According to news from Red Star Capital Bureau on April 30, on the afternoon of April 29, Kweichow Moutai (600519.SH) held a performance briefing for 2021 and the first quarter of 2022 through the Shanghai Stock Exchange Roadshow Center.

　　At the performance briefing meeting, Ding Xiongjun, chairman of Kweichow Moutai, responded to hot topics such as the situation of the i Moutai platform and the price of Moutai liquor.

　　Ding Xiongjun said that the pricing power of Feitian Moutai is in the hands of the market, and the price is determined by the market.

　　In addition, in response to the problem of "Moutai is difficult to grab" on the iMoutai platform, Ding Xiongjun said that he subscribed every day, but he did not grab it.

However, netizens did not buy it.

Kweichow Moutai's net profit exceeds 50 billion in 2021

　　Exceeded revenue target

　　In 2021, Kweichow Moutai will achieve a total operating income of 106.19 billion yuan, a year-on-year increase of 11.88%; the net profit attributable to shareholders of listed companies is 52.46 billion yuan, a year-on-year increase of 12.34%.

In the first quarter of this year, Kweichow Moutai achieved operating income of 32.296 billion yuan, a year-on-year increase of 18.43%; net profit attributable to shareholders of listed companies was 17.245 billion yuan, a year-on-year increase of 23.58%.

　　In response to Moutai's performance, Ding Xiongjun said that in 2021, Moutai will make steady progress and start well.

In the face of the impact of the epidemic and changes in the internal and external environment, Moutai took the initiative to respond to market and development changes, grasped the keynote of "stability", released the vitality of "reform", exceeded the annual revenue target, and successfully achieved a good start to the "14th Five-Year Plan".

In the first quarter of this year, Moutai was stable and excellent, and it was a good start. It achieved the largest single-quarter growth in the past three years and the largest single-quarter growth since Moutai was listed, and successfully achieved the annual "good start".

Ding Xiongjun pointed out that he is full of confidence in the potential and stamina of Maotai's development.

　　Moutai is hard to grab!

　　Ding Xiongjun: Neither I nor the general manager got it

　　Recently, Mao fans may be most concerned about snapping up Maotai on i Maotai.

　　Ding Xiongjun said: "Some friends say that they are making appointments every day, but they have not subscribed. I am the same, I have subscribed every day. When I subscribed, I will definitely send you a screenshot of my subscription. I don't have it now. The manager did not apply for it either, and in the row we are sitting in today, the board secretary Jiang Yan applied for it."

　　The Red Star Capital Bureau noticed that netizens did not buy into Ding Xiongjun's above remarks, and many netizens responded: "Seriously nonsense", "You can go to the warehouse if you can't subscribe", "The routine is too deep", "You said it yourself. Do you believe in yourself?"...

　　It is understood that since i Moutai was launched on March 31 this year, more than 200 million people have made reservations, more than 7 million people have made reservations every day, and a total of 770,000 bottles have been put in, which means that the proportion of successful purchases is only 0.39%.

　　Ding Xiongjun said, "iMoutai looks like a subscription platform and reservation platform now, but it will have other functions after it is officially launched on May 19."

　Solving the Problem of Excessive Profits of Dealers through Reform

　　Shareholder: Tai Chi

　　Some investors asked that the high profits of Moutai dealers seriously violated the interests of shareholders. The shareholders have already prepared to sue the management of Maotai. Does Maotai have any specific measures for the dealers?

　　"This investor should be concerned about the ex-factory price of Feitian Moutai of 969 yuan, the official guide price of 1,499 yuan, and the terminal price may be higher than 1,499 yuan. He hopes to attribute the profit higher than 1,499 yuan to shareholders. I can understand him very well. Ding Xiongjun pointed out, "For this matter, I think the solution is two words - reform. But reform is systemic, not simply raising or lowering prices. The fundamental of reform is to continue modernization. manage."

　　In this regard, a Maotai shareholder told the Red Star Capital Bureau that the investor actually had two meanings.

First, the channel profits of distributors are already very high. "Between the ex-factory price of 969 yuan/bottle and the guide price of 1499 yuan/bottle, the profits obtained by the dealers are already very high, which will damage the interests of shareholders." Second, The dealer does not implement the official guide price, and the market price is currently around 2,600 yuan/bottle. "The dealer makes more profit." Regarding Ding Xiongjun's reply, the above-mentioned shareholders believe, "Dong Dong replied to the second level of meaning, but He actually avoided the first meaning." In the shareholder's view, the "reform" Ding Xiongjun said was actually "playing Tai Chi".

　　Liquor industry analyst Cai Xuefei told the Red Star Capital Bureau that Ding Xiongjun "played Tai Chi" because he knew that the interests of manufacturers were one.

"The reasonable interests of dealers must be guaranteed. After all, the only way to drive out bad money is to rectify dealers in the name of safeguarding the interests of shareholders, which will lead to a breakdown in the relationship between manufacturers and ultimately affect the development of Maotai." However, Cai Xuefei also pointed out, The unreasonable profits of dealers really need to be cracked down.

　Moutai price market has the final say

　　Dealer: The market has gone up a lot

　　Some investors asked, Feitian Moutai has not raised the price for more than 4 years. Does Feitian Moutai have pricing power?

If not, who has the pricing power?

　　In this regard, Ding Xiongjun said: "The pricing power is in the hands of the market, and the price of Maotai is determined by the market."

　　A Moutai distributor revealed to the Red Star Capital Bureau that after the price increase of Feitian Moutai in 2017, its official guide price increased from 1299 yuan/bottle to 1499 yuan/bottle.

"Although the official guide price has not risen in recent years, the market price has risen a lot." It is said that the market price in 2017 was around 1,700 yuan per bottle, but now it has risen to more than 2,600 yuan per bottle, and the market price in 4 years is almost Up nearly 1000 yuan / bottle.

　　Cai Xuefei analyzed that the market price of Feitian Moutai continued to rise, which was essentially caused by the imbalance between supply and demand. "Feitian Moutai already has the attributes of 'three-in-one' consumer goods, luxury goods and investment products, and the market demand is very strong." At the same time, in some Under the hype of dealers and scalpers, the price remains high.

"From what Ding Xiongjun said, the ex-factory price of Maotai may rise, but it may be through expanding direct sales and launching new products to increase the price of the entire product line, thereby achieving a 'disguised price increase'." In Cai Xuefei's view , Feitian Moutai is too sensitive and social attention is too high, if the price is raised directly, it will easily cause a negative impact on public opinion.

"As a state-owned enterprise, Kweichow Moutai still has to take into account the relevant impact."

　　Red Star News reporter Yu Yao Li Chen