ZhangYu this red wine brand was founded in 1892, the founder is called Zhang Zhenxun, "Yu" takes the meaning of prosperity and wealth. Zhang Zhenxun was the richest man in China at that time, and Zhang Yu Winery was the top winery in Asia, and Sun Yat-sen wrote an inscription for it.
More than 100 years after its establishment, ZhangYu was listed on the capital market in 2001 as the "first red wine stock in Asia". When I was a child, I watched Zhang Yu Xie Baina advertisement on TV, and I still remember it.
At the end of 2001, Zhangyu's market value was 4.8 billion, Tsingtao Beer was 7.7 billion, Guizhou Moutai was 9.6 billion, and the three kinds of red and white beer had the momentum of going hand in hand. And now we can see the results: Zhangyu's market value is 30 billion, while green beer has exceeded 100 billion, Moutai has exceeded 2 trillion, and the enterprises of similar scale have now been sentenced to cloud mud...
1. What happened to red wine?
In value [50], we added liquor companies and beer companies, but there were no wine companies. Looking at the essence through the phenomenon, the phenomenon is that the overall performance of wine companies in the capital market is very weak, and Zhang Yu's performance as a leader is also standing still.
According to the comparison of wine, liquor and beer stock price indices, liquor has performed best in the past three years, with flying beer rising rapidly, while wine is basically lying at the bottom without moving.
Among the listed enterprises, there are more and more high-quality liquor and beer companies, and there are a total of 5 A-share wine companies, of which 3 have been hung up on ST...
As a red wine leader, Zhang Yu is also very miserable, and the operating income and net profit are no different from 10 years ago. According to iFinD data, the company's revenue in 2012 was 5.64 billion. Profit of 17 billion, did not expect that this year has become the peak of performance, this level has not been surpassed until now...
Zhangyu's financial situation can only be said to be decent, the proportion of monetary funds in total assets is less than 10 points, long-term and short-term borrowings add up to 6 points, and there are certainly no flashpoints for projects that are not high.
Red wine has a natural label of "elegant" and "healthy", which is in line with the trend of modern people's healthy drinking; Zhangyu is the only high-quality target in A-share wine, and it still has a certain scarcity in the capital market, but why is Zhangyu and his red wine mixed so badly after 20 years?
Second, red wine is not hot is not unreasonable
Although red and white beer is wine, the difference in product characteristics has created a huge difference in listed companies.
1. Red wine is a small market
Previously we discussed the issue of "scarcity", the red wine stock can be called high-quality is Zhangyu, is the first choice for investors in the wine track, so it is reasonable to say that Zhangyu also has a certain scarcity. But we must not forget to look for the premise of scarcity, that is, the "big market".
Compared with liquor and beer, the market size of red wine is indeed too small, and we can see it from the income scale of the leader. And this market is still shrinking, 2016-2020 China's wine production fell significantly, from 1.1 million kiloliters to more than 300,000 kiloliters. Such a high rate of decline may not be explained by "people choose to drink less and drink good wine".
From a global perspective, China's wine production accounts for only 3% of the world's total. European countries such as Italy, France and Spain occupy the top in production.
2. Foreign red wine is stronger
In 2001, Zhangyu's market share in the domestic red wine market was close to 20%, but now it is less than 5%. It is not because the competition in the same industry of domestic red wine is too fierce, mainly because foreign red wine brands are too powerful.
Red wine itself has the attribute of an imported product, and consumers have a higher degree of recognition of foreign brands. Since 2010, China's wine imports have far exceeded beer and spirits.
When it comes to red wine, the first thing that comes to mind may be a bottle of wine printed with foreign characters, a master wine tasting master with blonde hair and blue eyes holding a goblet, a foreign winemaking estate with blue sky and green grass, and so on. In fact, red wine is not a modern foreign import, in our country and liquor has a long history, there are verses as evidence:
"Grape wine luminous glass, want to drink pipa immediately urge", "look at the Hanshui duck head green, just like the grapes first pickled"...
But now the reason why everyone defaults to labeling red wine as a foreign is partly because of the "bad results" buried in the publicity methods of wine companies in that year.
Zhang Yu Xie Bai Na's most classic promotional image is a foreign wine tasting master holding a wine glass, and in the early years, Zhang Yu mainly enhanced the sense of high quality through brand Westernization. Other domestic liquor companies are also doing this, and the people are very hungry for this set. As a result, I did not expect that after a few years of tariffs, foreign brands really came in, the price was still cheap, and the people who originally bought domestic "unauthentic foreign wine" went to buy real foreign wine...
3. The consumption scenario of red wine is limited
Compared with white wine, the alcohol content of red wine is low, and the price of red wine is very expensive compared to beer. The impact is that it costs a lot to get drunk. This leads to a very limited wine consumption scene, for example: go to eat hot pot skewers with friends, it must be a case of beer, because red wine is expensive and boring; important occasions to eat, it must be a high-end liquor, the same money to drink low-grade red wine as if gargling.
Of course, it is possible to drink some red wine when you go out with the object for a steak, but the occurrence of this situation is relatively low-frequency, not to mention that you may not have an object ~
Third, finally
In fact, to sum up the reasons, we can find that the reason why Zhang Yu cannot become a "red wine Maotai" is mostly because of external reasons, such as the red wine market is too limited, external competition is too fierce, and so on. As a century-old wine brand, Zhang Yu itself still has no problems.
At present, the company is also actively trying to get out of the predicament, on the basis of doing a good job in wine, do a large brandy business, low-end red wine no longer hangs zhangyu brand, and strives to the direction of high-end brand. But I don't know how long it will take Zhang Yu to recover the 20 years he has lost...
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