Lin Chen/Wen
The increase in the proportion of medium and high-end products has become a common reason for liquor companies to achieve "exceeding the target" and "the best level in history". Among them, the high-end new products that are in line with Feitian Moutai in terms of price have given dealers a strong incentive to sell with channel profits that are often doubled.
However, when the volume of wine companies reaches a certain stage and cannot expand the bar code indefinitely to find increments, the decision to choose to tilt resources to develop self-operated high-end series is often derived from the internal consumption of self-operated and agent underwriting products.
Liquor consecutive performance increase announcements, high-end products with high channel profits have been successful
Recently, a number of liquor companies have issued annual results and performance announcements for the first two months of this year. Among them, high growth became the main theme. The growth rate of net profit of Shede last year was 83.80% and 114.35%, respectively. The annual revenue of Luzhou Laojiao exceeded 20 billion yuan for the first time. Xifeng Wine's revenue reached a new high of more than 8 billion yuan last year, and will position 2022 as the "year of 10 billion victories". From the perspective of the first two months of this year, Fenjiu defined revenue of 7.4 billion yuan and net profit of 2.7 billion yuan as the best level in history, and liquor judged the doubling of net profit growth as "over-achieved".
In these "good news", the substantial growth of high-end series and the steady rise in channel profitability have mostly become common methodologies. Caijing network industry learned from the channel insiders that as a 52-degree ordinary version of the high-end series of alcoholic liquor, some distributors under the background of retail price of 1499 yuan took the price of the goods only 880 yuan.
The insider told the financial network Sankei that the ordinary version of the internal reference is generally used for 5-7 years of base wine, the zodiac wine is used to store more than 15 years of base wine, and the master version is used for more than 20 years of base wine. And due to the scarcity of long-vintage base wine, the retail price of the master version of the internal reference is 2899 yuan, and the distribution price is 1980 yuan.
It also revealed that from the dynamics of the zodiac wine in the past three years, 10,000 cases of ginseng zodiac wine were sold in 2019, and about 1,000 boxes have not yet been sold. 3,000 cases of The Year of the Rat zodiac wine are on sale in 2020, and about 700 cases are still unsold.
The internal reference wine replied to the financial network Sankei, the internal ginseng zodiac wine is used in a limited number of sales model, the sales are very good, only the company left a little, do old wine reserves.
But even with a certain degree of inventory superposition, the pricing of internal ginseng zodiac wine is rising. The distributor price and retail price of its Year of the Pig zodiac wine are 1399 yuan and 1999 yuan respectively. The retail price of the same zodiac wine in the Year of the Rat and the Year of the Ox only rose slightly to 2019 yuan, but the dealer price increased by 200 to 1599 yuan.
"In recent years, the price of liquor has been rising, because the vintage base wine stored by everyone has been consumed almost the same, and the master version is often out of stock." The insider told Sankei, "The current quotation is only maintained until August, because the general distillery adjusts prices according to production and grain prices after August." ”
The rise in internal reference sales can also be seen from the jump in volume in the past three years. According to the previous financial report of the alcoholic liquor, the revenue of the internal reference liquor in the first half of 2021 was 519.7 million yuan, which is equivalent to the revenue of the internal reference of 572.3 million yuan in 2020. From the perspective of gross profit margin, it has remained at about 92% for a long time, 10 percentage points higher than the level of about 80% of the alcoholic liquor series.
It is not easy to high-end wine enterprises, and the internal order of product structure involves multiple interests
The idea of using high-priced products to boost the overall image of the brand and drive the development of mid-range products is also borrowed from Xifeng Wine. Recently, Xifeng Wine announced at the dealer commendation conference that the brand's revenue exceeded 8 billion yuan last year, an increase of about 30% compared with 6.3 billion yuan in 2020, and this year is the "year of 10 billion victories".
At the product level, Xifeng also specifically mentioned the "full-price segment product layout with the red Xifeng brand as the head force, the flag Xifeng as the waist strength, and the old green bottle as the bottom strength." ”
Caijing learned from sources familiar with the channel that although the current retail price of Red Xifeng is about 1499 yuan, some dealers take the price of the goods only 600 yuan, and the small batch purchase price of group purchase customers is only 980 yuan.
The actual transaction price did not exceed 1,000, reminiscent of the "avoidance" instruction issued by Xifeng for its own distribution agents when the new generation of Red Xifeng was just upgraded and listed. According to the financial network Sankei, at the end of 2019, Xifeng Wine issued a notice requiring that the market retail price of all distribution products under the brand should not be close to the retail price of 1099 yuan at the time of Red West Wind, that is, it must not hover within 899-1299 yuan. If there is a proximity, the dealer should adjust it himself within one month.
However, the advent of a new generation of red Xifeng, the impact is not only Xifeng's agent underwriting products, but also the banner Xifeng that once benchmarked Feitian Maotai.
According to the financial network industry and economics combing, in July 2014, when the banner Xifeng came out, a number of media reported that "Xu Keqiang, general manager of Xifeng Liquor Co., Ltd., said, 'Xifeng Company has the banner Xifeng wine, just like Moutai has 53 degrees of Feitian Maotai and Wuliangye has 52 degrees of Puwu. 'It is necessary to finally make the flag Xifeng wine into a symbolic product that can represent Xifeng. ”
"Before the launch of The Banner Xifeng, it should be a very sluggish period in China's liquor industry. At that time, Feitian Moutai fell below 1,000 or even 900 yuan. Xiao Zhuqing, who claimed to have been the brand operator of Xifeng wine from 2012 to 2015 and is currently the chairman of Wuhan Jinkui Technology Co., Ltd., recalled to the financial network, "When Qixifeng did market positioning, he convened an agent symposium in Chengdu, and Xu Keqiang invited many super agents to discuss the pricing of Qixifeng. At that time, some agents reflected that liquor exceeded 200 yuan and needed brand strength to do support, and 200 yuan was the price band that was the easiest to put in. But in the end, the flag Xifeng was still positioned at about 500 yuan. ”
Another channel source who currently distributes Xifeng revealed to the financial network That the collector's edition of the banner Xifeng is currently retailing at about 568 yuan, and the small batch group purchase price is only 390 yuan. In order to push the flag Xifeng, the distillery also set up a joint venture company with various operators, and also invested in CCTV advertising. However, as soon as the upgraded Red Xifeng in the second half of 2019 came out, the internal status of the banner Xifeng declined. The channel source said so.
Caijing learned from the inquiry of the national enterprise information publicity system that in July 2014, when the banner Xifeng came out, a company named Shaanxi Xifeng Wine Banner Marketing Co., Ltd. was established. Judging from the current public information, Xifeng Distillery holds 74% of the shares. Wang Yan'an, who has won the first place in Xifeng dealer recognition for many years, holds 11% of the shares, and Beijing Sugar Industry Tobacco and Liquor Group holds 5% of the shares. But at the end of December 2017, Banner Marketing was written off.
For the reason for the company's cancellation, Beijing Sugar Industry Tobacco and Liquor Group replied to the financial network Sankei, "It is the investment department responsible for this matter, and it has not been clear for a long time." In the past, there were many such joint ventures, but now the management of state-owned assets is strict, and similar situations are decreasing. ”
Another person close to Xifeng told the financial network Sankei that the cancellation should be a routine operation. And from the flag West Phoenix to the Red West Phoenix as the head, there is a change of coach in the middle. As long as you do the head product, you must concentrate your strength.
"It's still not the right time." Xiao Zhuqing commented to the financial network that when the banner Xifeng was listed, Xifeng had just formed a team outside the province and was in an ice-breaking period. However, affected by industry policies, it is at a low point and sales are slow. However, it also mentioned that from the perspective of internal factors, Huashan On sword and National Flower Porcelain Xifeng, which have long been at the forefront of Xifeng's underwriting series products, also have products with similar prices to Qixifeng.
A channel source told the financial network Sankei that the current retail price of Huashan On Jian Xifeng Wine 55 degrees 30 years is about 528 yuan, and the group purchase price is about 398 yuan. In fact, it has overlapped with the 568 yuan / 390 yuan of the flag Xifeng.
A number of judgments published on the judgment document network also revealed the history of the unit price adjustment of Huashan On Jian Xifeng Wine. For example, in 2014, the unit price of 45 degrees 10-year and 20-year Huashan Jian Xifeng wine was 138 yuan and 238 yuan. In 2019, the unit price of the two wines rose to 148 and 248 yuan, and the 30-year model was set at 388 yuan.
"The leadership of Red Xifeng in the thousand-yuan price band has created more space for the overall improvement of the Xifeng brand." Xiao Zhuqing analyzed to the financial network, "Especially for the waist products of the national flower porcelain and the Huashan sword below 1,000 yuan, it provides room for growth." But from another point of view, the fate of underwriting agent products is greatly affected by changes in winery policies. Because the salesmen of the winery will slander the OEM wine or attract the OEM liquor agents to do the distillery's own products, the internal demolition and slander are very serious. ”
Public information shows that the overall sales growth rate of Xifeng in 2020 is only about 4.5%, but the growth rate of self-operated products is more than 100%. In December 2020, the top management of Xifeng Wine said that within five years, the sales of Red Xifeng should account for more than 50% of Xifeng's self-operated products.
"The assessment of the OEM liquor salesman is results-oriented, and there is no wage income without payment, which leads to a serious loss of salesmen." The salesman of self-operated products is a work process assessment system, which is relatively stable. It is also conducive to promotional applications, timely fee write-offs and market-assisted distribution. Xiao Zhuqing summed up to the financial network Sankei.
Cai Xuefei, an analyst in the wine industry, told the financial network that Hong Xifeng shoulders the role of high-end brand image and actually uses marketing strategies to price. As for the higher spreads, it is also to balance the sales momentum between the various channels. Some underwritten waist products below it can be seen as the historical legacy of Xifeng, and can also be seen as the early occupation of the niche market before the brand power of Xifeng has not fully risen.
epilogue
The high-end of liquor is not a simple and fast-paced version of paper. Alcoholic liquor and internal ginseng liquor, Xifeng liquor and red Xifeng wine are all facing the challenge of whether the transaction price is firm, and for the latter, it is also related to the internal product order placement, self-operated and distribution of products.
"The living space of investment-oriented marketing is getting smaller and smaller, and everyone needs to do a solid job in the base market." Xiao Zhuqing sighed to the financial network Sankei.
The example of wineries relying on the development of a number of regional large merchants, providing bar codes to develop products to earn a one-time high amount of money still exists. However, when the annual revenue of the distillery reached a certain level, the agents also began to pay attention to the basic process services outside the province, "the stock market still depends on the upgrading of the product structure." Cai Xuefei said so.