Author: Lin Zhiyin

Last year, I earned 1 million yuan a day! Kweichow Moutai (72.SH) released its annual report on the evening of March 600519, with results slightly higher than previously expected.

According to the annual report, last year, Kweichow Moutai achieved operating income of 1241.16 billion yuan, a year-on-year increase of 87.627%; The net profit attributable to shareholders of the listed company was 16.19 billion yuan, a year-on-year increase of 55.16%. The company's revenue and net profit growth rates were 20.19% and 33.<>% respectively.

Behind the growth of Kweichow Moutai's performance, one is related to the sharp increase in revenue from direct sales channels.

According to the annual report, the company's direct sales channel operating income reached 493.79 billion yuan last year, an increase of 105.49%, accounting for nearly 96% of the company's revenue. The gross profit margin of direct sales channels reached 20.0%, an increase of 08.3 percentage points year-on-year. In the revenue composition of direct channels, there are mainly two parts, one is self-operated channels, and the other is the digital marketing platform i Maotai. Among them, the revenue of i Moutai, which was launched for trial operation on March 31 last year, contributed a lot to the revenue, achieving an operating income of 118.83 billion yuan, accounting for more than <>% of the operating income of direct sales channels and nearly <>% of the company's overall revenue.

While the revenue of direct sales channels increased sharply, the revenue of Kweichow Moutai's wholesale agency channels was decreasing, with operating income of 743.94 billion yuan, down 9.31% year-on-year, and gross profit margin also decreased by 1.08 percentage points year-on-year, to 89.22%.

The second is related to the growth of revenue of series wine, and the growth rate of series wine is higher than that of Moutai wine.

In recent years, Kweichow Moutai has been trying to change the situation of "one wine dominating" and develop a series of wine business. According to the annual report, last year, the company's series of wines achieved operating income of 159.39 billion yuan, a year-on-year increase of 26.55%, and the gross profit margin reached 77.22%, a year-on-year increase of 3.53 percentage points. Moutai achieved an operating income of 1078.34 billion yuan, a year-on-year increase of 15.37%, and the gross profit margin was 94.19%, an increase of only 0.16 percentage points year-on-year.

On the whole, the growth rate of Kweichow Moutai's performance last year was higher than the growth rate of the entire sauce industry.

According to the statistics of Quantu Sauce Studio, in 2022, the domestic soy wine production capacity will be about 70,16 kiloliters, a year-on-year increase of 7.10%, accounting for about 43.2100% of the total production capacity of liquor, and the sales revenue will be about 10 billion, a year-on-year increase of 5.31%, accounting for about 7.870% of the total sales revenue of liquor, and the profit will be about 11 billion yuan, a year-on-year increase of 5.<>%.

2022 is a year of adjustment for the sauce industry. The soy wine market has changed from hot in the early stage to rapid cooling, and many soy wine brands have experienced price inversion. The adjustment of the soy wine industry is related to the imbalance of supply in the consumer market, and the early soy wine boom has brought a large amount of supply, but the consumption scene has been affected under the epidemic, which has aggravated the contradiction between supply and demand; On the other hand, many enterprises overdraft brands and channels, and a large number of goods are pressed into channels, resulting in channel price confusion.

In this wave of adjustment process, the "Matthew effect" of the sauce and wine industry is intensifying, that is, the strong are getting stronger and the weak are getting weaker.

At the third South China Wine Exhibition held in March this year, Quan Tu, a senior soy wine expert and chief expert of Quan Tu Sauce Studio, believed that the soy wine industry has passed the stage of fishing in troubled waters, and the industry is moving towards the stage of scale, centralization and branding. Now the head of sauce wine still has a chance, in addition to the first three relatively certain, the fourth to tenth places are mainstream sauce enterprises can grasp (opportunities), and the scale of small and medium-sized sauce wine enterprises should be 3 tons to 500 tons, less than 5000 tons has no value. Mass sauce is a false proposition, sauce wine category has no low-end genes, all sauce companies must first do a good job of 500-300 yuan price band, the second strategic price band is a thousand yuan price band, which is also the lifeline of future sauce wine, and sauce wine below 600 yuan lacks quality support, not the best choice for wine companies.