Yangtze River Business Daily reporter Huang Cong
"Since 2022, the company has made clear the strategic goal of 'accelerating the realization of 10 billion mouths and entering the first phalanx of liquor in the country', and it is expected that the company's overall performance growth target in 2023 will not be less than 18%." This is the mouth cellar (603589. SH) for 2023, now let's see how it actually is.
Recently, the 2023 annual report released by Kouzijiao shows that the company achieved operating income of 5.962 billion yuan, a year-on-year increase of 16.10%; net profit was 1.721 billion yuan, a year-on-year increase of 11.04%; The non-net profit was 1.698 billion yuan, a year-on-year increase of 10.76%.
Obviously, the growth rate of Kouzijiao's operating income did not reach the target of no less than 18%, and it was not as good as Yingjiagongjiu, and once again lost the second position of Huijiu.
The Yangtze River Business Daily reporter found that the operating income of Gujing Tribute Liquor, Yingjia Tribute Liquor and Golden Seed Liquor increased by more than 20%, and the operating income of Kouzijiao ranked at the bottom of the four masterpieces of Huijiu.
However, Xu Jin, chairman and general manager of Kouzijiao, will have an annual salary of 3.6436 million yuan in 2023, while Ni Yongpei, chairman of Yingjiagongjiu, will have an annual salary of 906,000 yuan, and Xu Jin's salary will be 4 times that of him.
It should be noted that Kouzijiao is also facing problems such as poor growth in sales revenue of high-end liquor and difficulty in getting out of Anhui.
Visual China Diagram
The deduction does not meet the assessment standards
Kouzijiao is one of the leading enterprises in the liquor industry in Anhui Province, and the Kouzijiao series products produced by the company have a unique aroma and are the representatives of the mainland and fragrant liquor.
In 2022, Kouzijiao will achieve operating income of 5.135 billion yuan, a year-on-year increase of 2.12%; net profit was 1.550 billion yuan, down 10.24% year-on-year; The non-net profit was 1.533 billion yuan, a year-on-year increase of 3.3%.
In the 2022 annual report, Kouzijiao did not list specific business objectives, but it said that 2023 is a year of enterprise transformation and change, and the company will focus on the strategic goal of "accelerating into the first echelon of national liquor", focusing on the development positioning of "China's first brand of high-end liquor with fragrance", building consensus, taking the initiative to innovate, constantly forging ahead, and striving to open a new situation of high-quality development of the enterprise.
Recently, the 2023 annual report released by Kouzijiao shows that the company achieved operating income of 5.962 billion yuan, a year-on-year increase of 16.10%; net profit was 1.721 billion yuan, a year-on-year increase of 11.04%; The non-net profit was 1.698 billion yuan, a year-on-year increase of 10.76%.
If you look at the company's performance alone, the three main operating data of Kouzijiao have all achieved double-digit growth, but "there is no harm if there is no comparison".
Kouzijiao and Gujing Tribute Liquor, Yingjia Tribute Liquor and Golden Seed Liquor are known as the four masterpieces of Hui Liquor, among which Kouzijiao ranks second all year round.
In 2023, the operating income of Yingjiagong Liquor will reach 6.720 billion yuan, a year-on-year increase of 22.07%; net profit reached 2.288 billion yuan, a year-on-year increase of 34.17%; The net profit after deduction reached 2.233 billion yuan, a year-on-year increase of 35.97%.
Obviously, the three main operating data of Kouzijiao were "crushed" by Yingjiagongjiu, and the growth rate was far behind, and once again lost the second position.
In June 2023, Kouzijiao held the 2022 annual performance briefing, and the company said that since 2022, it has clearly defined the strategic goal of "accelerating the realization of 10 billion mouths and entering the first phalanx of liquor in the country", and it is expected that the company's overall performance growth target in 2023 will not be less than 18%.
However, in 2023, Gujing Gongjiu will achieve operating income of 20.254 billion yuan, a year-on-year increase of 21.18%; Golden Seed Liquor achieved operating income of 1.469 billion yuan, a year-on-year increase of 23.92%.
It is not difficult to find that the operating income of Gujing Tribute Liquor, Yingjia Tribute Liquor and Golden Seed Liquor has increased by more than 20%, and the growth rate of Kouzijiao's operating income ranks at the bottom of the four masterpieces of Huijiu.
In April 2023, the 2023 restricted stock incentive plan released by Kouzijiao shows that from 2023 to 2025, the company-level assessment needs to complete one of the goals of net profit and operating income.
Among them, the net profit assessment of Kouzijiao is based on 2022, and the growth rate from 2023 to 2025 will not be less than 15%, 30% and 50% respectively. The assessment of operating income is also based on 2022, and the three-year growth rate is not less than 15%, 30% and 50% respectively.
In particular, the announcement stated that the "net profit" in the assessment of the stock incentive plan refers to the audited net profit attributable to the shareholders of the listed company after deducting non-recurring gains and losses, but excluding the impact of share-based payment expenses of this and other employee incentive plans as the basis for calculation.
From this point of view, in 2023, the target of Kouzijiao's assessment is to achieve an operating income of 5.905 billion yuan and a non-net profit of 1.763 billion yuan.
Therefore, Kouzijiao almost "pressed the line" to complete the operating income assessment target, but did not complete the strategic goal, and the deduction of non-net profit did not meet the assessment standard.
Sales revenue outside the province increased by only 6.56%
Although the deduction of non-net profit did not meet the standard, due to the "one of the two", Kouzijiao as a whole still completed the 2023 restricted stock incentive plan.
However, although the performance was thrown off by Yingjiagongjiu, the "purses" of the executives of Kouzijiao were still bulging.
According to the 2022 annual report, a total of 16 directors, supervisors and senior managers in Kouzijiao have an annual salary of 14.6187 million yuan, of which Xu Jin, chairman and general manager, has an annual salary of 3.5601 million yuan, and 5 senior executives, including Xu Qinxiang, director, secretary of the board of directors and deputy general manager, have an annual salary of more than one million yuan.
The total annual salary of the 20 directors, supervisors and senior executives of Yingjia Gongjiu is 5.032 million yuan, the annual salary of Chairman Ni Yongpei is 901,300 yuan, and the annual salary of director and general manager Yang Zhaobing is 634,900 yuan.
According to the 2023 annual report, a total of 19 directors, supervisors and senior managers in Kouzijiao have a total annual salary of 14.6381 million yuan, of which Xu Jin's annual salary is as high as 3.6436 million yuan.
Ni Yongpei, chairman of Yingjia Gongjiu, has an annual salary of 906,000 yuan, and Xu Jin's salary is 4 times.
Judging from the business data, Kouzijiao is currently in a dilemma of moving towards the high-end and not going well out of the province.
In 2022, the sales revenue of Kouzijiao's high-end liquor will reach 4.87 billion yuan, a year-on-year increase of 1.94%; The sales revenue of mid-range liquor reached 95.1049 million yuan, a year-on-year decrease of 5.95%; The sales revenue of low-grade liquor reached 94.0531 million yuan, a year-on-year increase of 6.47%.
Obviously, the growth of sales revenue of high-end liquor in Kouzijiao has almost come to a standstill.
Not only that, in 2022, the sales volume of high-end liquor in Kouzijiao will reach 27,312.35 thousand liters, a year-on-year decrease of 1.29%.
In 2023, the sales revenue of Kouzijiao's high-grade liquor will reach 5.678 billion yuan, a year-on-year increase of 16.58%; The sales revenue of mid-range liquor reached 76.3108 million yuan, a year-on-year decrease of 19.76%; The sales revenue of low-grade liquor reached 94.7335 million yuan, a year-on-year increase of 0.72%.
It should be noted that in 2023, the sales volume of high-end liquor in Kouzijiao will reach 36,762.56 thousand liters, a year-on-year increase of 7.43%.
A liquor industry insider told the Yangtze River Business Daily reporter that if you exclude factors such as the warming of the entire liquor industry and the fact that the price of the so-called "high-grade liquor" in Kouzijiao is not high and rising, the actual increase in the company's high-end liquor sales revenue is limited, and the downward trend is obvious.
At the same time, it is still difficult for Kouzijiao to get out of Anhui.
In 2023, the sales revenue of Kouzijiao in Anhui Province will reach 4.902 billion yuan, a year-on-year increase of 17.53%; The sales revenue outside Anhui Province reached 947 million yuan, an increase of only 6.56% year-on-year.
The above-mentioned liquor industry insiders told the Yangtze River Business Daily reporter that if Kouzijiao wants to enter the "first echelon of liquor", it must go out of Anhui and move towards the whole country, otherwise the future growth space is limited, and entering the first echelon is just empty talk.
Entering 2024, the gap between Kouzijiao and Yingjiagong Liquor will continue to widen.
In the first quarter of 2024, Kouzijiao achieved operating income of 1.768 billion yuan, a year-on-year increase of 11.05%. In the same period, the operating income of Yingjiagong Liquor reached 2.325 billion yuan, a year-on-year increase of 21.33%.
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