The "not greedy cup" liquor aims at the second growth curve of real estate
On November 24, China Jinmao announced that it had officially entered the residential land in Suzhou Shishan Business District.
According to the announcement, Ningbo Ningxing, a wholly-owned subsidiary of China Jinmao, will acquire 51% of the equity of Xinmao Real Estate from Nanjing Yaofang and pay a registered capital of RMB 18 to Xinmao Real EstateRMB8.2 billion, and RMB45.9 million from shareholders who provided upfront start-up capital to Xinmao Real Estate.
According to the information, Nanjing Yaofang sold RMB 34 through an open bidding process on October 19, 2023At a consideration of 900 million yuan, it won the land use right of residential land in Suzhou Shishan Business District, and Nanjing Yaofang established Xinmao Real Estate, and has subscribed its registered capital of 36900 million yuan.
On October 21, China Jinmao provided 24The loan of 4.5 billion yuan locked the above-mentioned plots in advance. At that time, there was market news that Nanjing Yaofang was actually the "vest" of China Jinmao.
In the land market, Nanjing Yaofang is undoubtedly a "newcomer", and so far, it has been established for less than 3 months. According to the enterprise investigation, Nanjing Yaofang was established on September 20 this year, with 100% of the shares held by Shanghai Yuandu Real Estate.
It is understood that Shanghai Yuandu Real Estate is managed by Hubei Zhengxuan Lianhui Equity Investment and Wuhan Zhengxuan Capital Investment respectively 70 and 30 shares. Among them, the actual controller of Wuhan Zhengxuan Capital Investment *** is Hubei Jinpai Health Liquor Co., Ltd. (hereinafter referred to as "Jinpai"). 
In fact, Jinpai has long had a layout in the real estate market.
As early as June 2021, Jinpai invested 10 million yuan to set up Jinpai (Wuhan) Real Estate*** In response, Jinpai responded that it was not to enter real estate, but to relocate the marketing center.
What is in contrast is that before the establishment of Jinpai (Wuhan) Real Estate, Jinpai has established a number of real estate companies through Hubei Zhenghan Investment, such as Huangshi Jiamu Real Estate Development Co., Ltd., Hubei Hongwei Real Estate Group, Huangshi Huaxun Real Estate Development, etc.
It is worth noting that the residential projects developed by Jinpai's real estate companies are mainly concentrated in Hubei Province, such as Daye Yipinrenjia, Ezhou Hongwei Xintiandi, Huangshi Jiamu Park 198, Hongwei Shanshui Mingcheng, Daye Yipinrenjia, Daye Dongfeng Renjia, Huangshi Huarenbei County, etc.
However, in the past year, Jinpai began to go out of Hubei and gradually expanded its real estate territory to outside the province, such as Suzhou, Nanjing, Hangzhou and other places, and the residential projects developed were mostly improved high-end real estate.
To this end, Jinpai has reached cooperation with a number of real estate companies. For example, in Suzhou, Jinpai cooperated with Century Jinyuan to develop Century Jinyuan near the lakeIn Nanjing, Jinpai cooperated with Jinji Group to develop Jinji Zhanyue Mansion and Zhongbei Jinji Hanyue MansionHangzhou Real Estate, Jinpai and Hubei Liantou established Hubei Qingzheng Lianhui Real Estate*** and Huafa and China Resources jointly developed Feiyun Run Mansion.
In the current severe real estate situation, is it too risky for Jinpai to invest the profits generated from the sale of wine into the real estate industry to seek a second growth curve?
Bai Wenxi, chief economist of IPG China, told Dagong FMCG that in the current real estate market environment, Jinpai's choice to acquire land and lay out real estate is indeed a strategy worthy of attention and excellence.
First of all, from the perspective of the real estate market, Jinpai's choice to acquire land at this time may be based on the long-term optimism of the real estate market and the opportunity to grasp the opportunity of the value investment window period. Although the current real estate market is facing some adjustments and challenges, it is still an important pillar industry of the national economy and has high investment value and potential. At the same time, as a strong liquor company, Jinpai Company has a certain financial strength and brand influence, and can find more investment opportunities and development space in the real estate market.
However, there are also certain risks and challenges in the layout of real estate. On the one hand, the real estate market fluctuates in a cyclical manner, and the market outlook is affected by a variety of factors, such as policy regulation, economic situation, consumer demand, etc. If Jinpai Company misjudges the market trend or the market changes beyond expectations, it may face investment risks and operating pressure. On the other hand, the real estate industry is very competitive and requires professional development and management skills. As a non-professional real estate company, Jinpai may need to face some technical and management challenges.
Health wine can't be sold?
Behind the active layout of real estate, it may be a helpless choice when the performance growth of Jinpai is close to stagnation.
According to the development of China's health wine, China's health wine accounts for less than 5% of the total sales scale of the industry. Industry data shows that as of 2021, the size of China's health wine market reached 46.7 billion yuan, and it is expected to reach 58 billion yuan in 2024. Although the overall scale is considerable in isolation, but.
Looking at the entire liquor market, health liquor can only be regarded as a niche track, and the scale is still small in the liquor industry.
According to public data, in 2017, Jinpai was among the "10 billion club" of the liquor industry together with Kweichow Moutai, Wuliangye, Yanghe, etc. In November of the same year, at the listing ceremony of Jinpai Moutai Town Liquor, Wu Shaoxun, chairman of the company, once made a bold statement that all the soy sauce wine produced by the factory should be sealed for 10 years, and no wine should be sold within 10 years.
However, in less than a year, Jinpai gave up the pride of "not selling wine for ten years" and launched the "Jinpai Moutai Town Liquor Industry Listing Commemorative Liquor".
In fact, since breaking through the "10 billion mark", Jinpai has hit the ceiling of revenue growth, and the revenue growth rate of Jinpai began to stagnate in the following years.
According to the data, the sales of Jinpai in 2018 increased from 104 in 2017900 million yuan fell to 10.2 billion yuan, its sales in 2019 were slightly ** to 10.7 billion yuan, and in 2021, the sales volume was 11 billion yuan, only about 500 million yuan more than five years ago.
At the "2nd China Liqueur T5 Summit" in July, Wu Shaoxun once said frankly: "Jinpai exceeded 10 billion yuan in 2017, ranking fourth after Moutai, Wuliangye and Yanghe, but in less than ten years, Wuliangye's performance was 780 billion, and Fenjiu and Luzhou Laojiao have exceeded 30 billion this year." Just now, Mr. Duan said that they were in trouble, and we were the same. It was only last year that Jinpai returned to the level of 2019, which means that we have been stagnant for so many years. ”
In the view of Jiang Han, a senior researcher at Pangu Think Tank, the reasons for the stagnation of Jinpai's performance include the following aspects:
First, the market competition is fierce. The market for health wines is becoming increasingly competitive, with many brands launching new products and increasing their advertising efforts to attract consumers' attention. This makes Jinpai need to continuously improve product quality and service quality to maintain market competitiveness.
The second is the change in consumer demand. With the improvement of consumers' living standards and the enhancement of health awareness, their demand for health wine is also changing. Jinpai needs to continue to develop new products to meet the personalized needs of consumers.
The third is channel reform. The change in the sales channel of health wine is also one of the reasons for the hindrance of the growth of Jinpai's performance. Jinpai needs to adjust its sales strategy in a timely manner, strengthen cooperation with dealers, and expand online sales channels to cope with the changes in sales channels.
Fourth, brand building is insufficient. Brand building is the key to the future development of Jinpai. Jinpai needs to strengthen brand marketing and improve brand awareness and reputation to attract more consumer attention and support.
In the view of Shen Meng, director of Xiangsong Capital, the economic situation is not good, the consumption has been downgraded significantly, and the expenditure on non-rigid demand such as health wine has been significantly reduced.
In fact, the growth rate of the national health wine market has been slowing down in recent years. According to the data of Huajing Industry Research Institute, the growth rate from 2015 to 2019 was as follows. 48%。
Despite this, the number of companies that have deployed this track has continued unabated. For example, Moutai launched platinum liquor, Fenjiu launched Zhuye Qingjiu, Wuliangye launched ** liquor, etc., and even the track has attracted the attention of pharmaceutical brands, wanting to take a piece of the pie, such as Jiangzhong Pharmaceutical Puka wolfberry wine, correction pharmaceutical correction health wine, etc.
The competition in the health wine market is becoming more and more fierce, and the development of Jinpai is obviously in a state of "internal and external troubles", and it is difficult to support the future revenue increment of the enterprise by relying solely on the production of health wine.
Therefore, the search for a second growth curve is imminent for Jinpai. However, can real estate really become the second growth curve of Jinpai?
Bai Wenxi pointed out that it will take time to observe and verify whether Jinpai's layout of real estate can become the second growth curve of its performance. If Jinpai can successfully transform its brand advantage and financial strength into a competitive advantage in the real estate market, while reasonably controlling risks and managing the project, then this layout may bring considerable revenue and growth opportunities to it.
All in all, the results of Jinpai's layout of real estate are geometric, and it will take time to verify.