文丨酒业家团队（ID：jiuyejia360）
Planning丨Saitama Editor丨Yunheng Editor丨Yunding
On the evening of April 28, Yibin Wuliangye Co., Ltd. (hereinafter referred to as "Wuliangye") released its 2023 annual report and the first quarter report of 2024.
According to the financial report, in 2023, Wuliangye will achieve revenue of 83.272 billion yuan, a year-on-year increase of 12.58%, and a net profit of 30.211 billion yuan, a year-on-year increase of 13.19%. In the first quarter of 2024, Wuliangye's revenue was 34.833 billion yuan, a year-on-year increase of 11.86%, and its net profit was 14.045 billion yuan, a year-on-year increase of 11.98%.
In the past few years, Wuliangye has carried out a series of reforms in product structure, brand building, channel construction and other aspects, and the results have been continuously released, achieving high-quality and steady growth. Liquor industry experts combed and found that from 2016 to 2023, Wuliangye's revenue has maintained double-digit growth for 8 consecutive years. Among them, from 2020 to 2023, Wuliangye will step up to 10 billion steps every year. In addition, Wuliangye's dividend amount and R&D investment will also hit a new high in 2023.
At the recently held 13th China Liquor T9 Summit, Zeng Congqin, Secretary of the Party Committee and Chairman of Wuliangye Group (Co., Ltd.), said: "The more long-cycle the industry, the more we must adhere to long-term value, which is the key to breaking the situation and solving the problem through the industry cycle and ironing out short-term fluctuations." "It can also be seen from Wuliangye's performance in 2023 and the first quarter of 2024 that in the face of a series of structural growth opportunities in the liquor industry, Wuliangye will transform confidence and confidence into strategic determination, and transform foundation and advantages into wisdom and strength, which will further achieve steady growth in industry scale and continuous improvement in efficiency.
01
In 2023, revenue and net profit will both increase
Wuliangye's revenue has maintained double-digit growth for 8 consecutive years
With the digital "words" results, we can see the sustained and steady development trend of Wuliangye.
Judging from the revenue data, Wuliangye's revenue and net profit will increase in 2023. So far, Wuliangye's revenue has maintained double-digit growth for 8 consecutive years.
In terms of product data, Wuliangye products achieved revenue of 62.804 billion yuan during the reporting period, a year-on-year increase of 13.5%, and other liquor achieved revenue of 13.643 billion yuan, a year-on-year increase of 11.58%. It can be seen that the structure of Wuliangye's other liquor products has been optimized, focusing on medium and high-priced products.
It is reported that in 2023, the product structure of Wuliangye will continue to improve, and the new Ziqi will come to Wuliangye from the east, and the development and sales of 18 cultural wines such as Wanshoutan and Panda Shaped Liquor will be completed throughout the year, among which the Year of the Dragon Zodiac Wine will achieve a high premium, and a bottle will be hard to find, and the market cultivation of classic Wuliangye will continue to be strengthened, and the dynamic sales of 39 degrees and 1618 Wuliangye will achieve rapid growth.
From the perspective of channel data, in 2023, the number of newly developed dealers in Wuliangye's traditional channels will reach 110, and the number of new core terminals will reach 26,000. The traditional channels of the main brand continued to expand high-quality dealers and core terminals, and the cumulative purchase of terminals increased significantly, the direct sales channel comprehensively promoted the construction of "three stores and one store", and the emerging channels accelerated the layout of the three major platforms of Douyin, Kuaishou and WeChat video accounts, and introduced products such as Wuliangye cultural and creative products and exclusive gift boxes.
From the perspective of gross profit margin data, the gross profit margin of Wuliangye wine products in 2023 will be 81.92%, an increase of 0.04 percentage points. It benefits from the company's commitment to meeting people's needs for a better life in line with changes in consumption trends, continuous optimization of product structure, and continuous transformation of high-quality development achievements into high-quality life.
From the perspective of R&D data, Wuliangye's R&D expenditure in 2023 will be 322 million yuan, a year-on-year increase of 36.5%, aiming to continue to promote key core technology research and actively play the main role of enterprises in innovation and R&D investment. The continuous investment in R&D has also laid a solid foundation for the subsequent high-quality development of Wuliangye.
From the perspective of brand value data, according to the list of "Top 500 Global Brand Value in 2023", Wuliangye's brand value is 30.29 billion US dollars, ranking 59th. According to the data, in the past three years, the brand value of Wuliangye has continued to maintain positive growth, with an increase of 45% in three years, ranking first among all Chinese liquor brands on the list.
Obviously, in 2023, Wuliangye will focus on the four main directions of "excellent products, outstanding brands, leading innovation, and modern governance" in accordance with the general tone of "taking the lead in stability, seeking progress while maintaining stability, improving quality and efficiency, and making more contributions", and the core business indicators will continue to improve, and the development of the enterprise will also reach a new level.
02
The dividend is 18.127 billion yuan, with a dividend ratio of 60%
Wuliangye has paid dividends of more than 10 billion yuan for four consecutive years
While the cash flow is becoming more and more abundant, Wuliangye does not forget to return to shareholders.
According to the 2023 profit distribution plan recently announced by Wuliangye, 46.7 yuan (tax included) will be distributed for every 10 shares, and the total cash dividend will be 18.127 billion yuan, with a dividend ratio of 60%, a new high since listing. The distribution plan is subject to submission to the Annual General Meeting of Shareholders for consideration.
The wine industry learned that from 2020 to 2023, Wuliangye's cash dividends will exceed 10 billion yuan every year. Since its listing in 1998, the company has paid cash dividends 22 times, totaling more than 94 billion yuan, which is 25 times the total amount of funds raised since listing, ranking fourth in the total dividends of listed companies on the Shenzhen Stock Exchange, and also the Shenzhen-listed liquor company with the largest cumulative cash dividends in the industry in the past five years. In the announcement on the action plan of "double improvement of quality and return" issued not long ago, Wuliangye said that in the future, the company will steadily increase the dividend rate and continue to increase investor returns.
According to Choice data, Wuliangye entered the top 10 fund holdings in the first quarter, with more than 800 funds holding Wuliangye.
Guotai Junan Securities pointed out in a newly released research report that at present, Wuliangye has a clear strategy, a clear playing style, a more pragmatic operation, a positive overall state, and a high-quality development in the future while growing steadily throughout the year. The company emphasizes shareholder returns, and is expected to steadily increase the dividend rate in the future, and the leading value is further highlighted.
03
Marketing Executive Year
Wuliangye's reform has achieved remarkable results, and the channel reputation has been greatly improved
Not only in 2023, but also in the first quarter of 2024, Wuliangye has also gained a "good start". And this is inseparable from Wuliangye's efforts in the channel.
During the December 18 conference last year, Zeng Congqin said that Wuliangye's marketing policy in 2024 is to enhance the brand value of Wuliangye as the core, continue to strengthen the quality brand, consumer cultivation, and channel profits, and promote the price to accelerate the reasonable return to brand value.
To this end, Wuliangye emphasizes that the whole country is a game of chess, manufacturers are one heart, and one strength, make concerted efforts to make the market bigger and stronger, and strive to achieve win-win sharing. Under the operation of the efficient team, the market problems of Wuliangye have also been resolved one by one, which in turn has driven the channel into a virtuous circle.
In addition, in terms of product strategy, Wuliangye clearly put forward the layout of the 1+3 product matrix, that is, with the eighth generation of Wuliangye as the core, supplemented by new products of 45 degrees and 68 degrees of Wuliangye, as well as 1618, low degree Wuliangye and other flanking products. This move not only disperses the pressure of single product growth, but also helps to realize the complementarity and linkage between various product lines, thereby improving channel profitability and strengthening manufacturer partnerships. The results of the research of wine industry experts show that after the Spring Festival, the batch price of the eighth generation of Wuliangye is continuing to increase.
Some dealers told the wine industry that since the beginning of this year, Wuliangye has optimized the construction of the marketing system, and after the mechanism reform at the beginning of the year, Wuliangye has implemented the strategy of "controlling quantity and stabilizing prices, balancing quantity and price", and established the Wuliangye Brand Management Department to specialize in the operation and management of Wuliangye brand, which is closer to the market and makes the price of Wuliangye rise steadily. In addition, Wuliangye further rationally plans the benefits of the channel value chain, so dealers are more and more confident in the development of Wuliangye.
"In 2024, Wuliangye may welcome inventory improvement & batch price rise, industrial adjustment or enter the end, in this context, Wuliangye has a clear reform idea in 2024, through digital empowerment to build a channel network based on the C-end, to create the second growth pole of the channel side and the product side, the eighth generation of Wuliangye batch price or exceed expectations, revenue performance is expected to maintain double-digit growth, in addition to the dividend rate is expected to continue to increase. Zheshang Securities analyzed and proposed in the research report.
Changjiang Securities also mentioned that since 2023, Wuliangye has improved internally and externally, set the tone for marketing implementation year, and promoted the reasonable return of price to brand value with the enhancement of Wuliangye's brand value as the core; In the long run, the company's product structure is more perfect, the structure continues to be optimized, and the dividends and major shareholders are active, which is expected to further enhance market confidence.
All kinds of signs show that Wuliangye, which has been making continuous efforts, is responding to the uncertainty of the external environment with the certainty of its own high-quality development, and is leading the liquor industry with solid confidence and confidence.