The first to announce the cross-border entry into the field of sauce-flavored wineShuijingfang, Pressed the pause button of “Dyeing Sauce”.
On August 2, a reporter from the research group of Nandu Drinks New Consumption Index noticed that a listed company of liquorShuijingfangDisclosureannouncement, Announced the termination of the relationship with Liang Mingfeng,Kweichow MoutaiThe cooperative investment agreement of Zhenguowei Liquor Industry (Group) Co., Ltd. is to terminate the project of Maoxiang Liquor Joint Venture Company.
In response to this situation,Nandu reporter called on the morning of the 2ndShuijingfangThe Securities Office was aware of the situation, and the other party stated that the company did not terminate the joint venture project because it was not optimistic about it, but it was caused by the failure to reach agreement on some commercial terms, “but it has explored other forms of cooperation.” However, the suspension of “dyeing sauce” has limited impact on Shuijingfang’s stock price. As of midday on August 2, Shuijingfang reported 101.99 yuan down 0.24%.
The Southern Metropolis reporter noticed that many companies, including Shuijingfang, saw their share prices rise sharply due to cross-border “dye sauce”, but they have recently fallen. According to industry insiders, the value of the currently very hot sauce-flavored wine needs to be treated calmly.
Suspension of “dye sauce” because the terms were not negotiated, saying that the layout will continue
According to previous reports from Southern Metropolis reporters, during the Spring Sugar and Wine Fair this year, Shuijingfang signed a framework agreement with Liang Mingfeng and Guowei Company to jointly fund the establishment of Guizhou Shuijingfang Guowei Liquor Co., Ltd. with Liang Mingfeng. The registered capital of the joint venture company is at least 800 million yuan. The company contributes in cash, accounting for 70% of the registered capital of the joint venture, and Liang Mingfeng contributes in kind, accounting for 30% of the registered capital of the joint venture.
According to the latest announcement disclosed by Shuijingfang and the company’s response, Nandu reporters noted that the main reason for the termination of the sauce-flavored wine project was that it was still difficult to reach agreement on a number of important commercial arrangements. However, Shuijingfang did not provide a detailed explanation for the specific situation.
However, Southern Metropolis reporters have also noticed that there is news that Shuijingfang’s termination of the joint venture project may be due to problems in price and other aspects.
Public information shows that Guowei Liquor was founded by Liang Mingfeng. The company is located in Maotai Town, the core production area of sauce and wine, covering an area of more than 300 acres. There are 11 wine-making workshops, 666 cellars, and an annual output of Daqu sauce. More than 6,600 tons of wine. Liang Mingfeng is the master brewer of Chinese sauce-flavored wine, the chief craftsman of Maotai-flavored sauce, the national senior sommelier, and the expert of the Industrial Innovation Technology Research Institute of China Wine Industry Association. He entered the Moutai Distillery in 1989 and was the only 3 in Maotai Distillery at that time. One of the fermentation engineers.
In the current situation of Maoxiang wine hot, many investment institutions and listed companies regard Maotai wine enterprises as important investment targets. For example, Gao Ling plans toM&AMore than 25% of the equity of Jinsha Liquor, a famous local sauce-flavored wine company in Guizhou, reported that the transaction amount may reach several billion yuan; Blockchain companyJihong sharesTo acquire the Gujiao wine industry with only 24 pits, at least 175 million yuan will be paid. The continued premium trading of local wineries above designated size has led to an increase in the valuation of local sauce wineries in Renhuai, Guizhou, especially those above designated size.
However, Shuijingfang believes that it is only a “suspend” to terminate the cooperation with Maoxiang wine. An insider in Shuijingfang said that the company’s cross-flavor entry into the sauce wine field is based on a strategic layout based on a deep understanding of consumption upgrades and the market segment of sauce wine. “Even if the investment is terminated this time, the layout of sauce wine It will not stop here.”
Luzhou’s basic market has not changed, but there was a loss in the second quarter
The Southern Metropolis reporter noted that for Shuijingfang, whose main business is Luzhou-flavor liquor, the suspension of cross-border soy-flavor liquor has not yet affected its Luzhou-flavor base.
Zhu Zhenhao, general manager of Shuijingfang, said at this year’s dealer conference that the company’s goal is to become one of the top high-end Luzhou fragrance brands. He believes that high-end Luzhou fragrance is a necessary development track, ranging from 300 yuan to 600 yuan and 600+ yuan. The market will show double-digit growth. Among them, the price range of 300 yuan to 400 yuan may also be upgraded to the 300 yuan to 500 yuan price band, and the 600 yuan to 800 yuan price band will have obvious room for increase. Zhu Zhenhao said that in the future, Shuijingfang will increase in this track.
However, in the first half of this year, Shuijingfang’s financial performance was a bit “unsatisfactory.”According to Shuijingfang’s semi-annual report this year, revenue in the first half of the year was 1.837 billion yuan, an increase of 128.44% year-on-year, achievingNet profit377 million yuan, a year-on-year increase of 266.01%. However, from a quarterly point of view, Shuijingfang’s net profit in the first quarter was 419 million yuan, and the second quarter was a loss of 42 million yuan.
The analysis believes that, except for the low season for liquor in the second quarter, the slowdown in Shuijingfang’s growth is related to the substantial increase in expenses for its high-end layout.
Essence SecuritiesResearch reportIt was pointed out that the increase in sales expenses was mainly due to the control of the scale of shipments in the second quarter, and the increase in brand launch during the same period; at the same time, the management expenses increased by 52.9% and 71.0%, and the management expense ratio reached 17.6%. Because of the confirmation of high-end consulting service fees and conference fees.
Guosen SecuritiesIt is believed that the high-end strategy of Shuijingfang continues to advance steadily, the brand potential is gradually strengthened, and the focus is on building well platforms, collections and above products, and the profit structure continues to improve. At present, Shuijingfang has established a separate high-end product sales company for the collection and above products, and the high-end sales channels have been further opened. It is now in the market expansion period and brand investment period, and the cost planning is in line with the long-term strategic direction.
“Dye sauce” is heating up the stock price, and industry insiders say that “the sauce and wine fever” needs to be treated calmly
Southern Metropolis reporters noticed that on April 9 this year, Shuijingfang, which announced its cross-border “dye sauce”, opened an upward channel from 71.89 yuan in stock price, broke through 100 yuan in just 6 trading days, and reached a record high of 160.57 yuan on July 22. Bit. However, after reaching the highest level in history, the stock price of Shuijingfang fell sharply. As of August 2, it was reported at 101.99 yuan at noon, a cumulative drop of more than 36% from the highest level in the six trading days.
Except for Shuijingfang, the stocks of listed companies that cross-border “dyeing sauce” in the first half of this year have experienced significant increases in their stocks, such asRock shares、Zhongxing Fungus Industry、Jihong sharesas well asLai Yifen, All due to the involvement of sauce-flavored wine, the stock price rose sharply.
Driven by the capital market and premium acquisitions, the sauce-flavored wine industry has become more popular, but many industry insiders have also called for the phenomenon of excessively hot sauce-flavored wine. “The industry has bubbled and needs to be treated calmly.”
Song Shuyu, chairman of the China Liquor Industry Association, once said that at present, it is necessary to calmly look at the value, the hotness and the trend of the sauce-flavored wine. Quality is the core support for the value of Maotai wine. In the future, the development direction of the liquor industry is to focus on advantageous producing areas and famous wine brands. “Singing hot sauce is the leader of Moutai and the joint efforts of the people of Maotai. This is the healthy competition of the liquor industry. Motivation, but excessive hype needs to be vigilant.”
Yan Xijun, chairman of Guotai Liquor Industry, also said that the current hot sauce and wine are mainly hot in the industry and distributors. There is no better co-frequency resonance at the consumer level, and the task of consumer cultivation is very heavy. How to let more people know and fall in love with sauce, and turn the current enthusiasm into permanent prosperity is the core connotation of the high-quality development of sauce and wine.
With the suspension of “dyeing sauce” in Shuijingfang, will there be a cooling-off period for the enthusiasm of Maoxiang wine? Reporters from the research team of Narada’s New Drinks Consumption Index will continue to pay attention.
(Source: Southern Metropolis Daily)
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