Kweichow

　　Moutai released last year's annual report and this year's first quarter report

Source of K-line chart of Moutai in Kweichow: Oriental Fortune

　　Listed Company Watch

　　Text and photos / Tu Duanyu, an all-media reporter of Guangzhou Daily

　　On March 28, Kweichow Moutai released its main financial data for 2021 and its main operations in the first quarter of 2022.

In 2021, Kweichow Moutai will achieve a total operating income of 109.464 billion yuan, a year-on-year increase of 11.71%; a net profit of 52.46 billion yuan, a year-on-year increase of 12.34%.

In addition, Kweichow Moutai will realize a total profit of 74.528 billion yuan in 2021, a year-on-year increase of 12.59%.

Basic earnings per share was 41.76 yuan, a year-on-year increase of 12.34%.

From a quarterly perspective, according to the company's preliminary accounting, in the first quarter of 2022, Kweichow Moutai is expected to achieve a total operating income of about 33.1 billion yuan, an increase of about 18% year-on-year; it is expected to achieve a net profit of about 16.6 billion yuan attributable to shareholders of listed companies, a year-on-year increase An increase of about 19%.

　　In the secondary market, Kweichow Moutai has been in a state of decline since the beginning of this year. After disclosing its performance on the 28th, Kweichow Moutai only saw a slight increase in its share price on the 29th. As of the close, Kweichow Moutai rose 0.37% to close at 1,667.00 yuan per share.

　　Kweichow Moutai trial operation of new e-commerce platform market wine prices fell for a while

　　On March 28, Kweichow Moutai’s official Weibo announced that the “i Moutai Digital Marketing APP” will be launched for trial operation on March 31. It is reported that the platform does not directly sell 500ml Feitian Moutai.

The industry view is that so far, this is just a new platform for Kweichow Moutai to use new channels to sell new products.

It is reported that at present, it has 4 new products available for online reservation, but the platform does not display the inventory quantity and daily delivery volume of the four new products.

　　However, the launch of "i Moutai" once aroused market concerns. In the past half month, the prices of all kinds of Moutai have plummeted across the board.

According to the data of the "Today's Liquor Price" platform, as of March 27, 2022, the 2022 Feitian Moutai FCL/bulk batch prices have dropped by 450 yuan/255 yuan respectively from March 1, and have dropped to 2700 yuan/2500 yuan.

However, just after "i Moutai" announced that it would not sell Puffy directly, the approval price of Moutai began to rise again from March 28.

　　Guo Youchen, a senior liquor practitioner, believes that the sharp drop in Moutai in the last half month is mainly due to the combination of factors such as capital withdrawal, repeated epidemics, expectations for the off-season after the year, and weak consumption. .

　　In this regard, some people in the industry predict that PFA may still be a major focus of the operation of the new e-commerce platform in the future. Moutai will most likely invest a certain percentage of PFA for sales. How to balance online and offline channels and the interests of all parties and prevent scalpers The hype may determine whether the new e-commerce platform can run smoothly.

　　Since March, the terminal consumer market of liquor has been hit a lot

　　At the same time, there was news from the market that the suggested retail price of Wuliangye's eighth-generation Puwu has been raised from 1399 yuan per bottle to 1499 yuan, which is the same as the current suggested retail price of 53 degrees Feitian Moutai.

Liquor industry analyst Cai Xuefei believes that Wuliangye's eighth-generation Puwu may increase its brand value through the off-season.

At the same time, Wuliangye should boost channel sales confidence and stabilize market sales sentiment by continuously upgrading prices, which may also have a certain boosting effect on the capital market.

The market generally believes that for famous wines, the thousand-yuan price band is the core competitive price band, and will still be the main consumer price band in the future.

　　On the 28th, the share price of Kweichow Moutai suffered a severe setback. It fell by more than 5% during the session. As of the close, the share price of Kweichow Moutai fell 1.73% to 1,660.80 yuan; on the 29th, after the financial report was announced, the share price of Kweichow Moutai rose only slightly by 0.37%. .

Some market analysts believe that the price drop of Moutai is mainly due to the market's concerns about the recent reduction in the public's reduction of dinner parties and the weakening of consumption and destocking.

　　Galaxy Securities believes that the overall demand for the liquor industry in the first two months of this year was relatively stable. Since March, the epidemic has repeatedly impacted the terminal consumption scene, but the impact of off-season fluctuations on the first quarter is relatively small, so the liquor industry's "good start" in the first quarter may still be possible. Expect.