The latest closing price of Kweichow Moutai (600519.SH) is 1,670 yuan per share, which is much higher than the official guide price of 1,499 yuan for Moutai. However, as the stock price continues to climb, some shareholders have begun to make profits and leave the market.

　　Moutai’s just-announced semi-annual report shows that as of the end of the reporting period, the total number of ordinary shareholders was about 98,700, a decrease of 2,134 from the end of the first quarter year-on-year, and shareholder holdings showed a concentrated trend.

　　The shareholding distribution of the top ten shareholders in Moutai's semi-annual report also has some slight changes.

　　Among them, Hong Kong Securities Clearing Co., Ltd., Zhuhai Ruifeng Huibang Asset Management Co., Ltd.-Ruifeng Huibang No. 3 Private Securities Investment Fund, China Life Insurance Co., Ltd.-Traditional-General Insurance Products-005L-CT001 Shanghai These three three Shareholders all increased their holdings in the second quarter, increasing their holdings of Maotai by 5,426,100 shares, 49,400 shares and 103,900 shares respectively.

　　At the same time, Guizhou Financial Holding Group Co., Ltd. entered the top ten shareholders of Moutai in the second quarter, holding 3.487 million shares of Moutai. It is worth mentioning that this shareholder has an associated relationship with Guizhou State-owned Capital Operation Co., Ltd., Moutai's third largest shareholder.

　　The impact of the epidemic on the liquor industry is not small. As the leader of the industry, Moutai's semi-annual report performance growth rate has slowed down compared with the first quarter, but it still maintains double-digit growth. In the first half of this year, the company achieved operating income of 43.953 billion yuan, a year-on-year increase of 11.31%, and realized a net profit attributable to shareholders of listed companies to 22.602 billion yuan, a year-on-year increase of 13.29%. In the first quarter of this year, the company's revenue and net profit attributable to shareholders of listed companies increased by 12.76% and 16.69%, respectively.

　　Moutai currently has two major sales channels, one is wholesale channels, and the other is direct sales channels. Although wholesale is the main sales channel, there have been breakthroughs in the development of direct sales channels. In the first half of this year, the company's direct sales channel achieved revenue of 5.153 billion yuan, more than twice that of the same period last year.

　　The ex-factory price of direct sales channels is higher than that of wholesale channels, and increasing direct sales channels can increase Maotai's gross profit margin and increase profits. However, judging from the semi-annual report, the direct sales channel to Maotai's sales margin increase does not seem obvious. On the contrary, the gross profit margin of Moutai’s semi-annual report for this year is on the contrary, down by about 0.21 percentage points from the first quarter to 91.46%. In addition, compared with last year's semi-annual report, the sales gross profit rate also dropped by 0.4%. What is the reason behind this?

　　The semi-annual report shows that in the first half of this year, Moutai sold a total of 39.261 billion yuan in Moutai, an increase of 12.84% year-on-year, and the sales series of wine was 4.65 billion yuan, almost the same as the same period last year.

　　It is speculated that the decline in Maotai's gross profit margin may be related to the company's reduction of non-standard products with high gross profit. The 53-degree Feitian Moutai is called ordinary Moutai, while Zodiac wine, boutique Moutai, aged Moutai, and various Moutai commemorative wines are called non-standard products. In the past, when Moutai's direct sales channel sales failed to make a breakthrough, Moutai mainly increased the company's profits by increasing the launch of non-standard products.

　　In its semi-annual report, Moutai also pointed out the risks it may face. First, the macroeconomic uncertainty has increased. Second, the epidemic has led to a short-term decline in demand for liquor consumption. Third, the pressure on ecological and environmental protection is still high. Fourth, intellectual property protection. risk.

　　Author: Lin Zhi Yin