Liquor three quarters report dismal performance

From the current situation, the report card for the third quarter of liquor is still bleak. Among them, the growth rate of alcoholic beverages has dropped sharply, and alcoholic liquors have suffered a single-season loss. The profitability of Chequered Cards wines from September to September has dropped by 97.06% year-on-year. Experts predict that the winery with rising performance this year will not exceed 5%, and the declining companies will exceed 70%.

In the third quarter, the profits of famous white wine plummeted. On the evening of October 21, Shanxi Fenji disclosed the third quarterly report of 2013. From January to September, the company realized revenue of 5.305 billion yuan, an increase of 1.03% over the same period of last year; and the net profit attributable to listed companies was 1.186 billion yuan, down 4.61%. . In the third quarter, Shanxi Fen Wine realized a revenue of RMB 1.24 billion, a year-on-year decrease of 13.59%; and a net profit of RMB 200 million, a sharp drop of 56.24% year-on-year. The gross profit margin of the company also fell to 74.35% for three consecutive quarters. It was only higher than the level in the fourth quarter of 2012 and has fallen to a four-year low.

Although the performance has declined, the sales cost of Shanxi Fenjiu remains high. The company's sales expenses in the first three quarters were 1.256 billion yuan, which is only a gap of about 100 million yuan between 2012 and 2012. The semi-annual report shows that the increase in advertising expenses is the main reason.

The decline in performance costs, Shanxi Fenjiu cash flow is still difficult to improve. The net cash flow from operating activities in the first three quarters of the company was RMB -177 million. The Shanxi Shujiu said it was mainly due to the decrease in cash received from the sale of goods and the provision of labor services, and the increase in cash paid for the purchase of goods and labor services.

Qipai will be willing to report on October 18, the third quarter of the year: From January to September this year, the company's profit was RMB 748.74 million, a year-on-year decline of 97.06% and earnings per share of RMB 0.0222. In the same period of last year, the company made a profit of 255 million yuan. In the first three quarters, the company achieved operating income of 1.013 billion yuan, a year-on-year decline of 15.2%. Haopai said willingly that due to changes in macroeconomic policies, sales of the company's premium wines have fallen, and the company’s sales expenses have increased significantly compared with the same period of last year, resulting in a significant year-on-year drop in operating income and net profit.

It is alcoholic liquor that is sympathetic to the plaque. The announcement of the performance of the alcoholic spirits' release of pre-reduction shows that it expects to report a loss of 8.72 million yuan to 13.72 million yuan in the third quarter, compared with a net profit of 197 million yuan in the same period of last year, a 95%-96% year-on-year decrease and a single-quarter loss.

In addition, Huangtai Wine Group, which led the drop in the mid-year report, is expected to have a huge loss of about 26 million yuan in the first three quarters of this year. At the same time, Yanghe shares announced three quarterly advance notice that the company's net profit is expected to vary between -10% and 10%.

The slight improvement in performance was in Guizhou Maotai. According to the Kweichow Moutai Third Quarterly News, the operating income for the first three quarters was 21.936 billion yuan, up 10.06% from the same period of last year. The company achieved a net profit of 11.07 billion yuan, an increase of 6.24% year-on-year. In the third quarter alone, Kweichow Moutai achieved a net profit of 3.822 billion yuan, a year-on-year increase of 11.62%. This net profit growth rate has increased from 3.61% in the first half of this year, but it is still significantly lower than last year's growth rate.

Liquor, a liquor marketing expert, said that this year, Guizhou Moutai has liberalized its dealership of flying maotai and absorbed a number of new distributors. The original Wuliangye distributor has contributed 1,000 tons and has more than 10 billion in revenue. Because of this factor, Guizhou Maotai performance only improved.

Two major problems led to the adjustment period extending from the fourth quarter of 2012. The performance of liquor companies began to fall into the low season and was known as the liquor industry in the winter. So, when does winter come to spring?

Liquor expert Wang Chaocheng analyzed the current status of the liquor industry and believed that the two major problems in the liquor industry led to the continuation of the adjustment period. The first is the irrational consumption of liquor. It took only one year for Maotai to rise from 1,000 yuan to 2,000 yuan. This has led to the rise of high-end liquor and alcoholism, resulting in an illusion of prosperity. Langjiu Group has disclosed that its flagship product, Honghualang, has become the most severely declining and most inventoried species this year. It will take about two years to consume these stocks.

In addition, the production capacity of the liquor industry has apparently been surplus. At present, the capacity expansion of Guangming Distillery has reached hundreds of square kilometers. If all the production capacity is released, it will lead to a more serious crisis. However, capacity contraction adjustments have begun.

In response to the government's current situation of restricting sales of liquors and affecting liquor sales, people in the industry believe that there is no possibility of loosening this policy in the short term. The second-line wines were hurt the most in this adjustment because the actual sales prices of Maotai and Wuliangye continued to fall, dropping from more than a thousand yuan to between 600-1,000 yuan, and this price band was the stage for second-tier wines as high-end wines. This makes the living space of second-tier wines greatly squeezed. In addition, some second-tier brands rely on government consumption and have long been relying on price increases to increase profits. Therefore, due to the lack of maneuverability, this adjustment is weak.

Liquor expert Tie Li stated clearly that the winery with an increase in performance this year will not exceed 5%, and the declining companies will exceed 70%. Therefore, this liquor crisis will be more profound than ever before. It is expected that the adjustment period for many wine enterprises will continue until 2015.