Every reporter: Zhu Wanping Every editor: Zhang Haini
Picture source: every photo taken by reporter Zhu Wanping (data map)
On October 21, Shede Wines (600702, SH) released the latest financial report. According to the announcement, from January to September this year, Shede Wines achieved operating income of 3.607 billion yuan, a year-on-year increase of 104.54%; net profit (that is, net profit attributable to shareholders of listed companies, the same below) was 970 million yuan, a year-on-year increase of 211.92%. The net cash flow from operating activities was 1.617 billion yuan, a year-on-year increase of 341.48%.
However, compared with the rapid growth of performance in the first three quarters, quarterly, the growth rate of the third quarter performance of the willing wine industry has declined. In the third quarter of this year, Shede Wines achieved revenue of 1.216 billion yuan, a year-on-year increase of 64.84%, and realized a net profit of 234 million yuan, a year-on-year increase of 59.65%. In the first quarter and second quarter of this year, the net profit growth rate of the willing wine industry was 1019% and 216%, respectively.
“In the third quarter of this year, the company increased its brand investment and laid the foundation for next year to achieve high-quality and sustainable development.” On October 21, a person in the wine industry told the “Daily Business News” reporter.
Revenue doubled in the first three quarters, exceeding 3.6 billion yuan
On October 21, with the announcement of the latest financial report of the willing liquor industry, the first three quarterly report of the A-share liquor industry was released. From January to September this year, Wed Wines achieved revenue of 3.607 billion yuan, a year-on-year increase of 104.54%, and net profit of 970 million yuan, a year-on-year increase of 211.92%. From the perspective of performance volume, the revenue and net profit of the willing wine industry have reached new highs since the listing.
Judging from the performance growth rate of the first three quarters, the willingness wine industry also performed well, basically at the fastest level in recent years. Compared with other listed liquor companies, it is also good. At present, many companies in the A-share liquor industry have issued performance forecasts. For example, Jiuguijiu (000799, SH), the second-high-end representative wine company, is expected to have a net profit growth rate of 114.65%~120.69% in the first three quarters of this year, which is lower than the net profit growth rate of the Wille wine industry in the same period; while the highland barley wine ( 002646, SZ) turned losses into profits.
Regarding the company’s performance growth, Shede Wines pointed out that the increase in operating income in the first three quarters was mainly due to the increase in sales of the company’s wine market; the increase in net profit was due to the increase in sales revenue.
From the perspective of the channel, from January to September this year, the wholesale agency and e-commerce sales of the wine industry achieved sales revenue of 3.062 billion yuan and 252 million yuan, an increase of 120.95% and 191.12% year-on-year. At present, the offline channels of the willing wine industry are still the main force of the company’s sales. According to the latest disclosures, from January to September this year, Shede Liquor has added 883 new distributors and exited 467 distributors. As of the end of September this year, the company had 2,177 distributors, an increase of 416 from the end of 2020. About 24%.
From the perspective of sales area, the market outside of Sichuan Province is currently the bulk of the sales of the wine industry. In the first three quarters of this year, the company’s internal and external markets achieved sales revenue of 813 million yuan and 2.248 billion yuan, respectively, an increase of 167.77% and 107.79% year-on-year. The financial report also showed that in the third quarter of this year, the willing wine industry also obtained an increase in the holdings of JP Morgan Chase. As of the end of September this year, JPMorgan Chase held 2,980,100 shares, making it the sixth largest shareholder. In addition, natural persons such as Fan Shebin and Fang Deji also increased their holdings in the Shede wine industry.
Willing to clarify the wine industry: more than 120,000 tons of old wine reserves are real
Recently, the problem of the stock of old wines in the willing wine industry has attracted attention. Some media published an article saying that “Willing Wine’s 120,000 to 130,000 tons of base wine…this is a lie” and the old wine strategy of Willing Wine is a “false proposition.” On October 20th, Shede Wines issued a “Clarification Announcement on Media Reports” in response.
In the clarification announcement, Shede Liquor Industry stated that the company’s old wine reserves are real, with more than 120,000 tons of old wine; the company’s old wine quality is real, and there are plans to ensure the balance between storage and sales, and the quality is widely recognized by the market; the company’s stored old wine is not blended with edible alcohol ; The company’s idle pits have been identified by a third-party organization and have not affected the quality of the pits and the output of base wine. In addition, the company also explained the storage containers, old wine storage turnover, and cellar quality.
According to the “Daily Business News” reporter, the 1990s was one of the most glorious periods in the wine industry. The company successfully went public in 1996 and is the third in the liquor industry. In addition, the willing wine industry has expanded its production capacity through IPO fundraising.
However, as Wuliangye (000858, SZ) and Kweichow Moutai (600519, SH) went on the market in 1998 and 2001 and rose rapidly, the willingness to wine industry also fell silent for a while. The wine industry was willing to produce more than sold for many years. When the sales were not smooth, the base wine inventory of Shede Liquor gradually increased, which eventually caused a large amount of high-quality base wine to settle down.
Regarding the suspicion encountered this time, a person in the wine industry confessed to the “Daily Business News” reporter that it is normal for the outside world to have doubts and should have a peaceful mind about this. “The above doubts also exposed that our usual work of nurturing consumers is not in place, and we have not conveyed the best quality content of the company to consumers, and we need to strengthen related work in the future.” The person said.
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