Luzhou old cellar "on the new"! Price 899 yuan / bottle, layout sub-high-end... Moutai and Wuliangye also have actions, and strive to improve the product structure of new products

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On October 17, Luzhou Laojiao released the strategic new product Luzhou Laojiao 1952. Previously, the poster of the product was frantically brushed in the circle of friends and caused speculation in the industry. As the "Matthew effect" continues to enlarge, the trend of the liquor industry to concentrate on famous wines and high-end concentration is becoming more and more obvious, and many leading liquor companies are also constantly launching high-end and sub-high-end products to improve the product structure.

Luzhou old cellar has pushed new products

On October 8, a poster of the old cellar in Luzhou swept the screen in the circle of friends, and the main body of the poster was a silhouette of a wine bottle marked "1952". The poster release by Luzhou Laojiao Co., Ltd. Party Secretary, Chairman Liu Miao and Deputy Secretary of the Party Committee, General Manager Lin Feng joined hands to "create momentum", it can be said that this upcoming product should be "heavyweight".

1952 can be said to be the beginning of the old cellar in Luzhou. This year, at the first national wine appraisal meeting, Luzhou Laojiao was rated as the first "four famous wines" in China.

Industry insiders speculate that the time node of this time is the same as the national cellar 1573 system, or will fill the gap in the market price, and it is also possible to surpass the market positioning of the national cellar 1573 and become the leader. As early as this year's "14th Five-Year Plan", Luzhou Laojiao indicated the short-term goal of returning to the top three in the industry and the long-term goal of 2030, and launched a comprehensive battle for rejuvenation. Therefore, the series of strategic measures currently taken by Luzhou Laojiao have the opportunity to become a favorable engine for returning to the top three.

On October 17, Luzhou Old Cellar 1952 was officially released in Shanghai. Chairman Liu Miao said that Luzhou Laojiao 1952 will shoulder the "three major values" of famous wine, quality and brand, positioning itself as a high-end strategic single product under the strategic guidance of Luzhou Laojiao's product system, and promoting the high-end upgrading of the overall brand of Luzhou Laojiao, with a price of 899 yuan / bottle.

The product layout of the liquor company

At present, from the perspective of the industry, the "Matthew effect" continues to enlarge, the trend of the industry as a whole to the concentration of famous wines and high-end concentration is becoming more and more obvious, and the head wine companies have expanded their production capacity; brand high-end and product upgrading and innovation have become one of the main trends in the liquor industry, which brings sustainable growth space for sub-high-end and high-end liquor. In this context, a number of liquor companies are also launching sub-high-end and high-end liquor products.

At the beginning of September, Guizhou Moutai launched the new Moutai 1935. According to relevant sources, the wine is priced at 780 yuan / bottle, and there is no new news on the market at present, but the terminal price of many stores has soared to 1399 yuan / bottle.

Why does Moutai have to make up the thousand yuan price band? Cai Xuefei, an analyst in the liquor industry, said that Moutai 1935 filled the vacancies in multiple price bands caused by the high operation of Moutai Group due to the high level of Feitian Moutai.

In addition, some market voices said that Guizhou Moutai is likely to want to build Moutai 1935 and Feitian Moutai into the company's two core products, in order to increase the company's performance and competitiveness, and now in the market, many liquor companies have stood in the price band of thousands of yuan.

Wuliangye is also constantly exerting its strength in high-end and sub-high-end tracks. In September, Wuliangye and Baoyao Group launched the strategic single product "Wuliang Impression", which delineated the sub-high-end track, with the goal of achieving a business volume of 5 billion+ during the "14th Five-Year Plan" period. Recently, there is news that the high-end customized liquor Wuliangye art gold series • Wuliangye gold bricks are about to be launched.

Shanxi Fenjiu has formed a full-product price band layout with the revival version of Qinghua 30 and China Decoration as the high-end, the Qinghua 30 and Qinghua 20 as the sub-high-end, the Panamanian and Laobaifen as the middle and high-end, and the Bofen and series of wines as the low-end.

In the price range of 100-300 yuan, Huijiu has basically formed a relatively saturated pattern of "one super and many strong"; in the sub-high-end price band of more than 300 yuan, new products and new forces are forming a new round of intensive offensive. At present, Gujing Tribute Wine, Kouzi Cellar, and Yingchao Tribute Wine are all in different degrees of layout of high-grade liquor.

Gujing Gongjiu put forward a sub-high-end strategy, focusing on "nationalization, sub-high-end", positioning high-end, sub-high-end, mid-end "vintage pulp" series of products is the main direction of structural adjustment, such as gu 26, gu 20 and other main consumption scenarios for high-end business consumption scenarios.

Kouzijiao launched Kouzifang, Kouzi Fine Wine, and Kouzijiao series of medium and high-grade liquor products, forming a full range of high, medium and low-grade product sequences.

Welcoming the upgrading of tribute liquor products, it is still actively laying out and upgrading product ecological caves for 16 and 20 years, hoping to have better development in the sub-high-end and higher price segments. At present, the proportion of sales revenue of medium and high-grade liquor to total operating income is stable and rising. Huaxi Securities believes that the ecological cave has been in the core price segment of Hefei and Lu'an in the core markets of Yingchao Tribute Wine for 6 years and 9 years.

Golden Seed Wine keeps up with the footsteps, focusing on creating personalized and differentiated products, launching a new product of positioning sub-high-end liquor Fuhexiang, since its listing in August last year, the sales of Golden Seed Fuhexiang have already exceeded the 100 million yuan mark.

Sub-high-end liquor development space

According to the analysis of Chuancai Securities, the scale of sub-high-end liquor has increased from 20 billion yuan in 2015 to 60 billion yuan at the end of 2020, with a compound annual growth rate of 24.6%, and it is expected that the market size will reach 110 billion yuan in 2025, with a compound annual growth rate of 12.9% in five years.

According to the "2021 China Sub-high-end Liquor Market Analysis Report", under the leadership of the rise of mass consumption upgrading + high-end prices, the sub-high-end ushered in a period of steady expansion. In 2020, the market size of sub-high-end liquor consumption will further increase to about 90 billion yuan. Consumers' cognition of sub-high-end liquor brands has not yet been solidified, and there are still incremental populations.

Shanghai Shenyin Wanguo Securities Research Institute pointed out in the "Baijiu 2021 Interim Report Summary" that high-end wine is a high-quality track with high certainty and high prosperity, and the trend of volume and price rise is determined. The sub-high end is still a high-growth track, and the layering of the price band will continue to deepen.

Judging from the current situation of the liquor market, the price band of 800-1000 yuan is currently in the stage of volume and price rise. Under the blessing of consumption upgrading, the consumption of the price band of 600-700 yuan is rising, and many famous wine companies have been laid out. Among them, the revenue of alcoholic liquor, Yingchao tribute liquor, and this world edge increased by more than 20% year-on-year. At the same time, many institutions predict that the capacity of the liquor sub-high-end market will have 3 times the room for growth in the future.

Huaxia Securities said that looking forward to the upcoming three quarterly reports, it is expected that liquor is still expected to maintain steady growth. A good indicator of observation is the advance receipt of the semi-annual report of liquor. Major liquor companies generally reported that the growth rate of cash collection is faster than the growth rate of apparent operating income, enterprises have adopted the strategy of "building a high wall and accumulating grain", and the water level of the performance reservoir has been significantly improved, so the probability of low expectations is not large, and the third quarter performance exceeds expectations.

Another industry expert said that in addition to the "large scale and fast growth", China's sub-high-end liquor market also has the characteristics of low brand concentration, which is different from the reality that high-end liquor is almost completely occupied by the head liquor brand, and the sub-high-end market is more friendly to "new products" and has more opportunities.