Maotai market price plunged 60% down the altar. Revenue and net profit double

After several blows, such as the plastic agent storm, prohibition and the restriction of "three public consumption", the golden age of high speed growth of liquor industry has shuran away. In the first three quarters of this year, the domestic liquor business performance generally suffered Waterloo. Even the liquor big man Guizhou Maotai (market, interrogation), it is difficult to reverse the plight of the decline in performance. Revenue and net profit double volume fell, year-on-year decline of 0.99% and 3.4%, which is also listed in Guizhou Maotai, the first performance double drop situation. In the market downturn, the first-line wines have to look under the pressure to find a way to speed up the pace of transformation. Many first-line wine enterprises in the channel network and product structure adjustment, in order to alleviate the high pressure of the cold. Since last year, once soaring maotai price drop again, as the price of Maotai liquor Direct shop and online mall firm Price system, began to gradually builders, price adjustment. The market price of Maotai is 60% lower than the peak of 2012. Maotai flying 53 degrees of wine retail price from the 90 's one hundred or two hundred yuan all the way up, to 2011 the highest time up to more than 2000 yuan a bottle. Today, Maotai has a minimum of more than 800 yuan can buy a bottle, and the market is open to sell. At the same time, Maotai for two consecutive years to expand the power of the agency to reduce the threshold of the movement, which is regarded as a huge volume under the pressure of marketing and channels of "the city" policy. Famous Liquor marketing expert Xiao to The Times weekly reporter said, once relied on government consumption support liquor industry abnormal golden period has no return, liquor industry adjustment into the deep. It is still a long time before the industry picks up again. Times weekly reporter Telephone contact Maotai chairman Zhengenguo, hope to interview Maotai how to keep market share, promote to the folk consumption transformation and so on, but he avoided the interview by inconvenient. Performance went down the altar industry depth adjustment to the wine enterprise performance brought heavy blow, liquor boss Guizhou Maotai (600519) also difficult to escape. Recently, the latest reported in Guizhou Maotai earnings, Maotai third quarter operating income of 7.396 billion, net profit of 3.463 billion, the year-on-year decline of 5.26% and 9.39% respectively. In the first 9 months of this year, Maotai business income and net profit were 21.718 billion yuan and 10.693 billion yuan respectively, year-on-year decline of 0.99% and 3.4%. This is the first time since the listing of Maotai in Guizhou in 2001, the revenue net profit double decline situation. It is noteworthy that, from what is known as the "performance cistern" in advance accounts, the first three quarters of Maotai in Guizhou had a worrying performance. As of the end of December 2013, Guizhou Maotai accounts receivable is 3.045 billion, and as of June 30 this year, this figure is only 544 million yuan, compared to the beginning of the balance significantly reduced by 82%. At the end of the three quarter, the company received an account of 863 million yuan, a sharp reduction of 71.66% compared to the beginning of the year. In this respect, Maotai, Guizhou, said that this is due to the dealer prepaid payment reduction caused. In addition, the sale of other front-line liquor is not optimistic. Liquor other leading Wuliangye (market, interrogation) beforeThe third quarter to achieve operating income of 15.068 billion yuan, down 21.38% per cent, attributable to the listed company shareholders of the net profit of 4.707 billion yuan, down 33.74%. Luzhou Old Cellar (market, interrogation) (000568) The third quarter of the operating income and net profit fell 60.81% and 67.64% respectively, Shanxi Fen (market, interrogation) (600809) income and net profit fell 43.27% and 66.53% respectively. According to wind information data statistics show that 15 domestic liquor listed companies in the first half of this year to achieve net profit of 16.44 billion yuan, the average year-on-year increase of 103.74%. This is in sharp contrast with 2012, 14 liquor listed companies in the first half of 2012 to achieve total net profit of 19.78 billion yuan, the average year-on-year growth rate of 69.93%. Public data show that in the past Maotai sales income of 40% from the government channels. Guo Hai Securities (market, interrogation) analyst Yu Chunsheng pointed out that the new government anti-corruption since the end of 2012, when the social expectations are not strong, that is a gust of wind "crackdown." In the first half of 2013, many state-owned enterprises receive customer reception Supervision department personnel also exist with Maotai, Wuliangye phenomenon, but the way of hospitality is more covert. But with the government's further anti-corruption, at the same time the development of technology, mobile phone photo convenience, now even dare to use Maotai hospitality, the other side also dare not drink, government consumption maotai, Wuliangye almost extinct. Therefore, the whole high-end liquor consumption environment has undergone fundamental changes. Under the current pressure, the liquor industry speculated that Maotai had to return to the public market, the introduction of catering to the younger generation or private custom grade products. Xiao told The Times weekly reporter, once relied on government consumption support liquor industry abnormal golden period has no return, liquor industry adjustment into the deep. For Maotai, the most important thing now is to keep market share. "Of course, before this government anti-corruption, Maotai 30%-40% of the amount of direct supply to the military government, the amount of dealers in the community actually only 60%-70%." Therefore, even if the community's distributors plan to complete the task is very good, but the overall task of the company is not necessarily complete. "Yu Chunsheng said. Maotai Sales Company deputy General manager Wang Chonglin recently in the dealer Symposium frankly: "Liquor industry adjustment will also be carried out for 2-3 years." "The price system adjustment with the deepening of the industry, high-end liquor prices began to go down the altar, liquor companies began to lower the open agent to transfer inventory downstream, therefore, today's wine agent is no longer the former" tall. 2012, Maotai ex-factory prices to increase 33% to 819 yuan, but the retail price up to 2300 yuan, on the market, Maotai even more than 2000 yuan was once a bottle difficult to ask. Since last year, Maotai price drop again, as the price of Maotai liquor Direct shop and online mall firm Price system, also began to gradually builders, a large adjustment. Times weekly reporter Internet search found that 500ml 53 degrees flying Maotai, the average down a bottle of 1159 yuan。 Day Cat Maotai official flagship store price of 1159 yuan. and 500ml 53 degrees flying Maotai price in Cofco I buy online prices are 899 yuan, Jiuxian NET is to play 888 yuan low price. Distributors in Guangdong province to the Times weekly reporter revealed that Guizhou Maotai for the implementation of some dealers throughout the year, no alcohol can be sold, the introduction of a new plan for the supply program: dealers in accordance with 999 yuan/bottle of factory purchase 1 tons of Maotai, can be rationed 2 tons of the planned supply (factory price of 819 yuan/bottle), at the same time , from 2015 onwards, this 2 tons of supply into the dealer's annual plan amount. The company also clarified that the Distributor could not implement the 2015 plan in advance. This means that, on average, the factory price of Maotai per bottle is about 879 yuan. The dealer to the Times weekly reporter said: "Before the distribution of Maotai, dealers have to earn pots full, but now the profit is very thin, some stores, shop rent, labor and other sales costs are very high, coupled with the market price competition is very fierce, it is simply selling a bottle loss." "By increasing the quota to expand Maotai volume, as well as the absorption of stores dealers purchase money, this is Maotai manufacturers thickening performance." In the first half of this year, the outstanding account balance of Maotai shares dropped to the lowest in 10 years, and the end of the 540 million yuan was reduced by 83%. Not only that, Maotai shares continue to recruit, expansion of dealers, the number of new stores. This June, Guizhou Moutai hung out in the official website of the store network development investment notice, to be in the relevant blank market regional development Wine Maotai Store Marketing Network, the new person as long as the minimum of one year to complete about 8 million yuan of the purchase can get flying Maotai's agent right. This is the second time in Guizhou Maotai in recent years to expand the right to act, and announced last July to 999 yuan/bottle 30 tons of flying Maotai, the total payment of 60 million yuan about the "threshold" compared to a sharp drop of nearly 90%. November 2013, Guizhou Maotai also published on its official website of its subsidiary, "Renhuai Maotai e-Commerce Co., Ltd." in the network straight camp three shops, including Maotai Online Mall, the official flagship store cat Maotai and the National Wine Maotai flagship store. Industry insiders to the Times weekly reporter said, Maotai expansion dealer network, indicating that the market pressure is growing, have to launch a number of marketing and channel policies to "entrust the city." Xiao to The Times weekly reporter said, maotai mainly or want to add new stores, dealers, and through the social group Buy to volume, further promote to the private consumption transformation. It is understood that maotai million tons of works since 2014 began to market, an annual increase of about 2000 tons of production, according to the current market situation is difficult to digest such a large increase. Therefore, the city is the inevitable choice. Guo Wine Maotai Guangdong Fraternity, Deputy Secretary-General, Maotai Liquor Co., Ltd. Guangdong Provincial distributor Guo Shueren in the interview with The Times weekly reporter said: "The beginning of 2013, Maotai the most obvious change is the dealer's profit is low, but it is noteworthy that the private consumption is also increasing。 Guo Shueren told The Times weekly Reporter: "As far as I understand, Maotai this year in the country's volume will reach 17,000 tons." As of September this year, the country has about 25% dealers ahead of the year to complete the task volume. The channel inventory, liquidity is very good. This year, the country also entered a new two hundred or three hundred dealers, covering a blank network. At present, Guizhou Maotai also how to deal with the good volume and the relationship between the interests of dealers as a major issue. In the past, Maotai factory has no investment and subsidies to dealers, but this year, manufacturers have given a lot of good policy, in the end of the dealer to expand the market, the appropriate funding, the use of alcohol and other flexible auxiliary. Guo Shueren to Time weekly reporter said. Lower figure layout in low-end Maotai performance can maintain growth, mainly rely on high-end products Maotai performance, however, the three public consumption restrictions under the slump, maotai difficult to reverse the performance has become a fact, how to shorten the low-end wine, has become a maotai focus on solving the problem. A few days ago, Guizhou Maotai has been officially incorporated in Guizhou Lai Mao Wine Industry Co., Ltd., registered capital of 40 million yuan, Maotai said, Raimout will be Maotai holdings of Lai Mao Liquor Co., Ltd. operation. "Lai Mao" become Maotai overweight in the low-end of the new weapon. It is noteworthy that Maotai introduced Sinopec Easy-Czech Sales Co., Ltd. (hereinafter referred to as "easy Czech") become Lai Mao wine industry, one of the three major shareholders. This means Guizhou Moutai will work with Sinopec to Raimout again. Public data show that Sinopec has opened a easyjet convenience store in the national gas station 23,000, easyjet at the same time operating the Electronic Business platform Easy Czech network. 2013 Easy online Line at the beginning of the internet, Guizhou Maotai to authorize Sinopec through easy Czech network sales flying Maotai and Maotai welcome Wine series. Industry Personage to Time Weekly reporter said, Maotai again Operation Lai Mao wine, is intended to expand market capacity. Maotai and Sinopec in the channel, vendor relations, sales model and other aspects of Cross-border resource integration, through the easy access channel and behind the many channels of electricity, maotai existing traditional distribution mode reform can benefit from. According to the Times weekly reporter understand, "Lai Mao" wine has a long history, but before the "Lai Mao" trademark ownership for many years, the market was very confusing, peak period there were hundreds of products. Because of the product quality is different, to produce in Maotai town sauce Fragrant Wine brand has a certain negative impact. Until March this year, Maotai group finally will "Lai Mao" successfully retracted. Gaohua Securities Research newspaper pointed out that in the 2010-2011 peak period of the industry, many brands have reached about 10 billion yuan in sales revenue, the first half of this year also has about 5 billion yuan in the market size. If Guizhou Maotai operation properly, will drive Maotai middle and low alcohol business growth. According to the plan, the early listing of Raimout new product only 2-3 products, the price is initially drawn up between 200-500 yuan, the operator will be based on market operation to introduce other price-added products. 2013 earnings Show, Maotai total revenue of 30.9 billion yuan, of which, Maotai sales revenue is 29.055 billion yuan, series of wine income is 1.865 billion yuan, 94%Of the revenue by Maotai contribution. In the first half of 2014, Maotai main business income of 14.322 billion yuan, the series of wine sales only 567 million yuan, accounting for less than 4%. However, this October, in Chongqing Autumn Sugar cocktail Party, Guizhou Maotai still on the Han sauce, ren Wine and other four series of wine to focus on the display. Guizhou Maotai said that the development of a series of wine will become maotai future important strategy. Wang Chonglin also to the media, intends to be a series of wine from Maotai Sales company, separated from the existing sales system, independent operation. Guo Shueren told The Times weekly reporter, the past Maotai series liquor operation is not successful because of the big brand, high-end mentality and thinking mode in the operation of the series of wine, the low-end products of the market investment, research, promotion efforts are far from enough. The advantage of big brands has become the disadvantage of low-end products in operation. For Maotai series wine, the transformation of ideas close to market matching resources, placed in different sales system independent operation, is its ability to reverse the market downturn, and this has yet to be tested. Guo Shueren to The Times weekly reporter.