6.29 million litres last year, continuously meeting the people's demand for wine for a better life, and formed a development pattern of letting a hundred flowers blossom and sharing beauty with each other today.

Among them, the head of the enterprise you strive for me to catch up, never stop fighting spirit can not be ignored. Judging from the current situation, the "first three battles" of Chinese spirits are far from the final conclusion.

As a matter of fact, in addition to Maotai and Wuliangye, there are not a few people vying for the top three seats. At present, Leizhu Yanghe (33.126 billion yuan) is in the 30 billion camp with Fenjiu (31.928 billion yuan) and Luzhou laojiao (30.233 billion yuan), and the competition has become white-hot. In addition, Jiannanchun announced that the company achieved a total industrial output value of 25.832 billion yuan in 2023, an increase of 12.49% over the same period last year; Gujing Gongjiu's revenue in 2023 was 20.254 billion yuan, an increase of 21.18% over the same period last year; according to channel research data conducted by industry media, Langjiu's revenue in 2023 was 22 billion Although the 2024 Liquor Dealers Conference did not release revenue data for 2023, it has successfully completed the target assigned by the Guizhou provincial party committee and provincial government. According to the growth rate of 10%, Liquor Dealers' revenue in 2023 is in the range of 22-23 billion yuan. Both in terms of data and growth rateBestonlinepokersitesThey also have the opportunity to join the top three battles in the future.

In the view of Mr. Jiudujun, competition is an eternal topic in the industry, and the change of the ranking of enterprises in the head is the inevitable result of the high-quality development of the liquor industry. Its background is that while the industry is concentrated to superior producing areas, head enterprises and famous wine brands, a new pattern of strongly differentiated industry is gradually formed. In a market where there is competition in stock or even reduced volume, the mental competition among consumers around brands has further intensified. The fierce competition for the ranking of enterprises in the head also means that the pressure on the growth of local famous wines and regional brands is further highlighted. At the same time, with the growth of the younger generation, in addition to the old competitors such as beer, wine and yellow rice wine, liquor will also face new competitors such as whisky, brandy and other international distilled spirits and liqueurs, and the market width competition will further increase. But in any case, long cycle is still the biggest feature of the liquor industry, in the face of competition, long-term doctrine is still the biggest card. As Song Shuyu, chairman of the China Wine Association, said, what is the origin of wine? Brewed for whom? What value does it express? What flavor does it show? As long as we firmly grasp these points, enterprises strive for survival with characteristics and development with quality, they will certainly be able to develop.