Wen | Ouyang Qianli Is a researcher in the liquor industry and the founder of Qianli Think Tank
Behind the cold numbers is a hot industry trend. - Caption
On October 29, "Xueba" Wuliangye handed over the report card of the third quarter of 2021. The report shows that from January to September, Wuliangye achieved operating income of 49.721 billion yuan, an increase of 17.01% year-on-year, and net profit of 17.327 billion yuan, an increase of 19.13% year-on-year. Among them, in the third quarter, Wuliangye's revenue was 12.969 billion yuan, an increase of 10.61% year-on-year, and its net profit was 4.127 billion yuan, an increase of 11.84% year-on-year.
Wuliangye three quarterly reports
Counting the double-digit growth in this quarter, the huge Wuliangye has achieved double-digit growth for 23 consecutive quarters, which can be called "elephant dancing". Behind the cold figures, there is a hot industry trend, a leader of "famous wine + head" enterprises, a victory of "scene + innovation" marketing, and the result of the favor of "consumers + investors".
Since 2016, Wuliangye and other famous wines and head enterprises have come out of the impact of the third industry adjustment and ushered in new glory. The first is the double decline in per capita drinking frequency / per capita drinking volume, the second is the reduction of the age-appropriate drinking population, and the third is the further concentration of alcohol consumption to business consumption, and the consumption dividend is rapidly concentrated towards famous wines and head enterprises with larger brands and better quality, such as Wuliangye.
Wuliangye
Since 2020, the new crown epidemic has further reduced the frequency of drinking, invisibly pushing up the price of a single drink. Along with the practitioners' reflection on the "sauce and wine fever", more and more practitioners clearly realize that "sauce aroma fever" is the appearance, and "famous wine fever and head heat" are the essence. The wind knows the grass, so practitioners will choose "famous wine + head" enterprise cooperation, and even only choose "extreme head" wine enterprise cooperation.
Based on market performance and prediction of the future, dealers actively paid Wuliangye, which greatly increased Wuliangye's cash flow. Taking January-September 2021 as an example, Wuliangye's cash flow in the first three quarters increased significantly to 15.398 billion yuan, an increase of 290.47% year-on-year. At the same time, Wuliangye increased production capacity and other infrastructure work, and invested 2.302 billion yuan in construction projects, an increase of more than 800 million yuan compared with the end of 2020, which fully demonstrated the steady development trend and strong development potential of the enterprise.
When it comes to scenes, there is no wedding. The certificate is the recognition of the couple by the state, and the wedding is the recognition of the couple by the world. For the vast majority of people, the wedding will invite the couple's relatives and friends, and even radiate to all the circles that the couple contacts, so the wine used for the wedding banquet often becomes the "must-fight place" for the wine company. Over the years, Wuliangye has held hands with the rose wedding ceremony, and has witnessed nearly 7,000 couples in more than 30 countries and regions. Taking 2021 as an example, wuliangye rose wedding ceremony "56 nationalities and beautiful family relatives", 56 nationalities, 100 couples, during the National Day, married in hangzhou, the capital of love, praising the century-old fanghua and showing a new height.
When it comes to innovation, there is nothing more than documentaries. The documentary is timeless and will substitute the audience into it, thus reflecting its unique charm. Since Wuliangye's exclusive title of the hit "Forbidden City", Ouyang and his family have been chasing for two consecutive weeks, immersed in the unique charm of "looking at history with the city and telling the country with the city". In the first episode of "The King", because the construction of the Forbidden City requires high-grade wood "Nanmu", which leads to the Nanmu Forest in Pingshan County, Yibin City, and then allows the audience to feel the unique ecological environment of Yibin, which pre-lays the perfect foreshadowing for the emergence of Wuliangye.
In recent years, the marketing of Wuliangye has been well received by the industry and paid attention outside the industry. In addition to the aforementioned China International West Lake Love Wuliangye Rose Wedding Ceremony, it also cooperates with top IPs such as the Yangtze River Cultural Belt Wanli Tour, the Top Museum Visiting Program, and "Shangxin Forbidden City" to effectively tell the world about Chinese liquor culture and "harmony and beauty" culture.
As we all know, Wuliangye is a famous historical and cultural wine. Its brewing technology began in the Tang Dynasty, flourished in the Song Dynasty, and became famous in the Ming Dynasty. From the heavy Bichun wine of the Sheng Tang Dynasty, to the Yao Zi Xuequ of the Song Dynasty, the mixed grain wine of the Ming Dynasty, and then to the official name of "Wuliangye" in 1909 because of the "collection of the essence of the five grains to make jade liquid", from the help of the xingxing literati and inkers to the ancient sentences to now enter the homes of ordinary people, the inheritance has been more than a thousand years.
High popularity, good reputation, quite favored by consumers. In the full price band, especially the thousand yuan belt, Wuliangye has an absolute advantage in the user base and market reputation, and is widely loved and recognized by the core consumer population. From the perspective of the market, Wuliangye products sold well during the Mid-Autumn Festival and National Day, especially high-end personalized products. It can be seen that Wuliangye's layout in the high-end market segment has achieved initial results, and potential energy is accumulating.
Consumers favor, the market will be better, and then reflected in the capital market. In 2020, Wuliangye announced a profit distribution plan, distributing 25.80 yuan (including tax) in cash for every 10 shares, and intends to distribute cash of 10.015 billion yuan, with a dividend ratio of 50.19%. Dividends of 10 billion, the highest dividend amount since listing. In the past five years, the cumulative cash dividend is 26.6 billion yuan, which is the shenzhen liquor listed company with the largest cumulative cash dividend in the past five years. Therefore, institutional investors continue to be optimistic about Wuliangye, and the three major shareholders of the top ten shareholders in the third quarter of 2021 have greatly increased their holdings in Wuliangye, and the shareholding ratio has further increased.
Judging the revenue of wine companies from the trend of the wine industry, and verifying the trend of wine companies from the revenue of wine companies, we will gradually find that some wine companies are ideal "research objects", such as Wuliangye, which has double-digit growth for 23 consecutive quarters. Therefore, after understanding the third quarter of Wuliangye in 2021, I understood the trend of the wine industry.