2016-04-19 15:25
The liquor industry ＂cattle is profiteering＂ extraordinarily loud
[straight news network Beijing April 19 hearing (Yangtze daily in the coal, steel and many other industries also present in deep winter, the liquor industry "very very cattle profits" is particularly garish.
Reporter recently found out, has released in 2015 annual report of five listed wine enterprises situation, Guizhou Maotai, Wuliangye, modern margin, Beijing Shunxin Agriculture Co., Ltd and Yanghe total net 281 billion yuan; more eye-catching is, its gross margin is astonishing, generally more than 60%. The Kweichow Moutai gross margin as high as 92%, it is really lucrative". Comparison of CCTV has been criticism profits of the Apple Corp, the highest gross margin is less than 50%.
On April 15, the investment adviser in the food industry researcher Liang Ming Xuan told reporters that "well-known wine listed enterprises to obtain profits reason mainly lies in the following points: one is the high-end product positioning, sales prices high, large profit space; the second is well-known wine companies advertising marketing input, and caused bad better, worse, concentration of the market is more and more to the famous wine enterprises; the third is famous wine enterprises through the" transfer pricing "approach avoidance, the actual tax burden low." But he also said that from the objective rule of economic operation, all industry profits will eventually equal the average profit level of the society, the wine prices are short-term profits, and cannot be sustained.
Moutai liquor business gross margin reached 92%
In the "no wine no seats, wine ceremony, wine feast" the influence of consumer culture under, liquor has become partner of life of the Chinese people, and with brandy, whiskey, vodka, gin, rum, and said the world famous six distilled wine. Among them, always a top "wine" aura of Guizhou Maotai, flagship of Chinese liquor industry, although expensive, but sales have been ahead of the curve.
In April 15th, a cigarette and liquor vendor is located in Wuhan District of Wuchang City, the plane is different with other wine, wine Moutai alone was placed in a glass cabinet in the top wine rack. The store manager told reporters: "now belong to the off-season sales of Maotai wine, generally non holiday period, the high-end wine is very difficult to sell a few bottles of, but the holidays, sales volume is very good."
According to reports, in 2015, Kweichow Moutai operating income of about 32 billion 700 million yuan, an increase of 3.44%, net profit attributable to shareholders of the listing Corporation is about 15 billion 500 million yuan, an increase of 1%. In addition, the rate of net profit (net profit attributable to shareholders of the listing Corporation's operating income was 47%). Thus, a bottle of wine costs hundreds of thousands of Moutai or only a few hundred yuan.
In the face of economic pressure and influence continued downward, adjust the depth of the liquor industry, the industry has repeatedly sound, that the liquor industry has bid farewell to the era of huge profits, high-end wine sales fell sharply. But according to the reporter, Guizhou Moutai liquor business in 2015 gross profit margin of up to 92%, of which Moutai wine gross profit margin is close to 94%.
Such profiteering shocking, this money is exactly who profits? April 16th, the reporter contacted the China Guizhou Moutai Winery (Group) Co., Ltd. deputy general manager Du Guangyi, he said: I have retired in February, not convenient to say." And when the reporter asked Moutai profit whereabouts in previous years and other related issues, but also did not get a response.
According to Guizhou Maotai 2014 years of annual data, yuan Renguo Moutai, chairman of the annual salary of up to 226.41 million yuan, Liu Zili, annual salary of directors acting general manager duties for 224.14 million yuan. The Remove Tan Huading retired, and the remaining six deputy general manager, the highest annual salary in the Du Guangyi for 179.49 million yuan, the lowest million wave 70.82 million yuan, the average annual salary for 144 million yuan, in similar enterprises in the wine can be described as "filthy rich".
Jiangsu an influential Maotai dealers had a secret: "in fact, sold Maotai is a crazy thing, because outsiders do not know is that Maotai wine wholesale and retail price difference is very big! Take flying Maotai, Maotai Group to our price is 439 yuan per bottle, and we to Jiangsu market wholesale price is 700 yuan, sometimes floating twenty or thirty dollars, but remained a 60% of the gross profit rate, net profit also in about 50%. "
The five listed wine enterprises double net revenue growth
According to the results, several wine prices listed last year's gross profit margin is very high, generally above 60%.
In 2015, Wuliangye operating income of about 21 billion 700 million yuan, an increase of 3%; net profit attributable to shareholders of the listing Corporation is about 6 billion 200 million yuan, an increase of nearly 6%. From the revenue perspective, compared with Wuliangye Kweichow Moutai sent out 10 billion yuan; from a profit perspective, Wuliangye earned 9 billion 300 million yuan less than Kweichow Moutai. But don't underestimate the Wuliangye, Wuliangye Liquor last year, gross margin was 73%, which high priced wine gross profit margin of nearly 82%, low-priced wine gross profit margin of 46%.
In addition, to achieve revenue and net profit growth of liquor listed companies and Yanghe, the performance express display, 2015 achieved revenues of 160.46 billion yuan, up 9.36% over the same period; 53.74 million net profit, an large increase of 19.22%. Coincidentally, * ST drunkard, wells * ST and * ST Wong toi net profit rate of yejiyuzeng have doubled, respectively to the 198%, 121.5%, 116.54%.
Jinshiyuan and Shunxinnongye last year's gross margin of approximately 70% and 62%, from the side to verify the liquor industry profits of the said. Reporter review found that by 2015, Guizhou Maotai, Wuliangye, modern margin, Beijing Shunxin Agriculture Co., Ltd and Yanghe operating income were approximately 327 million, 217 million, 24 million, 96 billion and 161 billion yuan, totaling 824 million yuan, attributable to shareholders of listed companies net profit total 281 billion yuan.
And the Chinese white liquor enterprise than industry "sighed Eph such as", LV bag "unmatched", many popular industry are eclipsed.
By 2015, Poly Real Estate (and Vanke, Wanda, Hengda, green, golden PAR) operating revenue 123.5 billion yuan, than the five wine enterprises operating income total number more, but last year the poly real estate belonging to the shareholders of listed companies net profit only 124 billion yuan, not to the five wine enterprises belonging to the shareholders of listed companies net profit of total number of half.
In addition to banking, insurance, securities, 52, no relevant statistics, last year in Shanghai and Shenzhen 2728 listed companies, only 327 company sales gross margin exceeds 50%, accounted for was 11.98%; 30%-49% 762 company sales gross margin in the. 349 the company's sales margin of less than 10%, and in less than 10% of the company, the 50 companies have a negative gross margin.
Brand products do not worry about selling wine to push the high profits
On April 15, investment adviser in the food industry researcher Liang Ming Xuan to Changjiang Daily reporter said: "from the listed liquor companies profit data, the liquor business gross margin level is really very high, even in a few years ago the liquor industry depth adjustment period, liquor industry average interest rate can reach 15%, higher than the social average profit level. Wine prices are said to be mainly due to the listing of liquor companies are high-end liquor brands, profit margins, high-end liquor industry average profit margins are high, so in the outside world, wine prices are profiteering."
"Domestic small and medium-sized beer enterprises profit margins at about 6%, less than half of the average profit margin of the liquor industry. In contrast, the famous wine enterprises obtain profiteering reasons mainly lies in the following points: one is the high-end product positioning, sales prices high, large profit space; the second is well-known wine companies advertising marketing input, and caused bad better, worse, concentration of the market is more and more to the famous wine enterprises; the third is famous wine enterprises through the "transfer pricing" approach avoidance, the actual tax burden lower. " Liang Mingxuan explained.
And the wine is breaking the actual combat expert Zhao Yixiang said in an interview with reporters, wine prices are high, but not all to the manufacturers' pockets. "For most Chinese drinks brand enterprises, in order to survive and to seize the market will come up with a lot of money to shop distribution channels, which means that 10 yuan for the factory to the market to sell 100 yuan, though, but in the middle of the 90 yuan actually in the marketing channel consumed a lot of may occupy the share of nearly 70 yuan. True to the manufacturer's profit is not high, this is the reason for the loss of many wineries."
However, Zhao Yixiang also admitted: but there are a few of the brand resource type, such as first-line benchmark brands, including Moutai, Wuliangye, the brand itself is a relatively scarce resources. In this case in the marketing of the main energy spent on the promotion of the brand, the channel market for its thrust requirements are relatively weak. Especially in the past ten years, the brand products do not worry about selling, because in short supply. As a result, from the factory price to the retail price of the huge difference between the manufacturers have to maximize, so it also produces its gross profit will be higher than other domestic wine prices are much higher than the image."
Decline in the high-end wine sales profits difficult to continue
It is not difficult to see, the more high-end wine gross profit is more amazing. However, as far as the market is concerned, Wuliangye and other brands of gross profit growth is still worth worrying. According to the previous window manager said: "now high-end wine is more and more bad to sell, is Maotai, Wuliangye such high-end wine is no exception, ferial the brand pricing in the end wine obviously than before to some selling, and sales of high-end wine is better than in the past."
In this regard, the reporter contacted the Beijing, Shanghai, Wuhan, and many famous dealer was informed that, due to the impact of the environment, liquor industry structure is changing. The fierce competition in the high-end liquor sales contract is the trend of the times, besides the Maotai, Wuliangye, such as first-line brand high-end wine festivals holiday sales jumped, the rest of the brand in the high-end wine market is facing in the high-end liquor to seize the market share, and consumers for the brand out of the mid-range wine like almost more buy it.
China's wine industry is in a brutal reshuffle period, in the view of Zhao Yixiang, "the whole industry is facing structural adjustment, this is also a production went to the bubble in the process, the future will be have a number of manufacturers are eliminated, also have new companies involved in the industry."
"More than 90% of the gross profit only for Maotai brand, gross profit of the rest of the different manufacturers, according to the development stage, terminal retail price, in what kind of production process, put into production than how to estimate, each gross profit ratio is not the same, but certainly not so high." Zhao Yixiang believes that the high-end brand of wine if the gross profit of less than 30%, even if the failure of the operation.
However, for the future development of this windfall, Liang Ming Xuan to reporters said domestic wine business profits development by many non market forces, in terms of the objective laws of economic operation, in the long run, all profits of the industry will eventually unchanged and the average profit level of the society, wine enterprises profits just short-term and cannot be sustained. In fact, from a certain extent, the current depth adjustment of the liquor industry, liquor prices and price adjustment can be seen as a sign of the liquor industry to get rid of profits, return to the normal level of profit.
Interpretation of the news hot spots, showing sensitive events, more exclusive analysis, in the "things" WeChat, scan two-dimensional code free reading.
|