New commander Liu Miao: 30 years old in Laojiao's multiple background colors and character changes

Source: Company Research Room Wine Industry Group

Text: Huai last month

Among the waves of the white wine head company, most of the "airborne soldiers", few internal promoters, Ding Xiongjun of Moutai (600819.SH) in Guizhou, Zhang Liandong of Yanghe (002304.SH), and Shanxi Fenjiu (600809.SH) (600809.SH). Yuan Qingmao belongs to foreigners. In fact, Zeng Qin, who was also a foreigner of Wuliangye (000858.SZ), was just a former supported by his predecessor. Only Liu Miao, the new head of Luzhou Laojiao (000568.SZ), is an authentic old cellar. The benefits of internal people's succession are that they can be seamlessly connected. The disadvantage is that it is easy to be conservative.

As far as the scale of revenue is concerned, Luzhou Laojiao was 20.64 billion yuan in 2021, which was less than 700 million higher than Shanxi Fenjiu. Guizhou Maotai. Therefore, many people in the circle believe that Liu Miao's first challenge after serving as the new head is how to fight the PK battle with Yanghe and Shanxi Fenjiu, so that Luzhou Laojiao "returned to the top three".

01 Graduation will enter the factory.

In China, there are not many people who know Luzhou, and most of them are because of Luzhou Laojiao. This small town is located at 28 degrees north latitude. The air is moist and clear. Because of its unique microbial environment, it is hailed by the world's grain and agricultural organization as "the most suitable place on the earth to brew pure distilled wine."

In 1969, Liu Miao was born in this famous Sichuan wine city. In the summer of 1991, after graduating from Nanjing University of Technology, Liu Miao returned to his hometown and was originally assigned to work in government departments, but he took the initiative to ask for transfer to Luzhou Laojiao to work. According to himself, at that time, "there was always a voice in my heart, I just wanted to enter the old cellar."

After entering Luzhou Laojiao, Liu Miao has been doing it for more than 30 years. "From the perspective of marriage and love, my name is from the end of the one, and I am ascended." Liu Miao often joked with this sentence. This is his first job after graduation, and the probability is the last job.

When Liu Miao first entered the company, Luzhou Laojiao was a national large -scale brewing backbone enterprise with 10,000 tons of wine production capacity. However, for various reasons, the boss of liquor gradually lost the industry's first challenge. Not only was the Sichuan wine brother Wuliangye, but the neighbor Guizhou Maotai also lived up. For Liu Miao, who would rather not have to enter the winery, the sinking process of Luzhou Laojiao is estimated to be still at his heart.

In May 1994, Luzhou Laojiao was listed on the Shenzhen Stock Exchange, only 4 months worse than the first Shanxi Fenjiu.

Although the listing of Luzhou Laojiao is even more loud, the specific sales are still "good wine is afraid of deep alleys." After the outbreak of the Asian financial turmoil, the Chinese economy was affected. In order to cope with market competition, the company's management proposed in 1998: "First -class talents engage in production management, super first -class talents engage in market sales." This year, Laojiao began to rebuild sales companies, selecting 50 people from 5,000 employees to form a marketing "first echelon".

That year, Liu Miao was less than 30 years old. He felt that he was still young, and he could do something for Luzhou Laojiao, especially at the time of the company at the time of crisis and employment. According to his words, "I could have stayed in the management department as the person in charge. Later, I went to the front line."

After entering the front line of sales, Liu Miao realized the cruelty of the market. "Looking back now, every step from basic salesman to planning minister and sales company is really difficult." Liu Miao later recalled. In fact, the experience of the sales position gradually created his identity background in the company's operation, laying a solid foundation for the later steps step by step.

From the public information, except for one year in the United States in January 2008, Liu Miao has not left Luzhou Laojiao since the first day of work. This is the only one among the current head of the domestic liquor TOP5 company.

Liu Miao's Laojiao life, the only comparable may be the former head of Moutai, Guizhou, Ji Keliang, who was also assigned to Moutai Winery in college graduation, and worked in the factory for a lifetime. However, Ji Lao is from Nantong, Jiangsu. He graduated from Wuxi Light Industry College (Jiangnan University). The role positioning of the two in the company's operation is also different. Ji Lao is famous for technology, while Liu Miao is known for sales planning.

02 Guojiao 1573 "turning the car", the danger was ordered to be a master who worshiped the general

When it comes to Luzhou Laojiao, the first thing people think of is the Guojiao 1573.

In the liquor circle, 1573 Guojiao 1573 of the three high -end brands of Chinese liquor, almost no one knows, but few people know its origin. In fact, the bud of this wine dates back to 2001.

At that time, China joined the WTO, bringing the consumption to accelerate the upgrade. The management of Luzhou Laojiao noticed this trend, proposing the slogan of "the future consumption of wine to rule the wine", and began to dig deep into the history, culture and quality resources of "strong originator". At this time, Liu Miaozheng was the director of the company's planning department, and participated in the whole process of Guojiao 1573 from creative planning to product design and setting. Today, "the history you can taste" has become a familiar classic.

This experience has become one of the highlights of Liu Miao Laojiao's life.

Many people once asked Liu Miao: "For so many years, what is the most correct thing in Luzhou Laojiao?"

"There are three pieces." Liu Miao said, one is to retain the brewing skills of the old ancestors for more than 690 years and the national treasure cellar pool of more than 440 years in succession, which has become a guarantee of quality. Become the guarantee of the market; the third is the successful launch of Guojiao 1573, becoming a brand guarantee.

Guojiao 1573, successfully shaped the humanistic image of Luzhou Laojiao through history, and became a weapon for the company to open up the market. However, it is too late. Due to the fast price increase, it exceeds consumer psychological expectations, and this core item encountered a "rollover" around 2013.

At that time, the entire industry was hitting the sky such as "plasticizer storm" and "restricting the three public consumption". Luzhou Laojiao was even worse. Dealers were selling at low prices. 999 yuan per bottle fell to 560 yuan.

With the price increase of Guojiao 1573, other products in Luzhou Laojiao naturally declined, and the company's performance was also a thousand miles. The net profit in 2014 fell significantly by 74.41%compared with 2013, only 880 million yuan, becoming the lowest point since 2008, the lowest point since 2008 Essence

At the time of the crisis, the management of Luzhou Laojiao decided: scholars worshiped generals.

In June 2015, Liu Miao "was in danger" and served as chairman of Luzhou Laojiao Co., Ltd., shouldered the front -line command, revived the national cellar 1573 Rongguang, and led Luzhou Laojiao to the trough.

03 Strong and weak branches, and the branches of branches are cut off

The scholar worshiped, it sounded very desirable, but since ancient times, whether it is a battlefield or a shopping mall, rare scholars such as Han Xin have become famous, and most of them are Zhao Kuo who talked about soldiers on paper. After Liu Miao took office, could he really let Luzhou Laojiao sell back and live, and many people still sweat.

Looking back, Liu Miao could not live up to expectations and led Luzhou Laojiao out of the trough.

However, this period of climbing is very long, and it takes at least 5 years from the scale of revenue. In 2012, Luzhou Laojiao's revenue was 11.56 billion yuan. The number was not surpassed again until the end of 2018, and the company's revenue was 13.06 billion. From 5.353 billion in the trough in 2014, to re -standing tens of billions of camps in 2017, to the peak of 2012, during this period of suffering, the hot and sour salty in real sales, only parties like Liu Miao knew.

During this time, as a front -line commander, Liu Miao had done a lot of things. However, from a large level, the company's research room believes that the most important thing is his decisive choice on the company's product matrix, and he has reduced those miscellaneous products and re -brightened the Luzhou Laojiao brand.

Around 2010, market demand is strong, as long as liquor can be sold. As a result, major wineries have opened their horsepower to expand production. In addition, in order to increase revenue, it has also conducted external associations to conduct OEM processing. There is no exception in Luzhou Laojiao, but this approach has severely overdrawn the company's reputation, diluted the brand's gold content, and reduced the ability to resist risk.

After the market sales in the second half of 2015, Liu Miao resolutely promoted the brand cleanup with the determination to scrape the poisoning and carried out the "strong dry branches" operation. Since 2016, Luzhou Laojiao has reduced the number of barcies while integrated the original sales team into four major brand companies. "The number of strip code alone has reduced more than 90 %." Liu Miao later recalled.

While cleaning up the miscellaneous cards, Liu Miao is also thinking about how to revive the glory of Guojiao 1573.

The Waterloo encountered in Guojiao 1573, which made Liu Miao's unforgettable heart. Since then, the company has been cautious about the price raising of Guojiao 1573, and has adopted the strategy of "small steps" for controlling price promotion. Following the object is not Feitian Moutai, but Wuliangypu Wan. Before the price increases, Luzhou Laojiao will test the market's response to the price increase, and try it from some areas to see that there is no negative response in the market before further price increase. In this way, this core brand has gradually returned to vitality.

04 The third curve new product is not satisfactory, Luzhou Laojiao 1952 debut

In 2017, Luzhou Laojiao's heavy heavy weight returned to 10 billion yuan. In 2019, Guojiao 1573 also achieved tens of billions of revenue. At this time, the eyes of the company's management began to focus on a new goal: return to the top three in the industry. For an enterprise that once became the leader of the industry, the temptation of this goal is not excessive.

Of course, Liu Miao and others are also very clear. If you want to reconnect the top three in the industry, you must not rely on Guojiao 1573 and Luzhou Laojiao special song, you must have new products to help. As a result, in October 2020, the high -end light bottle wine in Luzhou Laojiao came out.

At the launch conference of the highlight series of the banquet hall on the 2nd floor of the Shanghai Central Building, Liu Miao said: "Combining the development history of Luzhou Laojiao, we will find that Luzhou Laojiao special song is our first curve. The birth of Guojiao 1573 is our second curve, and the highlight brand released today will be the third curve of Luzhou Laojiao. "

"The front wave rushes, the back waves, and the rivers are endless."

Liu Miao believes that from the time node of this curve start, the listing of highlights is just right. However, since the launch of the highlight series, it has been famous in the liquor industry by a series of activities, but this fame has not been able to extend to the consumer level. In the highlight flagship store of the e -commerce platform, the highlights of the highlight series of products are mediocre.

At present, it is the annual 618 major promotional season. The company's research room noticed that the consumer reviews of G1, G2 and G3 on the Jingdong flagship store of this product are still sparse, 200+ high, less than 100. Chengdu dealers, who once had Luzhou Laojiao, told the media that it has high -gloss products on sale. "However, the price is a bit high, and the demand for young consumers is different." When it was cold, Liu Miao turned his eyes to another new product of the first curve. In October 2021, he launched Luzhou Laojiao 1952.

Public information shows that the retail price of Luzhou Laojiao 1952 was positioned at 899 yuan per bottle. According to the company's current product price system, it is clear that this is a product between the card position between Guojiao 1573 and cellar aging wine. The main intention is to fill the product gap between the company's 700 yuan and 1,000 yuan.

As when the highlight series came out, the press conference of Luzhou Laojiao 1952 was not small. Liu Miao once revealed: "We will use this strategic item as a leading and reliance, and promote the Department of Luzhou Laojiao Products to exceed 10 billion in 2022." According to the momentum at the press conference, the company does have the determination to make Luzhou Laojiao 1952 into another super large item.

Judging from the consumer response from the Jingdong flagship store, this product is obviously better than the highlight series. The comments during the 618 period are at least 2000+. Of course, compared with the new Moutai 1935 launched by Moutai in Guizhou, it is much deserted. In this regard, the market has a point of view that Luzhou Laojiao 1952 lacks differences. Compared with the same price belt products, there is no significantly higher competitiveness, and it has a certain overlap with the target group of Guojiao 1573.

05 New Marshal, the leader returning to the industry's three -way road is long

Liu Miao, who personally participated in Guojiao 1573, can be described as a marketing master, but it is difficult for masters to explode. The highlight series was cold, and Luzhou Laojiao was not as good as expected after the launch of 1952, but this still did not shake Liu Miao's ambition to return Luzhou Laojiao to the industry.

In March 2022, at the annual meeting of Luzhou Laojiao, Liu Miao said that in 2021, the company maintained "how much can run on the basis of benign development and how fast", and various indicators have grown at a high speed. Switching has the strength of the top three. In 2022, the company will enter a new stage of development of comprehensive offense and accelerating breakthroughs.

It was before and after that, Liu Miao officially took over as the chairman of Luzhou Laojiao Group Company, and became the new head of the group and the company's shoulders. At this time, Zhang Liandong's Zhang Liandong was one year later than Yang Liandong, about half a year later than Ding Xiongjun in Moutai in Guizhou. It was almost 3 months later than Yuan Qingmao of Shanxi Fenjiu, and 17 days later than Zeng Qin, Wu Gaiye.

Within a year, the Chinese liquor TOP5 company has changed coaches, indicating that the industry head camp is ushered in a new round of competition. Can Liu Miao stand out in this peers?

Not long ago, Yuan Qingmao said: Fenjiu, who has been "survival line", and reached the "development line", is facing the situation of "there are pacesetters in front, there are heroes on the side, and chasing troops." In fact, isn't this a portrayal of Luzhou Laojiao and Yanghe shares? In the new camp of 20 billion, at present, it is still a three -legged situation.

From the first quarter report of 2022, Shanxi Fenjiu's revenue reached 10.5 billion and net profit was 3.7 billion yuan. During the same period, Yanghe's shares revenue was 13 billion yuan, with net profit of 4.985 billion yuan, which was far exceeding the same period of 2021. Therefore, the Luzhou Laojiao, who is looking at the four -year -old Luzhou, may not be so flat in the industry.

At the same time, after the Moutai and Wuliangye changed handsome in Guizhou, they were also trying to find new growth points. This naturally makes the younger brothers who follow behind, just like a buzzword on the Internet: "Here! Bai Fumei, who is obviously worried about nothing, is often harder than you."

Of course, Luzhou Laojiao is not without advantages. Among them, the brand matrix formed after several years of adjustment is its biggest highlight.

From the perspective of product structure, the company's high -end product revenue accounted for 89.12%in 2021, and its Chinese cellar 1573 accounted for a large head (data shows that in 2020 accounted for 78.1%), and the gross profit margin was as high as 90.34%. In TOP5, only in TOP5 Substance to Moutai, Guizhou.

In contrast, although the overall revenue growth rate of Shanxi Fenjiu is higher than that of Luzhou Laojiao, the proportion of blue and white Fen wine accounts for less than 50%, and the gross profit margin is only 76.55%. In terms of production capacity, Luzhou Laojiao's mid -to -high -end output increased by 100%year -on -year, while Shanxi Fenjiu seemed to be slightly inadequate, and it was reported that it was necessary to rent outside. In addition, for the explosive growth of Shanxi Fenjiu in recent years, many people in the industry believe that such a high growth rate may be difficult to continue for a long time.

As for Yanghe's shares, after the equity incentive and the enthusiasm of the core employees are mobilized, whether the high -end brands represented by handmade classes and dream 6+ can truly measure, it will be the biggest highlight in the near future. It is just like Luzhou Laojiao 1952 to make the volume, which will become the key to whether the company can go to the next level.

Ideal is full, the reality is very skinny.

Liu Miao is actually very sober for the competitive pattern of Luzhou Laojiao. He frankly said, "For Luzhou Laojiao,‘ killing the siege and returning to the first three ’is a long -term development goal." From this point of view, Luzhou Laojiao hopes to win this marathon in the end.

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