Our reporter Wang He
Trainee reporter Feng Yuyao
According to Zhujiang Beer's 2021 annual report, the reporter learned that the company plans to speed up the cultivation of liquor formats and promote incremental breakthroughs.
Pearl River Beer's cross-border liquor is not an exception. In fact, before it, companies such as China Resources Beer and Venus Beer have successively squeezed into the liquor track.
Xiao Zhuqing, chairman of Wuhan Jingkui Technology Co., Ltd., analyzed to the "Securities Daily" reporter: "Beer companies have three reasons for cross-border liquor, one is to achieve complementarity in the off-peak season, the peak season of beer is mainly in summer, while the liquor is in autumn and winter; Share marketing costs, beer has a huge investment in catering terminals, and the beer industry is a labor-intensive industry with many employees, so making liquor can share part of the marketing costs; third, it can use the huge sales network and team to cultivate new profit growth points ."
On April 18, the reporter contacted the Pearl River Beer Securities Department by telephone, and the relevant staff explained to the reporter, "The company reached a cooperation with Wuliangye last year, and by focusing on Guangdong and some surrounding markets, the liquor sales business was used as an aid to further enhance the company's marketing. quality."
"Liquor is a new business of the company besides beer." The above-mentioned staff told the "Securities Daily" reporter: "We hope that this business can achieve better development in coordination with the beer business."
According to the annual report of Pearl River Beer, in 2021, the company will promote the liquor project, explore new formats of integrated development of beer and liquor, and achieve sales revenue of 26.8557 million yuan.
Similar to Pearl River Beer, Venus Beer will undertake the exclusive sales agent of the century-old wine "Funiu Bai" in 2021 to realize dual-brand and dual-category operations in low and peak seasons, laying the foundation for its 2025 listing.
As a beer giant, China Resources Beer has chosen to achieve a diversified development strategy through investment or acquisition of liquor companies.
China Resources Beer stated in its 2021 annual report that the company plans to enter the liquor business by investing in Shandong Jingzhi Liquor Industry.
Before that, the "China Resources Department" had been making frequent moves on liquor. From the investment in Shanxi Fenjiu in early 2018 to the strategic investment in Anhui Golden Seed Wine not long ago, China Resources has become more and more in the liquor business.
China Resources Beer previously stated that the entry of liquor is beneficial to the group's potential follow-up business development and the diversification of product portfolio and income sources.
Regarding the cross-border liquor of beer companies, Cai Xuefei, general manager of Zhiqu Consulting, revealed to the reporter of Securities Daily that there are usually two paths for its business development. One is the form of equity participation like China Resources; the other is to directly hold liquor companies.
"However, the latter path is relatively rare. After all, there are differences between industries and different characteristics, and the operation is much more complicated."
The current beer and liquor industries have entered the era of stock competition, and the trend of industry differentiation is becoming more and more obvious.
Cai Xuefei told the "Securities Daily" reporter: "Compared to the beer industry, the category premium of liquor is high, the unit price is also higher, and the profit is very rich. At the same time, from the perspective of the product life cycle, liquor has no shelf life. Under the blessing of concepts such as old wine , Liquor is indeed a relatively high-quality category.”
Cai Xuefei emphasized: "In recent years, the capitalization of the liquor track has been more active, and the market has also received high attention."
Xiao Zhuqing also believes that beer pays more attention to freshness and turnover efficiency, while liquor products do not expire, the longer the time is, the more fragrant they are, and the gross profit margin is high. Complementary needs in peak seasons.
This is the fact. It is understood that due to different types and quality, the shelf life of beer is also different, generally 6 months, 18 months, 24 months, and there is no unified standard.
In terms of gross profit margin, the gross profit margin of beer is around 30% to 50%, and that of liquor is as high as 90% or more.
"Beer companies and liquor companies actually have a certain overlap in channels, and at the same time they also have a certain fit in consumer groups. Under the current trend of differentiation, both liquor and beer companies are facing branding and quality upgrades." Cai Xuefei suggested that beer companies enter the liquor market , to choose high-quality targets, but also to make long-term preparations to strengthen their own brand promotion and channel construction.
"Although both belong to wine, there are still big differences in the complementary endorsement of brands. The scope of beer and liquor that can be leveraged is still limited, which may prevent beer companies from directly entering the liquor industry."
Xiao Zhuqing believes that beer companies can only make liquor such as the old village chief and Erguotou.
"The attributes of beer tend to be fast-moving consumer goods, and the high-quality and cheap ration wine is consistent with beer in terms of consumption attributes, customer unit price, psychological price, etc." (Securities Daily)