Sales expense rate far higher than the alcoholic cocktail party will become the next Qin Qi

From the rumors of alcoholic drinks (000799) high-level personnel shocks, North China's marketing team collective resignation, the lack of confidence in the dealer; to the recent public disclosure of listed companies in the targeted fund-raising funds to take out 1.2亿来 advertising,　　The $310 million trillion in advertising spending, equivalent to nearly 6 times times last year's net profit, is a sign that alcoholic drinks seem to be falling into a "dangerous game".　　The above "executive concussion" rumours have been partly confirmed, first March end of alcoholic liquor Deputy general manager Han left, and then July 5 alcoholic drinks Supply and Marketing Co., Ltd. General Manager Assistant Xiao announced his resignation.　　Some investors questioned, in the information explosion, simply by "burning money" advertising no longer "efficacious" in the new business environment, alcoholic drinks This "dangerous game" will be the same year Confucian feast wine, Qin Qi, such as liquor industry "pioneer" in the CCTV hit advertising extravagantly, to become the king, finally became "Min-min", even reduced to the "martyrs" of the mistakes?　　Caught in the "ad dependency syndrome"? History is always strikingly similar, and today's businesses seem to be repeating yesterday's story. According to the famous financial writer Wu Xiaobo in his best-selling book "The Big Defeat" "Qin Qi: No eternal King" record: November 8, 1996,　　Qin Qi Wine in the center to tender the amount of 321.2118 million yuan for the second time to win the CCTV standard King, far higher than the 1995 66.66 million yuan outright, but also the first Confucian banquet wine in 1994 more than 10 times times, 1994 Confucian banquet wine winner Coronation Price is 30.79 million yuan. The 320 million yuan, which Qin Qi in 1996, amounted to 6.4 times times the company's profit of the year.　　For CCTV and Qin Qi Mister Kingkong Speaking, "This seems to be a happy game, in the night of the centre, no one expected, just two months later, a sudden nightmare will be followed." July 15, alcoholic drinks announced that the company intends to 11.55 yuan/share of the issue price, to include the controlling shareholder of the Royal Company and not more than 10 specific investors in the direction of the issuance of not more than 38.38 million shares of the company, of which, the company to cash subscription No more than 5.76 million shares,　　The ceiling for raising funds is 443 million yuan. The announcement also disclosed that the collection of funds is mainly used for "rich flavor" of high-quality wine Brewing technical innovation, base wine grading storage and Packaging Center technical transformation, marketing network construction and brand media promotion and other four projects. Alcoholic liquor Program in the brand Media promotion project invested 310 million yuan, of which to raise funds to invest 120 million yuan, self-financing 190 million yuan.　　The company's annual report disclosed last year that net profit was only 58.48 million yuan, but according to people close to the company, alcoholic drinks in order to achieve the 50 million performance commitment, the company last year's performance still has more than 20 million of advertising costs have not been deducted. Public information shows that according to the plan of alcoholic liquor company, the next 5 years will be through television, outdoor advertising, newspapers, magazines and other four media advertising. In the above 310 million yuan investment, TV advertising to reach 200 million yuan (whichCCTV 150 million), newspapers and magazines put 40 million, outdoor advertising 70 million yuan. Senior Marketing Planner, Mu Feng, a senior advisor to the marketing center, won a consultant, said in an interview with the securities daily. Even if the alcoholic drinks last year 58.48 million yuan net profit to calculate, more than 300 million advertisement fee is equal to 6 year earnings, the risk is bigger; and now it is no longer the age of advertising to solve all problems　　It is dangerous for companies to embrace such a strategy. The high cost of sales is not according to incomplete statistics, in recent years, liquor listed companies to raise capital, the main focus in the expansion of production capacity, technical transformation and marketing network construction projects, to brand media promotion as a basis for fund-raising so far seems to be "Shing".　　Of course, because investment advertising can not directly generate income, there are large variables in the success of financing. According to wind statistics show that alcoholic drinks 09 years of high sales costs in the first class of similar enterprises. and alcoholic liquor comparable to the second line of liquor enterprises, Shanxi Fen 09 years of sales costs of 364 million yuan, operating income of 2.143 billion yuan, sales cost rate of 16.99%; Yanghe shares of the sales cost of 405 million yuan, operating income of 4.002 billion yuan, sales cost rate of 10.12%. In addition, Guizhou Maotai, Wuliangye, Luzhou, Mashi and other companies sales costs and operating income ratios are 6.42%, 10.46%, 11.42%, 17.81% respectively. Alcoholic drinks into the sales cost is 131 million yuan, to obtain the operating income of only 365 million yuan, while the investment equivalent of the old liquor (600559) sales cost of 113 million yuan, and operating income of 935 million yuan, gold seed wine (600199) sales cost of 133 million yuan, sales income of 1.046 billion yuan.　　Alcoholic drinks are sold at a cost rate of up to 35.89%, much higher than the rate of sales of similar products. Mu Feng pointed out that the alcoholic company in a year must pay off the debt of 367 million yuan, and its 2009 years of high sales cost rate of similar enterprises, which all indicate that the enterprise's investment, management problems, and now repeatedly in the dissemination of exerting force, is clearly a mess of their own.　　"To be aware, alcoholic drinks in the two years of advertising costs are not less, but the sale is not going to go, this has been explained, but they do not seem to see, but also think that the advertising hit not enough." The main business performance is poor alcoholic drinks recently announced that the first half of 2010 net profit is about 50 million yuan, a significant increase of about 250%, the basic earnings per share of about 0.165 yuan.　　However, the company also pointed out that there are two reasons for the increase in performance: first, the improvement in operating conditions, sales revenue increased significantly, resulting in a substantial increase in profits, on the other hand, because of the execution of major litigation matters, resulting in increased profits. In fact, the company's main income has been poor performance, the first half of this year deducted litigation disputes income of 40 million yuan, the main business to achieve only 10 million yuan of revenue, accounting for the annual expected profit of 20%.　　Has the industry analysis, many second-line liquor companies this year has seen a significant increase in performance, such as the old Well gong interim results of about 200%, gold seed Wine Interim results of 152%-184%, taking into account the low performance base of alcoholic beverages last year and litigation matters, so compared to the top two,　　The basis for a sharp increase in alcoholic liquor performance is shaky. Alcoholic drinks have a series of high level of personnel turbulence, the Half-year report and the annual results will certainly have some impact. Mu Feng analysis, to be sure, after the resignation of senior executives, the enthusiasm of the dealers will have a certain impact, after all, many dealers are directed at the "Don" Xu Cochang, and then, the company implemented a flat management strategy to let a group of marketing backbone once proposed collective resignation, the middle of the blow is not small. The high-level has the disagreement, the middle has the opinion, the dealer cannot be confident full.