The liquor sector has continued to be under pressure this year. The food and beverage ETF, which accounts for the highest weight, has fallen nearly 5% in the past month. As of press time, since August, Yingjia Gongjiu, Huangtai Liquor, Shuijingfang, Jiugui Liquor have risen by more than 10%, while Kweichow Moutai, Kouzijiao, Wuliangye, and Guangyu have fallen in the lead. As the financial reporting season draws to a close, a number of baijiu companies have intensively unveiled their half-year performance recently. The agency said that overall, the liquor industry will continue its high boom.
Laobaigan wine achieved revenue of 1.652 billion yuan in the first half of the year, an increase of 10.61% over the same period of the previous year; net profit attributable to shareholders of listed companies was 124 million yuan, an increase of 6.10% year-on-year. Among them, the sales revenue of high-end wines above 100 yuan was 744 million yuan, an increase of 10.74% year-on-year; mid-range products of 40 yuan-100 yuan (including 100 yuan) rose steadily, achieving sales revenue of 391 million yuan, an increase of 8.90% year-on-year; 40 yuan The following low-end wine income was 376 million yuan, a year-on-year decrease of 1.04%.
Shanxi Fenjiu’s performance has also achieved rapid growth. In the first half of the year, its operating income was 12.119 billion yuan, an increase of 75.51% year-on-year, and the net profit attributable to shareholders of listed companies was 3.544 billion yuan, an increase of 117.54% year-on-year. Regarding the increase in operating income, Fenjiu said that it was mainly due to the increase in product sales and the improvement of product structure in the current period.
The revenue and profit of Jiugui Liquor also achieved double harvests. In the first half of the year, the company achieved operating income of 1.714 billion yuan, a year-on-year increase of 137.31%; net profit attributable to shareholders of listed companies was 510 million yuan, which exceeded the entire year of the previous year, a year-on-year increase of 176.55%. Among them, the internal reference series achieved revenue of 520 million yuan, an increase of 86.13% year-on-year; the Jiugui series achieved revenue of 980 million yuan, an increase of 170.51% year-on-year, and the two series contributed 87.51% of the total revenue of Jiugui wine.
Compared with the impact of the recent regulatory turmoil on the liquor sector, institutional sources believe that rectifying the overheated capital and price chaos of sauce wine is conducive to the long-term healthy development of liquor. At present, the fundamentals of the industry are stable, the economy continues to rise, and the long-term logic of price-driven has not changed. CICC believes that with the increase in the level of residents’ disposable income, the sub-high-end and above liquor will continue to be booming. It is estimated that the high-end capacity will exceed 300 billion yuan in 2025, and “Mao Wulu” will continue to enjoy the consumption upgrade dividend. The competitive landscape of the sub-high-end industry has not yet solidified, and there is still room for further improvement in the market share of national sub-high-end, pan-national sub-high-end and sauce and wine leading companies. CITIC Securities believes that into the second half of the year, the liquor industry will continue to be prosperous, and the performance of famous liquors during the Mid-Autumn Festival is worth looking forward to. It is recommended to seize the two main lines of high growth and high-end liquor.
With the Mid-Autumn Festival and National Day holidays approaching, the liquor market is about to enter the peak consumption season. Zhongtai Securities also stated that the performance of the liquor sector has begun to show signs of improvement since August. In the future, the liquor industry will gradually enter the Mid-Autumn Festival and National Day peak season. Critical stage. “The price of Feitian Moutai continues to remain high. Wuliangye and Guojiao’s 1573 batch price has stabilized at the price band of 1,000 yuan. After the price space is opened, the next high-end enters a new growth cycle. The major wineries have completed their tasks in the first half of the year and increased price control measures in the off-season. , Strictly control channel inventory to ensure the peak season high volume effect.” Debon Securities said that under the trend of structural prosperity, high-end wine is growing steadily and is expected to maintain a growth rate of about 15%. The secondary high-end benefited consumption upgrades continue to expand, and it is expected to maintain about 18%. Growth rate. The barriers to high-end liquor are stable and the long-term growth certainty is high. The sub-high-end is still in the upward cycle. It is recommended to give priority to the growth certainty, while taking into account the objectives of the sub-high-end expansion trend with its own strategic optimization and good mechanism.Return to Sohu to see more
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