[Cai Zhi Headline] Moutai in Guizhou earned nearly 30 billion yuan in half a year?Ding Xiongjun: The value of the base of our deposit is much trillion

Picture source: network

Guizhou Moutai (600519.SH) never lacks heat in listed companies in A shares.

Today, at the annual interimport season, various listed companies have issued their own semi -annual reports. On the evening of August 2nd, Moutai, Guizhou, released the 2022 half -year financial report. In the first half of the year, the operating income and net profit both achieved double -digit growth. Among them, the net profit growth rate exceeded 20%to 29.794 billion yuan, which was equivalent to the average daily earning of about 165 million yuan.

Guizhou Moutai said that thanks to the launch of new products such as Tiger's Zodiac Maotai, Treasure Moutai, Moutai 1935, 100ML Feitian Maotai and other new products. Not only that, the advent of the "I Moutai" platform and "Moutai Ice Cream" added a few fires to its performance.

On the day of the announcement of the semi -annual report, Ding Xiongjun, chairman of Maotai, said that Moutai's wine inventory of "hundreds of thousands of tons of base wine" was "much trillion yuan". Subsequently, the relevant topic "Moutai deposited a lot of trillion base wines" immediately appeared on Weibo to search, and Guizhou Maotai once again became the focus.

Capacity storage far away?

On August 2nd, Ding Xiongjun, Secretary of the Party Committee and Chairman of Guizhou Moutai Group, revealed at the 2022 Yabuli China Entrepreneurs Forum · Tianjin Summit that Moutai deposited hundreds of thousands of tons of base wine in the library. A lot of trillion (yuan). "

Picture source: Yabuli Entrepreneurs Forum CEF

Ding Xiongjun said that Maotai has four core potential energy, namely: unique origin protection, non -copying microbial colonies, inheriting the unique brewing process for thousands of years, and long -term high -quality wine resources stored.

According to the performance report of Moutai in Guizhou in the first half of 2022, during the reporting period, the output of Moutai wine was 42,500 tons, an increase of 12.4%year -on -year.

Ding Xiongjun's so -called "hundreds of thousands of tons of base wine" was confirmed in the 2021 annual report of Guizhou. In 2021, the output of Moutai in Guizhou was 84,700 tons, an increase of 12.72%year -on -year. The Moutai wine base is about 56,500 tons, and the series of wine -based wines are about 28,200 tons. The sales volume was 66,400 tons, an increase of 3.72%year -on -year, and the inventory was 260,700 tons.

"At present, the real situation is (if it is said) that can reach 10,000 tons in domestic wine storage. If the base wine reserves, "it can be understood as it (Moutai) has monopoly advantages in China, whether in old wine or base wine reserves."

On the one hand, it has been stored hundreds of thousands of tons of base wine. On the other hand, Guizhou Maotai has planned to invest in two new capacity and energy storage projects in half a year, with a total investment of nearly 5.7 billion yuan.

In 2022, the first to announce the expansion plan of the liquor industry was the leading wine company, Guizhou Maotai. Head wine companies such as strong white wine faucet Wuliangye (000858.SZ) and Luzhou Laojiao (000568.SZ) have thrown billions of yuan to expand capacity expansion and storage planning plans.

On January 26 this year, Guizhou Moutai issued an announcement saying that it was decided to invest 4.11 billion yuan to implement the first phase of construction projects of sauce and wine. According to the announcement, the construction site of the project is located in Tongmin Town, Xi Shui County, Guizhou Province. After the project is completed, it can form a series of alcoholic wine production capacity of about 12,000 tons, about 29,400 tons, and about 36,000 tons of wine storage. The cycle is 24 months.

Four months later, Guizhou Moutai issued another announcement saying that it decided to invest 1.587 billion yuan to build 30 wine storage projects in China Channel area, with a total of about 36,800 tons of wine storage.

Cai Xuefei pointed out that Ding Xiongjun threw out the "hundreds of thousands of tons of base wine" remarks, and its "real intention should be to release signals to the market: Moutai has sufficient product supply and strong base wine reserves to sell and regulate the future sales and market regulation of Moutai. Especially the quality of the old wine is very confident. "

"I Moutai" and "Moutai Ice Cream" adds fire to the performance

On the same day of Ding Xiongjun's participation in the summit, Moutai, Guizhou, disclosed his performance report in the first half of 2022.

半年报显示，2022年1-6月，贵州茅台实现营收576.17亿元，同比增长17.38%;归属于上市公司股东的净利润297.94亿元，同比增长20.85%;基本每股收益23.72元，同比Grow up 20.85%.

In terms of sales, Moutai achieved sales revenue of 49.965 billion yuan in the first half of the year, of which the sales revenue of direct sales channels was 20.949 billion yuan, a significant increase of 120%year -on -year, and contributed 36%of revenue. It accounts for nearly 64%of the revenue.

Picture source: Guizhou Moutai Announcement

Among the direct sales revenue of Moutai in Guizhou, 1/5 contributed by "I Moutai". "I Moutai" officially launched on March 31. In just 3 months, it contributed 4.416 billion yuan in tax income to Moutai, Guizhou, with a daily income of about 48 million.

The advent of the "I Moutai" platform and "Moutai Ice Cream" added a few fires to Moutai, which did not lack the heat.

On May 19 this year, Guizhou Moutai cooperated with Mengniu to jointly launch Moutai ice cream, which is divided into two types: ordinary and combined installation. The official price is 59 yuan to 66 yuan per cup.

On May 29th, Moutai ice cream launched by Moutai and Mengniu was officially launched. There are three flavors of green plum boiled wine, classic original flavor and vanilla flavor. A total of 12 cups, the starting of the "opening of the door". Photo source: I Moutai

Less than an hour on sale that night, all ice cream on the "I Moutai" had been sold out, with sales of more than 40,000 sales and sales of more than 2.5 million yuan. According to the data disclosed by "I Moutai", as of the evening of July 9, Maotai ice cream sold a total of 660,000 cups.

In addition to the two local Moutai ice cream stores in Guizhou in the early stage, on June 29, Moutai Ice Cream officially opened in Xi'an and Nanjing; on July 9, Moutai opened 5 ice cream flagship stores a day, located in Hangzhou, Shenzhen, Guangzhou, Wuhan , Five Cities of Changsha.

The "I Moutai" APP will also be available as four provinces in Zhejiang, Guangdong, Hubei, and Hunan as the online channel of Moutai Ice Cream.

For the Moutai Ice Cream this year, Ding Xiongjun said at the summit that Moutai Ice Cream is now in short supply. There are three technological innovations. The result of innovation. "

The "Matthew effect" of the liquor industry intensifies

Ding Xiongjun throws out the "hundreds of thousands of tons of base wine" to release signals to the market. How important is the base wine for liquor companies?

Guizhou Maotai disclosed in an annual report of 2021 that the design capacity of the series of wine -making workshops was 31,66 million tons of production capacity, of which 6,400 tons of wine design capacity was put into production in November of that year, and the actual production capacity will be released in 2022.

This also means that the actual production capacity of Moutai is at least one year to release.

Founder Securities Report on August 3 stated that Guizhou Moutai's sales volume in 2022 is expected to reach about 40,000 tons, an increase of about 10%over the same period last year. At the same time, the 6400 -ton series of wine -based wine production capacity has been released this year. The Research Report on the same day of Zhejiang Business Securities stated that considering that Moutai's liquor was only about 36,000 tons in 2021, it is expected that the output of Moutai wine this year may reach up to 60,000 tons.

Guizhou Maotai reported at the 2021 annual report that in order to ensure the company's sustainable development, a certain amount of base wine needs to be retained each year. According to the production process, Moutai wine takes at least five years from production to the factory. Moutai is blended with different years, different rounds, and different concentrations, so the base wine of a certain year may appear as a product in the next few years. The formation process of the series of wine is similar to Moutai.

The base wine reserves can be said to be a direct guarantee for the upgrading of the product structure of wine companies. If the production capacity and reserves of base wine are not enough, it will also become a major constraint for wine companies to promote high -end wine, year and old wine. This also confirms the importance of base wine production to liquor companies.

Recently, in addition to the liquor leader in Guizhou, Gujing Gongjiu (000596.SZ) and Shuijingfang (600779.SH) have disclosed the mid -term performance in 2022.

Among them, Gujing Gongjiu achieved revenue of 9.02 billion yuan in the first half of 2022, an increase of 28.46%year -on -year; net profit of home mother was 1.919 billion yuan, a year -on -year increase of 39.17%. In the first half of 2022, the revenue of Shuijingfang increased by 12.89%year -on -year, but the net profit of returnees decreased by 2%year -on -year to 370 million yuan.

Picture source: Shuijingfang Announcement

Regarding the performance of the first half of the year, Shuijingfang explained that "During the reporting period, my country's economy continued to face the pressure of demand shrinkage, supply impact, expected weakness, and was impacted by the excellent factors such as the domestic epidemic rebound. After the industry has experienced many years of high -speed development, the contradictions accumulated in the development of the industry are also being further emerged. "

In order to meet the positioning of high -end liquor, Shuijingfang launched new products and carried up marketing. Last year, the "Collection" wine was also upgraded, and the retail price was increased to 999 yuan and 1399 yuan. Despite the huge investment in advertising, the inventory of Shuijingfang is still increasing. At the end of June this year, Shuijingfang's inventory was 2.321 billion yuan, and the number of inventory turnover days was 1292 days. The six months increased by 269 days from the end of last year, a new high in recent years.

"In the future, it must be a game for giants." Zhu Danpeng, an analyst at Chinese food industry, believes that under the development trend of Chinese liquor from price to value, the company's layout is normal for 20 or 30 years.

(WeChat public account "Caizhi Headline" comprehensive from: China Securities News, Chengdu Business Daily, Surging News, Beijing Commercial Daily, Securities Times, etc.)

Edit: Bai Jing

School pair: Yuan Kai

Review: Gong Zimo

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