Original title: Kweichow Moutai releases three quarterly report: Continue to increase direct sales revenue and net profit year-on-year double-digit growth
21st Century Business Herald reporter Wen Jing reports from Chongqing On the evening of October 22, Kweichow Moutai (600519.SH) released a three-quarter report showing that from January to September, the company achieved revenue of 74.6 billion yuan, an increase of 11% year-on-year, and a net profit of 37.3 billion yuan, a year-on-year increase of 10%. Among them, net profit growth in the third quarter was faster than revenue growth, achieving revenue of 25.6 billion yuan and net profit of 12.6 billion yuan, a year-on-year increase of 10% and 12% respectively.
In the first three quarters, Kweichow Moutai’s Moutai revenue and series wine revenue were 65 billion yuan and 9.53 billion yuan, both hitting record highs, with year-on-year growth of 8% and 36% respectively.
The third quarterly report shows that Kweichow Moutai continues to increase its direct sales efforts. Compared with the same period last year, in the first three quarters of this year, Kweichow Moutai’s direct sales revenue reached 14.68 billion yuan, an increase of 75%. Up to now, as early as the end of last year, Kweichow Moutai had issued a clarification announcement explaining that in the company’s regular reports disclosed, direct sales revenue refers to revenue realized through self-operated channels, and realized through social distributors, supermarkets, e-commerce and other channels. Revenue is collectively referred to as wholesale revenue.
In the first half of this year, the company sold nearly 10 billion yuan of products through self-operating, accounting for 19% of revenue. Although Kweichow Moutai has not announced the self-operated sales volume in the first three quarters of this year, consumers can already make reservations for Moutai through the WeChat public account of Kweichow Moutai’s subsidiary Kweichow Moutai Sales Co., Ltd. during the “Double Festival” this year.
In contrast, Kweichow Moutai’s wholesale channel revenue increased slightly year-on-year to 59.8 billion yuan, compared with 58.7 billion yuan in the same period last year.
However, the wholesale channels have long been flat and diversified except for the distributors of Moutai specialty stores. On September 15 this year, a week before the Mid-Autumn Festival, Kweichow Moutai increased its “double festival” launch. Wumart Supermarket, RT-Mart, Shanghai Bailian, Xia Shang Group, Dennis Hypermarket and other supermarkets have announced the incremental reservation quota, lottery link and delivery method of 53% 500ml Feitian Moutai. Different from previous years, in addition to making an appointment to smoke Moutai, consumers can also repurchase Moutai with empty bottles after meeting relevant conditions. From September 17th, Tmall Supermarket took the lead, and the integrated e-commerce platform began to prominently announce the estimated volume and actual sales volume of Moutai that day. On September 29, Tmall Supermarket also opened its largest volume this year. On the same day, 21,196 bottles of approximately 10 tons of 53 degrees 500ml Feitian Moutai were put on the shelves, and the price was 1,499 yuan by pre-sale.
According to the information from the Maofen Club, this year’s “Double Festival”, Kweichow Moutai put in more Moutai than in previous years, plus two new products, Moutai 1935 and Xiangyi Wuzhou Moutai, totaling more than 8,000 tons of Moutai.
From July to September, Kweichow Moutai’s share price entered the downside, falling from the highest point of 2110 yuan to the lowest point of 1545 yuan within the range, and then rebounded to recover the 1,800 yuan mark. However, the popularity of Moutai remains high. The third quarter report shows that in the third quarter, Guizhou State-owned Capital Operation Co., Ltd. no longer reduced its holdings of Kweichow Moutai as in the first half of the year, and still held 57 million shares of the company at the end of September, accounting for 4.54%. Many institutions chose to increase their holdings in Kweichow Moutai in the third quarter. Zhuhai Ruifeng Huibang Asset Management Co., Ltd.-Ruifeng Huibang No. 3 Private Securities Investment Fund increased its holdings from 0.34% in the first half of the year to 0.41%. Shenzhen Jinhui Rongsheng Wealth Management Co., Ltd.-Jinhui Rongsheng No. 3 Private Equity Securities Investment Fund increased its shareholding after holding 0.45%. The Industrial and Commercial Bank of China-Shanghai 50 trading open-end index securities investment fund increased its holdings and became one of the top 10 shareholders of Kweichow Moutai.
On October 22, Kweichow Moutai’s stock price returned to the 1900 yuan mark after repeated turbulence. The highest intraday price was 1921 yuan and closed at 1901 yuan, an increase of 3.09%.
(Author: Wen Jing Editor: Zhang Weixian)
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