Xi Jiu's "Ten billion Times" test: Can the 10 -year listing dream 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 10 years, Guizhou Provincial SASAC and Moutai Group have repeatedly proposed a listing plan for the wine.

In addition, in recent years, the development of Jiujiu has developed rapidly, and the revenue in 2021 has increased by 70 % year -on -year. In 2022, it has completed the sales of 10 billion yuan in sales in half a year. 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 Xi Jiu's 10 -year listing dream be as expected? "In the tens of billions of times", can the high -speed growth of alcohol continue? To this end, the reporter of "Daily Economic News" visited some distribution channels for Xijiu to learn about the relevant situation in Chengdu.

The sound of independent listing is one after another

Recently, the reporter was informed that Xi Jiu has withdrawn from Moutai Group Finance Company, and its 5%shares of Moutai Group Finance Company have been transferred to Moutai Group.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.

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. After 2017, Maotai Group and Jiujiu have proposed several times to complete the listing target in 2019 or 2020. 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 companies Guirong, Guiguang Network, and*ST Tiancheng have been passed down as the object of backdoor.

Earlier this year, it was reported that Xi Jiu would be independent from Moutai Group and subsequently listed on the market. However, the news was not confirmed by Moutai Group and Xi Jiu. Xi Jiu is still wholly -owned by Maotai 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' off -the -world, there is another listed company in Guizhou Province, but Xi Jiu's tax (sales income) may be 20 billion yuan this year, and 20 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 accounted for 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 15.58 billion yuan, respectively. The continuous growth rate was much higher than the industry average growth rate, and in recent years, it has accelerated the growth.

On June 26, 2022, the liquor expert Xiao Zhuqing said in an interview with the reporter of "Daily Economic News": "The Zunyi Municipal Government also took the initiative to support the support of Jiujiu to go public. Throughout the process, the competition between Jiujiu and Guizhou Maotai has become the most important obstacle for the independent listing of Jiujiu. Then, (if) the Guizhou Provincial Party Committee and the Provincial Government will change the practice of moutai control to another state -owned investment company holding Xi Liquor not only solves the problem of competition with Moutai's peers, but also adds a new listed company to Guizhou's economic development. It will be an important benefit for alleviating Guizhou urban investment bonds and developing Guizhou economy. "

Xi Jiu is promoting the expansion of production and expansion technical reform

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, 2022, the company's sales had exceeded 10 billion yuan during the year, completing the sales plan in the first half of the year, and the task was 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 wine product pushed 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 for the sales of 2022: "Last year, it was good, and it would be difficult this year." He said that the sales of the Spring Festival this year have fallen significantly. As of now, sales have fallen by about 30%year -on -year. At the same time In the quarter, the winery requires one 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 in 2022, Jiujiu appropriately reduced the requirements of the dealer's annual sales task. "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."

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.

Daily Economic News

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