What is the "password" behind the revenue of Shuijingfang in the first half of the year?

Cover news reporter Yu Qishu

The cover news learned that on July 27, Sichuan Shuijingfang Co., Ltd. (600779.SH) released a semi -annual report, which is the first semi -annual report released by domestic liquor listed companies this year.

The semi -annual report shows that in the first half of 2022, Shuijingfang achieved operating income of 2.074 billion yuan, an increase of 12.89%year -on -year, and realized the net profit attributable to shareholders of listed companies by 370 million yuan, a year -on -year decrease of 2%.

Some industry experts said that overall, in the background of the liquor industry in the first half of the year, in the context of repeated domestic epidemics, Shuijingfang still maintained double -digit revenue growth and has a relatively stable development.

The Shuijingfang 在 base under construction

Overcoming the pressure Shuijingfang in the first half of the year maintained a steady growth

It is understood that in the first half of this year, my country's economy continued to face the shrinkage, impact of supply, and the weakened triple pressure. At the same time, it was impacted by super -expected factors such as the domestic epidemic rebound. After years of high -speed development of the liquor industry, the contradictions accumulated in industrial development have been further emerging.

Some industry experts said that under the overall background of the development of the liquor industry in the first half of the year, in terms of the development of Shuijingfang itself, Shuijingfang's revenue still maintained a length of 12.89%, and the overall performance was good.

The semi -annual report of Shuijingfang showed that high -end wine sales were 1.984 billion yuan, accounting for 95.66%, an increase of 11.41%year -on -year; mid -range wine was 61.7 million yuan, accounting for 2.97%, an increase of 13.94%year -on -year.

According to industry analysts, in the case of a significant increase in its expenses, the net profit of 370 million yuan in the first half of the year still maintained a net profit of only 2%year -on -year, indicating that its overall operation was relatively stable. Shuijingfang has invested many resources in terms of high -end brand, carried out multi -type integrated marketing activities, and achieved precise reaching and activation of multiple types of high -end circle layers, and accelerated sales conversion. In the long run, the accumulation of the early period will be gradually released in the later period, providing support for the continuous development and stable growth of performance in the future.

Observed people in the industry believe that Shuijingfang has developed well in recent years, the foundation has gradually tied, and future development can be expected.

Next, we can analyze the current and future development of Shuijingfang from the following aspects.

Steady price allows channel vendors to make money to earn

Judging from the first half of this year, liquor consumption has been affected by the fluctuations of the epidemic, and channel vendors generally take pressure. However, through the optimization management of the value chain, the mainstream transaction price of its core products has maintained a stable improvement.

According to relevant statistics, from April 2021 to June 2022, the 52 -degree collection was increased by about 50 yuan in the mainstream of the key market, the 52 -degree Jingtai was increased by about 40 yuan, and the 52 -degree brewing was increased by about 30 yuan.

The stable market price of the market has risen slightly, which means that channel merchants have the opportunity to gain considerable profit.

In this regard, October October October said that the terminal retail price of Shuijingfang's products has increased, which reflects that the two major items of Shuijingfang and Jingtai have been recognized and welcomed by the market after upgrading. The core items of Shuijingfang also continue to develop and develop, which also means that the overall channel inventory level of Shuijingfang is relatively healthy.

He believes that in the special period of the structural adjustment of the industry and the repeated epidemic situation, Shuijingfang, as always, attaches importance to the management of the level of health inventory and value chain, and the product terminal price remains strong, which reflects the toughness and determination of the company's healthy growth.

Zhu Zhenhao, CEO of Shuijingfang, said that due to the influence of the environment, the social inventory of Shuijingfang in the first half of the year has increased compared with the same period last year, but the overall level remains healthy.

"Under the circumstances of the economic environment and the limited restrictions on liquor consumption scenarios, we continue to expand the circle through digital marketing, consumer cultivation, and opening a new group purchase model to continue to promote store sales to maintain the health chain health."

Stable quality allows consumers to get better experience

In the first half of this year, Shuijingfang did a lot of work in terms of quality improvement, allowing terminal consumers to get a better product experience.

In fact, as early as last year, Shuijingfang first upgraded its high -end liquor single product Shuijingfang Collection. The newly hidden "1+3+5" craft password fully laid the quality foundation for Shuijingfang to become a high -end fragrance. The aspects of distillation, storage, and hooking have achieved comprehensive innovation of craftsmanship, and consumers are generally recognized after listing.

In April this year, Shuijingfang upgraded the well platform. The new generation of well platform is based on the "one independent double incense" and brewed the quality of the "six more" through the three major enhanced processes.

"One independent double incense" refers to the innovation of mellow and mellow and mellow double aromatherapy based on the "No. 1 flora". "Three plus and six more" refers to adding more old wine, and the body is more softer; the fermentation time is extended, and the fragrance of the wine body is thicker and thicker; strengthening the raw grain abandonment process and the tasting is cleaner.

After the launch of the new generation of Jingtai, Shuijingfang successively held a launch conference in various regions. Various tasting meetings and consumer cultivation activities such as stores and consumer cultivation also started quickly.

From the perspective of terminal response, Nihochi has successfully impressed consumers, welcomed by consumers, and its shops have steadily increased.

In addition, in order to meet the requirements of quality upgrades, from September last year, Shuijingfang and the Institute of Microbiology of the Chinese Academy of Sciences have launched a strategic cooperation to conduct in -depth research on the "No. 1 flora" in the ancient cellar mud in Shuijingfang.

According to the first phase of the newly released research results, the research team of the Chinese Academy of Sciences found nearly 20 new bacteria that have not been reported from the ancient cellar mud in Shuijingfang. Compared with other liquor producing areas in Sichuan Some bacterial groups have 16 and 2 unique ancient bacteria groups. This shows that the rich and unique flora in the Laojiao Mud of Shuijingfang has formed the unique body style of Shuijingfang and laid the quality foundation of Shuijingfang products.

The quality of Shuijingfang is based on the high -end quality. With quality support, Shuijingfang can better achieve circular breakthroughs, thereby opening up the high -end circle channels and opening a new world for the sustainable and healthy development of the enterprise in the future.

Hu Yongsong, a well -known white wine expert, believes that Shuijingfang has caught the foundation of the "No. 1 flora" and has a good start. It is hoped that on the basis of this achievement research, the cellar mud rich in "No. 1 flora" is based on the research. Expand the cultivation, and then use the scientific achievements such as the qi acid bacteria and methane bacteria that you already know.

Marketing steady layers make the circle of friends getting bigger and bigger

Since the beginning of this year, Shuijingfang's marketing has become more proactive. In various ways, the "breaking circle" operation has been launched, and the circle of friends has become bigger and bigger.

Since the beginning of this year, Shuijingfang has launched in -depth cooperation with large IPs such as the China Ice and Snow Conference, WTT World Table Tennis Federation, and National Treasures, and carried out marketing activities covering multiple high -end circle.

By activating the high -end circle and opinion leaders, Shuijingfang effectively realized the reaching and penetration of the circle, and accelerated the recognition of the brand in the circle.

In addition, Shuijingfang Aesthetics Museum has appeared in key markets across the country. This is another important measure to cultivate high -end circle layers in Shuijingfang.

The Aesthetic Museum fully demonstrates the rich brand assets, cultural heritage and product -related content of Shuijingfang, so that local customers and consumers can better understand Shuijingfang.

It is understood that according to the feedback of its channels, the opening of the aesthetics museum effectively expands the influence of high -end products in Shuijingfang in the local high -end circle.

At the same time, Shuijingfang also actively changed. Last year, we jointly established 25 core dealers to promote the establishment of high -end liquor sales companies.

The high -end product business team actively expands the development of high -end liquor group purchase and enterprises and circle business on the platform of high -end sales companies, and has established a high -end circle member service system. High -end liquor users have achieved closed -loop sales from new to maintenance.

Analysts believe that through various consumer cultivation activities such as high -end tests, brand banks, museum experiences, tennis clubs, Shuijingfang Lion Kinghui, etc., Shuijingfang accurately penetrates the target consumer circle, so that the target consumption layer will establish long -term brand loyalty Spend.

At the same time, Shuijingfang also actively recruited new dealers to expand the group purchase business, and set up a core consultant dealer team to help the rapid development of key markets and continue to attract more high -quality dealers to join.

In addition, Shuijingfang has continuously promoted digital marketing. Through the implementation of bottle -opening scanning rewards and other activities, channels and consumer links are opened to achieve a win -win situation for consumers and channel dealers, and new sales growth points are opened.

According to preliminary statistics, since the listing of new collections in September last year, the number of group purchases has increased rapidly to more than 2,000, and the proportion of group purchase sales has increased to 50%. Jingtai has also opened a new group purchase model, covering a total of 34 key cities in Jingtai, expanding more than 1,100 group purchase customers.

As of the end of June, in less than two months, Shuijingfang has successively deployed a prize -scanning campaign in 44 key cities and nationwide in 44 key cities and nationwide.

Through this series of marketing measures, the circle of friends in Shuijingfang has become bigger and bigger, making a better way for the stable growth of the subsequent market.

Basic Stability Experts are optimistic about the future development of Shuijingfang

If the above measures are made from the tactical level, the following measures are more prominent in the long -term strategic significance, laying the foundation for the long -term stable development of Shuijingfang.

The first thing worth noting is that on May 27 this year, Shuijingfang released the first ESG report, namely the "2021 Environment, Social, and Company Governance Report".

It is understood that among the 19 white liquor listed companies in China, there are currently only 5 ESG reports.

According to the "China ESG Development Report 2021", in A -share listed companies, if measured by the standards of comprehensive ESG information disclosure, only 66 companies released the name of ESG in 2021, accounting for 1.57% of the total number of A -share listed companies about.

Zhong Hongwu, an expert at the cover think tank and director of the Social Responsibility Research Center of the Chinese Academy of Social Sciences, said that ESG is the core framework for enterprises to perform the environment, society, and governance responsibility.

He believes that ESG is a values ​​that take into account the sustainable and coordinated development of economic, environmental, social, and governance benefits, and a investment concept pursuing long -term value growth.

"ESG can not only empower enterprises to explore long -term sustainable development, but also guide capital for sustainable investment to obtain the positive income of long -term dimensions. The quality of an enterprise ESG determines the future prospect of the company's long -term development."

It is understood that the ESG report of Shuijingfang is 111 pages, and 34 substantial issues have been identified. They have made detailed in detail from the seven aspects of corporate governance, product responsibility, supply chain responsibility, employee growth, environmental management, community responsibilities, and cultural heritage. introduce.

Zhong Hongwu introduced that at the "ESG China Forum 2022 Summer Summit" held on July 24, the first domestic "Enterprise ESG Management System Requirements" and "Enterprise ESG Evaluation Guide" (group standard) were announced. The introduction will help more enterprises to standardize the ESG management system and enhance sustainable development toughness. Zhu Zhenhao, CEO of Shuijingfang, said that Shuijingfang will build a systematic ESG management system and establish quantitative goals and management indicators for key segmentation. Opportunities and more sustainable growth space.

In addition, on May 9 this year, Shuijingfang also signed the "Investment Intent Book of the Second Phase of Shuijingfang 邛崃 All Industrial Chain Base Project" with the Municipal People's Government in Chengdu.

Its semi -annual report disclosure information shows that 邛崃 The entire industry production base, the amount increased by 427 million yuan in this period, and the balance at the end of the period was 1.102 billion yuan. It means that Shuijingfang has invested more than 1.1 billion funds in the project.

According to informed white wine experts, according to the current design of Shuijingfang, the intelligent brewing level of Shuijingfang Base is quite high, which can be said to be at the forefront of the industry.

The industry generally believes that the construction of Shuijingfang Base will provide important support for the long -term stable development of Shuijingfang in the future.

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