Every reporter: Xiong Jianan Every editor: Chen Junjie
Under the influence of multiple factors such as the epidemic, Kweichow Moutai (SH600519, stock price of 1718.50 yuan, market value of 2.16 trillion yuan) superimposed the summer vacation and Mid-Autumn Festival industry sales peak season. The growth rate of total operating income and net profit attributable to the parent in the first three quarters reached 16.52% and 19.14% respectively. %, a record high for the same period.
At the same time, the “Daily Economic News” reporter noticed that the proportion of the company’s direct sales is still expanding, and the series of wines are growing rapidly. The “i Moutai” APP launched in the second quarter of 2022 has created an increase of 8.462 billion yuan in revenue.
On October 16, Cai Xuefei, general manager of Zhiqu Consulting and a liquor expert, told reporters through WeChat that the performance growth of Kweichow Moutai was in line with the strategic expectations at the beginning of the year. As a representative of famous Chinese wines, it has a strong rigid demand in the business banquet and gift market. In addition, Moutai has recently optimized the product structure through the direct operation of i Moutai, improved the company’s ability to control channels and prices, and enhanced the profitability of the company’s products.
The Maotai store at Maotai Airport in Renhuai City, Guizhou Province is photographed by reporter Zhu Wanping and drawn by Yang Jing
Series wine increased by 31.45%
From January to September 2022, Kweichow Moutai achieved a total operating income of 89.786 billion yuan, a year-on-year increase of 16.52%; a net profit attributable to the mother of 44.4 billion yuan, a year-on-year increase of 19.14%. Among them, in the third quarter, the total revenue in a single quarter was 30.34 billion yuan, a year-on-year increase of about 18.73%; the net profit attributable to the parent was 14.606 billion yuan, a year-on-year increase of 15.81%. In the first three quarters, the company’s series of wines grew gratifyingly. Moutai liquor achieved revenue of 74.4 billion yuan, a year-on-year increase of 14.48%; series wine achieved revenue of 12.54 billion yuan, a year-on-year increase of 31.45%.
Ding Xiongjun, Chairman of Moutai Group, proposed the “Five-Head Marketing Law” after taking office. Since 2022, Kweichow Moutai has made frequent moves, releasing new products such as Moutai 1935, Chinese Zodiac Moutai, 100ml Moutai, etc.; invested 4.1 billion yuan to increase the production capacity of series wine; 3 On March 31, the new e-commerce platform “i Moutai” was put into trial operation. On the first day of its trial operation, it attracted more than 2.29 million people and 6.22 million people to make reservations.
Tianfeng Securities said that the company implements a two-wheel drive strategy for Moutai and series wines, and launches new products from multiple angles and stages. Treasure Moutai, Moutai 1935, 100ml Xiaomao and other new products cover the blank price band. Treasure Moutai is positioned as ultra-high-end, and Xiaomao has achieved indirect price increases, helping to improve the product structure. Moutai 1935 also makes up for the company’s overall price band of 1,000 yuan, opening a series of wines Development ceiling.
In addition, Ding Xiongjun once stated that the total revenue target of Kweichow Moutai in 2022 is 125.884 billion yuan, a year-on-year increase of about 15%. Judging from the situation of the third quarterly report, 71.32% of the target has been completed from January to September 2022. Cai Xuefei analyzed: “The market is generally optimistic about the expected growth of Moutai. Due to the rigid demand and scarcity of Moutai, the demand for Moutai is very large in the strong domestic demand for high-end famous wines and the economy of famous wines. This guarantees Moutai’s 15% revenue target. At the same time, I myself also actively support the development of many new products in Moutai. The marketing measures have effectively improved Moutai’s brand image and enhanced Moutai’s brand competitiveness.”
Self-operated channels continue to increase
The stable growth of Kweichow Moutai is related to its continuous expansion of the proportion of direct sales in 2022. From 2018 to 2021, the number of domestic dealers will be reduced from 2,987 to 2,089, and the sales revenue of direct sales channels will increase from 4.376 billion yuan to 24.029 billion yuan.
From January to September 2022, the direct sales channel of Kweichow Moutai achieved revenue of 31.882 billion yuan, a year-on-year increase of 117.1%; the wholesale agency channel achieved revenue of 55.059 billion yuan, a year-on-year decrease of 8%. At the end of the reporting period, there were 2,084 domestic dealers, a decrease of 5 during the reporting period; 104 foreign dealers.
At the end of the first quarter of 2022, Kweichow Moutai launched a new e-commerce platform “i Moutai”, which is seen by the outside world as another major move for the company to expand the proportion of direct sales. It is understood that all the wines on “i Moutai”, including the Year of the Tiger zodiac wine and gift boxes, Moutai wine (treasures) and Moutai 1935, are supplied by the manufacturer and do not occupy the dealer’s quota, and the dealer is only responsible for providing distribution services. The “Daily Economic News” reporter once confirmed the news from relevant persons in Maotai. The biggest advantage of the manufacturer’s own operation is to reduce the middle price difference, improve the gross profit rate, and increase the profit.
From January to September 2022, the “i Moutai” digital marketing platform achieved a tax-free income of 8.462 billion yuan from alcohol, of which the single-quarter revenue in the third quarter was 4.046 billion yuan.
Tianfeng Securities said that Kweichow Moutai continued to carry out channel reforms in line with industry trends, and continued to increase its self-operated channels. In the first half of 2022, the proportion of direct sales increased to 36%. The flattening of channels gives Moutai a greater voice, which is conducive to strengthening the management and control of dealers, and at the same time accelerating the company’s price adjustment and the reach of the series of wine marketing strategies. The i Moutai APP was launched to restart the self-operated e-commerce platform and further promote digital empowerment. It is estimated that the direct sales revenue in the second quarter accounted for more than 43%, and it is expected to contribute about 15.9 billion yuan in revenue in 2022.
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