On October 22, Kweichow Moutai released its third-quarter financial report. The financial report shows that in the first three quarters, the company achieved revenue of 74.642 billion yuan, an increase of 11.05% year-on-year; net profit attributable to shareholders of listed companies was 37.266 billion yuan, an increase of 10.17% year-on-year.
Among them, Kweichow Moutai achieved revenue of 25.554 billion yuan in the third quarter, a year-on-year increase of 9.86%; net profit was 12.612 billion yuan, a year-on-year increase of 12.35%.
In terms of products, Moutai achieved revenue of 64.692 billion yuan in the first three quarters, a year-on-year increase of 7.46%, and the series of wine was 9.54 billion yuan, a year-on-year increase of 26.62%. In terms of channels, direct sales revenue was 14.685 billion yuan, an increase of 74.14% year-on-year, breaking through 10 billion yuan for the first time; the wholesale channel achieved revenue of 59.847 billion yuan, an increase of 1.93% year-on-year.
The financial report shows that Kweichow Moutai’s adjustment of distributor channels is still continuing. As of the end of the reporting period, Kweichow Moutai had a total of 2,095 domestic distributors and 104 overseas distributors. Since the beginning of the year, the number of domestic distributors has increased by 62 and decreased by 13. Among them, the increase is mainly the distributors of Maotai series liquor, and the decrease is mainly the distributors of Moutai.
In addition, judging from the changes in the top ten shareholders, the Hong Kong Securities Clearing Company reduced its holdings of 7,263,600 shares from the end of the second quarter, and the Industrial and Commercial Bank of China SSE 50 trading open-end index securities investment fund was newly selected as the top ten shareholders.
It is worth noting that this financial report is the first financial report disclosed since the new chairman Ding Xiongjun took office. Ting Xiongjun mentioned at the shareholders’ meeting held in September this year that in terms of reforms, we must promote modern management reforms, advance asset management reforms, and advance marketing system and price system reforms. During the Mid-Autumn Festival and National Day “Double Festivals” just past, Kweichow Moutai put 7,500 tons of Feitian Moutai on the market and launched an “empty bottle repurchase” activity, striving to stabilize the price and control the market.
Huachuang Securities stated that currently, under the influence of the increasing amount of Moutai and the compulsory unboxing policy, the price of Feitian Moutai has gradually returned to the rational range, and the price of Feitian Moutai in bulk bottles is around 2,800 yuan per bottle. In addition, next year, about 40,000 tons of base wine will be available for sale, with both volume and price space. It is expected that the performance can accelerate to more than 15%.
As of Friday’s close, Kweichow Moutai rose 3.09% to 1,901 yuan per share, with a total market value of 2.39 trillion yuan.
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