Reporter | Shen Li
Following Guyue Longshan (600059.sh), the "second boss" Huijishan (601579.sh), a listed company in rice wine, disclosed its 2021 semi-annual report after hours on August 19, and the company achieved operating income of 572 million yuan in the first half of the year, an increase of 26.25% year-on-year; the net profit attributable to the shareholders of the listed company was 88.1804 million yuan, an increase of 83.39% year-on-year, and the reason for the revenue growth was mainly due to the increase in sales volume in the current period.
It is worth mentioning that while the net profit increased significantly year-on-year, the semi-annual profit of Huijishan also created the highest in the company's calendar years, and surpassed Guyue Longshan with a slight advantage. Previously, the semi-annual report released by Guyue Longshan showed that the company's operating income was about 764 million yuan, an increase of 31.91% year-on-year; the net profit was 88.1081 million yuan, an increase of 31.27% over the same period last year. By product, Guyue Longshan high-grade wine achieved sales revenue of 520 million yuan, an increase of 34.04% year-on-year; ordinary wine achieved sales revenue of 211 million yuan, an increase of 18.80% year-on-year.
From the revenue level, Guyue Longshan is still in the position of the boss of the rice wine industry, and the sales of medium and high-end liquor are close to the total income of Huijishan for half a year, but the net profit margin is lacking.
The secretary of the board of directors of Huijishan told the interface news reporter that the sales of rice wine in the first half of the year generally maintained a steady trend, the consumption group of rice wine was stable, and the main reason for the increase in net profit was related to the optimization of the company's product structure and the upgrading of social consumption, and also related to the company's sales of production, strengthening cost control and improving efficiency. From the current point of view, the overall environment of the rice wine sales market has not changed, and in addition to continuing to deepen the core markets of Jiangsu, Zhejiang and Shanghai, rice wine enterprises still need to actively expand the road of national market and expand the influence of the rice wine industry.
Interface news reporter noted that compared with the previous performance, Huijishan in the product structure has changed, half-year operating data show that the company's high-end rice wine to achieve sales revenue of 358 million yuan, an increase of 19.69% year-on-year, ordinary rice wine to achieve sales revenue of 163 million yuan, an increase of 31.38%, other grade products to achieve sales revenue of 39.5783 million yuan, an increase of 97.14%.
In terms of regions, Huijishan is still dominated by Jiangsu, Zhejiang and Shanghai, and the sales revenue of Zhejiang Region, Shanghai Region and Jiangsu Region is 334 million yuan, 137 million yuan and 57.9042 million yuan respectively, an increase of 20.63%, 41.58% and 53.31% respectively.
In terms of sales channels, direct sales (including group purchases) grew rapidly, an increase of 63.62% year-on-year, but the absolute value of income was 77.8405 million yuan, compared with the traditional wholesale agent's income of 480 million yuan, there is still a lot of gap.
It is worth mentioning that in terms of dealer changes, the number of Zhejiang and Shanghai regions has decreased, jiangsu region has increased by 1, in addition to non-traditional consumption areas dealers have more growth, the number of period-end reached 453, an increase of 13 in the first half of the year.
The financial report shows that in the first half of 2021, the company's main business has not undergone major changes. The main business income is the sales of rice wine products, rice wine products belong to the public fast-moving consumer goods, mainly used for drinking, the consumer group is consumers; other business income is the sales of a small number of liquor by-products produced by the company.
However, Huijishan told the interface news reporter that from the product marketing, the company's promotion of high-end products has been increasing, focusing on the marketing of high-end strategic products such as "Master Lanting", "Mingshi Lanting" and "Guochao Lanting", and carried out in-depth marketing of mid-end products such as "Huijishan 1743", "Pure Five Years", "Frozen Ice Sculpture", "Green Water and Green Mountains", and focused on channel layout optimization, dealer group optimization and sales network optimization.
It is worth mentioning that on July 31, Huijishan issued an announcement on the progress of the judicial reorganization of the company's controlling shareholder, according to the "Notification Letter of The Announcement of the Pre-recruitment of Jinggong Group Co., Ltd. and Nine Other Companies Including Jinggong Group Co., Ltd." issued by the managers of the nine companies including the controlling shareholder Jinggong Group Co., Ltd. (hereinafter referred to as "Jinggong Group") on July 30, 2021.
The scope of reorganization initially determined by the managers of nine companies, including Jinggong Group, mainly includes six core assets, including 164 million shares of the company's controlling shares held by Jinggong Group (accounting for 32.97% of the company's total share capital). This matter may result in a change in the actual control of the company, and there is a risk that the control of the company will be unstable.
The interface news reporter noted that after the previous thunderstorm of Jinggong Group, Huijishan re-elected Yu Weiqiang, a director of the second largest shareholder, textile city (600790.sh) as chairman through the board of directors. However, in response to investors' questions recently, The Textile City said that the company has no plans to hold Huijishan.