After the Jiujiu, the tens of billions of exams: Can the dream of ten years be realized?Can high growth continue?

Recently, Xi Jiu's withdrawal from Moutai Group's financial company has aroused strong market attention, and the industry generally believes that this is a step further from its listing. In fact, this view is not groundless. In the past ten years, Guizhou Provincial SASAC and Moutai Group have repeatedly proposed a listing plan for the wine.

On the other hand, in recent years, the development of Jiujiu has developed rapidly. In 2021, the revenue increased by 70 % year -on -year. In 2022, it was 10 billion yuan in sales. With the company's "big pen" recruitment and expansion, the future business scale will inevitably expand again. In the context of high -speed growth, the market sales of some products of alcohol products have also received much attention recently.

With the continuous expansion of Jiujiu, can the ten -year listing dream of Jiujiu be like the wish? In the tens of billions of times, can Xi Jiu grow at the rapid growth of wine? To this end, the reporter of "Daily Economic News" visited some distribution channels for alcohol to learn about the relevant situation in Chengdu.

The sound of "independent listing" is one after another

Recently, a reporter from "Daily Economic News" learned that Xi Jiu has withdrawn from Moutai Group Finance Company, and its 5%shares of Moutai Group Finance Company have been transferred to Moutai Group.

Qixinbao shows that Moutai Group Finance Company has completed the change of industrial and commercial equity on June 10. The original 5%of the shares have exited. Moutai) and Guizhou Moutai Winery (Group) Technology Development Co., Ltd. holds 40%, 51%and 9%of the shareholding ratios, respectively.

Image source: Shi Xinbao Web Page Screenshot

Qixinbao shows that the current foreign investment companies are two foreign investment companies, which are Guizhou Xijiu Electronic Commerce Co., Ltd. and Guizhou Xijiu Sales Co., Ltd., and both are wholly -owned control of Xijiu. Guizhou Moutai's 2021 annual report shows that Guizhou Xiwan Sales Co., Ltd. deposits 9.734 billion yuan in Moutai Group Financial Company. And Xi Jiu's withdrawal from Moutai Group's financial company this time, many outside analysis believes that this is related to the listing of Xi Jiu.

In fact, the saying "Xi Jiu Lisai" has a long history.

As early as 2012, Moutai Group proposed that Xi Jiu will land on H shares in February 2013. In 2014, the Guizhou Provincial State -owned Assets Supervision and Administration Commission stated that on the basis of maintaining the control of Moutai Group for Jiujiu and the introduction of COFCO Group as a strategic investor, the opportunity to introduce various strategic investors and strive to go public in the market by the end of 2014. After 2017, Maotai Group and Jiujiu have proposed several times to complete the listing target in 2019 or 2020.

But in the following years, the above -mentioned listing plans have not made significant progress. Until October 2019, Zhong Fangda, chairman of Xi Jiu, publicly stated: "Due to the relevant provisions of the CSRC, it involves competition in the industry, and the same group cannot have two listed companies.

Over the years, news about the listing of wine on the market has also been settled. Guizhou local listed company Guirong (SH600992, stock price of 13.73 yuan, market value of 3.365 billion yuan), Guiguang Network (SH600996, stock price 7.28 yuan, market value of 7.752 billion yuan),*ST Tiancheng (SH600112, stock price 2.62 yuan, market value of 1.334 billion yuan ) John was passed on as a backdoor object.

Earlier this year, it is even more reported that Xi Jiu will be independent from Moutai Group and will be listed independently in the future. However, the news was not confirmed by Moutai Group and Xi Jiu, and Jiujiu is still wholly -owned by Moutai Group.

Regarding whether Jiu Jiu can be listed, a wine dealer also expressed his views: "(Xi Jiu) to go public, the first step is to leave Moutai, and the process of separation is very long. In fact, the local government in Guizhou hopes After its "dehydration", Guizhou Province has another listed company, but Xi Jiu's taxes (sales revenue) may cost 200 billion this year, and 200 billion yuan is also 'meat' for Moutai. "

The Moutai Group annual report shows that in 2021, the wine sales business achieved revenue of 128.277 billion yuan, an increase of 16.21%year -on -year, the gross profit margin reached 89.24%, and the revenue accounted for 96.72%. In contrast, in addition to the liquor sector, other businesses in Moutai Group (such as wine bottles, bottle caps and other upstream and downstream businesses, property rental, real estate sales business, financial leasing business, etc.) in 2021 are very low.

The bottle, bottle cap and other upstream and downstream businesses realized revenue of 168 million yuan, and revenue accounted for 0.13%; property rental and real estate sales achieved revenue of 232 million yuan, and revenue accounted for 0.17%. The income ratio accounted for 0.28%; the airport business was 103 million yuan, an increase of 27.16%year -on -year, the gross profit margin was 305.83%, and the income was 0.08%; the other businesses were 3.468 billion yuan, an increase of 7.37%year -on -year, the gross profit margin was 93.02%, and the income accounted for 2.62%of 2.62%. Essence

Among them, the core subsidiary Guizhou Moutai's revenue and net profit accounted for more than 80 % of the entire Moutai Group; and the operating data of Xi Jiu became the biggest highlight of the financial report, with the revenue scale of more than 15 billion yuan, and successfully stood stabilizing the tens of billions of steps.

From 2018 to 2021, Xi Jiu achieved operating income of 5.6 billion yuan, 7.98 billion yuan, 10.3 billion yuan, and 15.5.5 billion yuan, respectively. Essence

On June 26, the white wine expert Xiao Zhuqing said in an interview with the "Daily Economic News" reporter: "The Zunyi City Government also actively expressed its support for the independent listing of Jiujiu. In China, the competition between Xi Jiu and Guizhou Moutai has become the most important obstacle to the independent listing of Jiujiu. Then, (if) the Guizhou Provincial Party Committee and the Provincial Government have changed the practice of Moutai Holdings into another state -owned investment company holding wine. It not only solves the problem of competing with Moutai's peers, but also adds a new listed company to Guizhou's economic development. It will be an important benefit for alleviating the Guizhou urban investment bond and developing the Guizhou economy. "Can high growth continue?

Data show that in 2015, the revenue of Jiujiu was only 1.556 billion yuan, and it officially exceeded 10 billion yuan in 2020, reaching 10.3 billion yuan. From 10.3 billion yuan in 2020 to over 15 billion yuan in 2021. After only one year, the sales revenue of Jiujiu achieved a net growth of over 5 billion yuan. As of June 15 this year, the company's sales have exceeded 10 billion yuan during the year, completing the sales plan in the first half of the year, and the implementation of more than half of the task.

The development of Jiujiu is rapid, and the pace of expansion is still accelerating. On May 12, Xi Jiu released many recruitment in the WeChat public account Guizhou Xi Jiu, with a total of 499 people, including 3 doctoral doctors, 20 master's degree students, 400 undergraduates and 76 technicians.

In terms of production capacity, according to Xi Jiu, since May 2018, 190,000 tons of sauce wine and supporting projects have been completed and put into use.

At present, Xi Jiu is promoting the expansion of production technology reform. The "Fourteenth Five -Year Plan" technical reform (first phase) of 18,000 tons of new production capacity and supporting projects is under construction. According to the plan, the production capacity of Jiujiu will reach 100,000 liters by 2026.

Xi Jiu's sales scale has continued to expand, but recent media reports have reported that more than 10 billion yuan in sale in semi -annual sales is that many dealers are obtained by paying payment in advance. No digestion. Among them, the report also said that the high -end product of Jiujiu Junpinjiu has an upside -down phenomenon of the market.

"More than a dozen pieces (Junpin Xi Jiu) have been sold some time ago, and they will not be sold much afterwards." On June 25, "Daily Economic News" reporters as consumers visited the sales channels in Chengdu. A shop owner said. The main promoted wine product in the store is the cellar 1988, "This wine (the pricing of the cellar 1988) is not high, it is 800 yuan to 900 yuan (recommended for retail price). , But many people prefer Maotai, Wuliangye, Guojiao 1573, (these wines) are higher. "The owner of the shop is a second -level dealer (agent) for wine. To the store, the distributor will be distributed.

In another specialty store, a dealer said frankly this year: "Last year, it was good, and it was more difficult this year." He said that the sales of this year's Spring Festival have fallen significantly. So far, sales have fallen by about 30%year -on -year. At the same time In the quarter, the winery requires a model. Although this year's sales are not as good as last year, the dealer is still optimistic: "Must go (sell) to move, who is still here if you do not move."

The dealer said that this year's alcoholics have appropriately lower the requirements for the sales task of dealers throughout the year. "In the past, the task could not be completed, and the rebate at the end of the year was gone. If it really can't be completed this year, it will tell the winery that it will not affect the rebate at the end of the year." And talk about whether the sales target of 20 billion yuan in the year can be completed. The dealer believes that it can achieve: "After the development of wine in recent years, it has attracted a lot of strong businessmen with better strength, and there are more than 3,000 dealers across the country."

At the 2022 brand operator conference held on June 17, the company chairman Zhong Fangda said: "At present, the macro situation is more severe, the economic situation is downward, and the industry is expected to weaken. In the short term, we must firmly believe that the "Dalang Tao Sand begins to see gold '. After the survival of the fittest, the rest is the advantageous enterprise. . In the future, the relevant departments and sales management service teams will work from the perspective of the market to serve brand operators. At the same time, they also hope that brand operators will seize the opportunity period, make large items, make long -term products, and learn wine with wine wine, and Jiujiujiu Build a brand together and share dividends. "

In fact, since this year, many media reports have reported that although the performance of liquor listed companies has increased high, the white wine market terminal sales are not ideal. Regarding the current problems in the industry, Xiao Zhuqing believes that the epidemic has exacerbated the shuffle in the liquor industry, forming a situation of "strong strong, weak and weak". Because of the large social inventory, in order to digest inventory, it will dump at low prices and hurt the brand difference. Without a brand, there is no driving force for channels.

Cover picture source: Every reporter Zhu Wanping (information map)

Daily Economic News

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