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This article is the original article of Value Firm, Article 793. The article only records the ideas of "Value Firm", does not constitute investment advice, the author has no group, no fee to recommend stocks, and does not manage wealth on behalf of customers.
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In the A shares, everyone's favorite thing to do is to find the next Maotai and pour the name of X Mao into various companies whose K lines have been rising, such as Yao Mao Hengrui, Eye Mao Aier, Tooth Mao Tong ce....
However, if you want to talk about the essential attributes of Moutai, the director believes that what is most similar to Moutai is actually a piece of Zizai, and it can be said that there is no one, but everyone must be clear: it is not that it is the next Moutai, but that it is the most similar to Moutai, which has an essential difference.
Why does the director say this, before talking about the film Zai, let's first look at the essence of Maotai.
<h1 class="pgc-h-arrow-right" data-track="4" > the essence of Moutai</h1>
Moutai has always been known as liquid gold, and a big reason for this is limited capacity.
Moutai must be in Moutai Town, a place with a unique microbial environment, to brew, away from Moutai Town, another place, even if the entire Moutai distillery is copied unchanged, it will not be brewed.
It is this "inexplicable" thing in it that creates more than 90% of Moutai gross profit, about 50% net interest rate, if anyone dares to imitate Moutai, and not to say that it can not be completely imitated, once it is discovered, it is necessary to enter.
Therefore, Moutai is an inexhaustible golden mountain, as long as China's consumption capacity continues to rise, Moutai with scarcity will continue to appreciate, because the supply is limited, if everyone becomes rich as a whole, only the rich who can come up with more money can enjoy it, therefore, the essence of Moutai's shortage of demand is actually Chinese people as a whole have become richer, and everyone's consumption power has improved.
Only when it is affordable will people consider spending money to chase better things.
For example, the director himself, the director prefers the "Dragon Ball" Goku handmade, the same is Goku, some Goku as long as one or two hundred pieces, but some limited edition Goku can be sold to thousands or even tens of thousands of yuan.
If the director is particularly rich, rich enough to not look at the price consumption, then these limited edition Goku must all be in the pocket, but the director does not have money to that extent, so just pick his favorite one or two hundred pieces of Goku.
There is a version of the glasses factory of the free Ruyi Goku, the model looks exactly the same, the black hairEd Goku only needs 109, the silver-haired Goku needs 199, and the silver hair is nearly twice as expensive as the black hair.
In a way, buying silver hair Goku can be considered an "IQ tax", but if the director is really rich to a realm, hundreds of dollars are spent like ordinary people spend a few dollars, then I am naturally willing to spend twice the price to buy a silver hair.
Although I can't reach this level, there are definitely such people, and there will be more and more for a long time.
Because, China has been developing at a high speed, we don't have to look at others, just look at their own home, is it that the grandparents are still in war, the parents are still hungry and warm, the scene in Yu Hua's "Alive" seems to be yesterday, and today, few people will worry about eating enough, but the question of whether they can eat well.
And Moutai is the king of liquor, as long as China still has liquor culture, this culture will continue, Moutai taste, quality is better than other liquor, then, as the Chinese people become richer, Moutai will become more and more expensive.
Look at the following chart, the ex-factory price of Moutai has been mentioned, only 218 pieces in 2001, 268 in 2003, to the back of 308, 358, 438 until 969 in 2020, and the terminal price we can buy, from 260 in 2001 has risen to nearly 3000 yuan now.
Not only is the factory price of Moutai constantly rising, but even the price difference from its factory price to the terminal is also increasing.
There are always people who question the soul of Moutai, once the concentration of high-end liquor reaches a certain level, moutai can not increase production capacity, how to maintain growth, is it dependent on price increases??
Yes, the director can tell everyone very clearly that Moutai is enough to raise prices, and the production capacity can be raised or not.
<h1 class="pgc-h-arrow-right" data-track="43" > the essence of the tablet</h1>
Well, after watching Maotai, let's go back to the film Zai zhen.
Why does the director say that in the entire A-share market, the most similar to Maotai is not those so-called medicinal grass, eye grass, tooth grass, but pieces of tsai?
Because, in the whole country, only Katazai and Yunnan Baiyao have national top-secret formulas, which makes them have no competitors in their respective segments, no one dares to imitate, and no one has the ability to imitate.
However, Yunnan Baiyao is just a wound medicine, he is not like liquor, there is no liquor table culture, not like liquor can be collected, not like the tablet zai zhen has the same "health care" effect, not like the piece zai zhen has an inexplicable mystery veil.
Therefore, from another point of view, if Yunnan Baiyao is not a sacred medicine for injuries, but also a palace health care product, it may not be like now, it can only be used in the direction of dailyization.
Off-topic, let's return to the film.
The frequency of price increases is also very high, the factory price has been raised a total of 10 times since 2004, from 125 yuan to 390 yuan, an increase of 212%; the retail price has also been raised 9 times, from 325 in 2004 to the current 590, so far, far from the ceiling, and even not long ago there was a speculator, a grain is difficult to find.
Not long ago, an online pharmacy showed that the standard price of 1 capsule of tablets was 958 yuan, the price of 2 gift boxes was 2016 yuan, the price of 4 capsules was 3932 yuan, and the price of 10 capsules was 9680 yuan. Another online pharmacy, the price of tablets reached 1351.11 yuan / pill, and more pharmacies are priceless.
So much so that the official has come forward to remind: do not blindly buy, hoard, illegal resale face a fine of less than 30 times.
In addition to scarcity, a very important feature is that the longer the time, the more valuable it is, on the one hand, the shelf life of Chinese medicine is very long, on the other hand, it is its unique fermentation technology, anyway, there is a rumor that "the longer the better".
As a result, the following spectacles appeared in the collecting world: at the 2014 Beijing Goethe Yingxiang Autumn Auction, the 1992 film zai zhen was auctioned for a high price of 3,000 yuan per grain; in 2015, at the China Poly Spring Auction, the film zai zhen was sold for 37,375 yuan per box (10 grain packages); and at the 12th anniversary spring auction of Beijing Poly in 2017, three boxes (30 grain packs) of tablets were sold for a high price of 161,000 yuan, a box of about 53,667 yuan.
The shelf life shown on the instruction manual of the tablet is five years, and these drugs that have been moving for more than 10 years can still be eaten, but this does not prevent it from becoming a Collection like Moutai in the collection world.
In other words, Katazai also has the same financial attributes as Moutai.
Seeing this, do you have some understanding, why does the director say that the piece of Tsai is the most moutai-like existence in the A shares???
<h1 class="pgc-h-arrow-right" data-track="44" > written at the end</h1>
But Bin said that cultural change is the most difficult, don't look at many people now black Chinese medicine Chinese medicine black liquor, that can only show that you are not their dish, you are not their target customer.
Just like, the director likes to play by hand, more people do not like, but also spit out how the director likes this kind of "child" brain damage, radish cabbage has its own love, not all things, have a set of rational standards.
As long as china's liquor and Chinese medicine culture remains unchanged, Moutai and Tablets are liquid/solid gold.
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