Economic Observer Network reporter Zhang Xiaohui On October 17, 2022, the stock price of Anhui Gujing Tribute Wine Co., Ltd. (000596.SZ, hereinafter referred to as “Gujing Tribute Liquor”) directly gapped and opened lower, and it kept falling by the limit during the session, and the lower limit was not opened until 15 minutes before the close; finally It closed at 230.45 yuan per share, down 9.24% from the previous day. The market value evaporated by 12.4 billion yuan in a single day, the largest single-day decline in 16 months.
“We released the first three-quarter performance report last weekend (October 15), which may be different from outside expectations. Our company’s production and operation are all normal.” On the afternoon of October 17, the staff of Gujing Gongjiu’s secretary office The stock price fell sharply today in response to the Economic Observer Network.
Net profit in the first three quarters was 2.6 billion yuan, a year-on-year increase of 33%
Gujing Tribute Wine was the stock with the largest share price drop in the liquor sector on October 17.
In the liquor sector, Gujing tribute liquor ranked sixth with a market value of 121.8 billion.
On October 15, Gujing Tribute Wine disclosed the company’s performance report for the first three quarters of 2022.
In the first three quarters, its total operating income was 12.765 billion yuan, an increase of 26.35% over the same period of the previous year; the net profit attributable to shareholders of listed companies was 2.623 billion yuan, an increase of 33.20% over the same period last year; after deducting non-recurring gains and losses attributable to The net profit of shareholders of listed companies was 2.578 billion yuan, an increase of 35.57% over the same period of the previous year.
This performance is not low in the liquor industry. Gujing Gongjiu achieved double-digit growth in the first three quarters, but the stock price still fell sharply after the announcement of the third quarterly results.
Shares of Gujing Tribute Wine have risen staggeringly over the past six months.
The stock price of Gujing tribute wine rose from 158.37 yuan on April 12 to 278.73 yuan on September 30, an increase of more than 70%.
An investor said to Gujing Gongjiu through the Shenzhen Stock Exchange’s interactive platform, “As an investor of the company, I am very satisfied with the company’s achievements in recent years. But I hope the company can be prepared for danger in times of peace, the epidemic will always pass, and I hope the company can take advantage of the present The huge profits earned can be used for foreign investment and acquisition of some good projects.”
Gujing Tribute Wine has yet to respond to the investor’s suggestion.
From historical announcements, it can be seen that this lucrative liquor company has not made bold and aggressive foreign investments.
As of September 10, the company’s idle raised funds reached 2.65 billion yuan, and Gujing Gongjiu purchased all of the capital-guaranteed floating-income and capital-guaranteed fixed-rate wealth management products of major banks.
In the third quarter alone, the growth rate of revenue and profit of Gujing Gongjiu even exceeded that of the “first brother of liquor” Kweichow Moutai. Kweichow Moutai’s third quarterly report showed that its operating income was 29.5 billion yuan, a year-on-year increase of 15.61 percent. %; net profit was 14.6 billion yuan, a year-on-year increase of 15.81. The operating income of Gujing Tribute Wine in the third quarter was 3.76 billion yuan, a year-on-year increase of 21.58%; the net profit was 700 million yuan, a year-on-year increase of 19.27%.
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For a long time, Gujing tribute wine has become a favorite of institutional investors and retail investors with its high growth and stability of performance.
Attractive to retail investors, even the families of independent directors have been involved.
On February 29, 2022, Gujing Gongjiu issued an “Announcement on Short-Term Transactions and Apology for the Relatives of Independent Directors”, saying that an independent director of the company issued a “Explanation and Apology Letter on the Short-Term Transactions of My Relatives’ Trading of Stocks”, His spouse bought and sold 30,700 shares on February 9 and February 10, making a profit of 200,000, all of which were handed over to the company, and promised to prevent such incidents from happening again.
According to the semi-annual report, among the top ten tradable shareholders of Gujing Gongjiu, China Merchants China Securities Baijiu Index-rated securities investment fund, Hillhouse Capital (GAOLING FUND, LP), UBS (LUX) EQUITY FUND-CHINA OPPORTUNITY ( USD)) represented 8 seats at home and abroad, and the remaining two shareholders are Gujinggong Group and Hong Kong Securities Clearing Company Limited.
According to public information, there are 25 million shares held by institutions participating in the non-public offering, and the lock-up has been lifted on January 22, 2022. The list of institutions is: JPMorgan Chase Bank, National Association 750,000 shares, Guotai Junan 1.125 million shares, E Fund Fund 12.75 million shares, Caitong Fund 1.13 million shares, Taiping Fund 750,000 shares, Wells Fargo Fund 1.275 million shares, Huatai Securities 775,000 shares , Huatai Securities (Shanghai) Asset Management Co., Ltd. 750,000 shares, ICBC Credit Suisse Fund 2.15 million shares, Morgan Stanley & Co. International Plc 750,000 shares, China Life Asset Management Co., Ltd. 750,000 shares, China Merchants Fund 2 million shares, China Universal Fund 45,000 shares.
In July 2021, Gujing Gongjiu’s non-public offering of stock price is 200 yuan per share, the number of issued shares is 25 million shares, and the total amount of funds raised is 5 billion yuan.
According to the current stock price of 230 yuan for Gujing Tribute Wine, if the above-mentioned institutions participating in the fixed increase do not sell, there will still be a 15% surplus on the book.
The data of the Dragon Tiger List on October 17th shows that Gujing Gongjiu has indeed suffered from institutional reductions. The first seller is the Shenzhen Stock Connect that sold 107 million yuan and bought 54.56 million yuan, and the second to fifth sold the largest amount. All are institutional-only seats, and the top five institutions sold a total of 190 million yuan.
Some investors analyzed: “Funds are in a group, there are differences at high positions, and some people retreat!”
Chinese food industry analyst Zhu Danpeng once wrote in an article in August that the double increase in net profit of Gujing Gongjiu’s revenue was based on the Spring Festival bonus in the first quarter. From a medium and long-term strategic point of view, although the revenue and net profit of Gujing Tribute Liquor have both increased, due to its regionality and market size, Gujing Tribute Liquor does not have the core competitiveness of sustainable development.
On October 17, while institutions sold hundreds of millions of Gujing tribute wine, there were also institutions entering the market.
The top three stocks that institutions bought net on that day were N Changyinzhuan, Shenglu Communication, and Gujing Gongjiu, with net purchase amounts of 535 million yuan, 78.14 million yuan, and 28.81 million yuan respectively.Return to Sohu, see more
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