Text|Wine News Ziyu.Ten months later, Jia Guangming returned to the Golden Seed Group again.Edit|Nian Yi.
Recently, Liquor News learned from the official website of the Fuyang Municipal Finance Bureau that the board of directors of Golden Seed Group removed Chen Meng from the position of general manager and appointed Jia Guangming as the general manager of the company.
In the past year, China Resources has carried out a large-scale transformation and reshaping of Golden Seed Liquor, whether it is the "big change" of management, or the "China Resources" of channels and marketing, although Golden Seed Liquor has been transformed, the loss situation has not been reversed.
After Jia Guangming takes up the new position of Golden Seed Group, will there be any changes in the development path of Golden Seed Liquor?
The official website of the Fuyang Municipal Finance Bureau.
01 The return of the veteran For Jia Guangming's "return", Golden Seed Liquor Group seems to be quite "low-key". In response to this personnel change, no relevant information was found on the official website of Golden Seed Liquor and the official ***.
Liquor News login Tianyan found that Jia Guangming has become one of the senior executives of the Golden Seed Group and serves as the general manager.
Screenshot of Tianyancha app.
Liquor News asked the staff of Golden Seed Liquor about the personnel change and follow-up arrangements, and the other party pointed out that the personnel change was a group-level change and had nothing to do with the listed company. At present, the listed company is operating normally.
Xiao Zhuqing, a wine analyst, believes that after the acquisition of the company, the wine capital faces a multi-party game, including local enterprises, old employees and distributors, upstream and downstream partners, etc., and China Resources needs Jia Guangming to coordinate the development of enterprises and partners, and integrate the direction of development in line with the interests of all parties. This is more conducive to the full integration and control of Golden Seed Liquor by China Resources.
From Jia Guangming's resignation from the relevant positions of the listed company of Golden Seed Liquor on February 22 to his return to the Golden Seed Group again, in 10 months, while changing personnel, the recent drama of "selling land to increase income" has ushered in new shareholders, but still takes the old road, Golden Seed Liquor has once again attracted the attention of the market.
According to the announcement of Golden Seed Liquor, it is proposed to transfer its holdings of 980,000 square meters of state-owned construction land use right to 4250100,000 yuan was transferred to the controlling shareholder Anhui Golden Seed Group
For this land sale, industry insiders pointed out that in recent years, the performance of Golden Seed Liquor has been poor, with a net profit loss for two consecutive years, and a "surprise" land sale at the end of the year, or to increase performance.
Screenshot of the Golden Seed announcement.
02 The cumulative loss of nearly 500 million yuan in four years is whether it is a personnel change or a land sale, when Golden Seed Liquor once again sparked heated discussions, the second shareholder China Resources took over Golden Seed Liquor for one year, and whether it can turn around the loss within this year has become a matter of more concern inside and outside the industry.
According to the third quarterly report, from January to September, Golden Seed Liquor achieved an operating income of 107.3 billion yuan, an increase of 31 percent year-on-year73%, with a net profit of -3485940,000 yuan.
In horizontal comparison, it is not difficult to find that in the "Four Golden Flowers of Huijiu", in the first three quarters of this year, the net profit of Gujing Gongjiu exceeded 3.8 billion yuan, and Yingjia Gongjiu and Kouzijiao also exceeded 1 billion yuan.
Except for 2020, when it received a land compensation payment, Golden Seed Liquor lost money from 2019 to 2022. According to the financial report data, the net profit attributable to the parent company of Golden Seed Liquor from 2019 to 2022 was -20.4 billion yuan, 06.9 billion yuan, -16.6 billion yuan and -18.7 billion yuan, with a cumulative loss of nearly 500 million yuan in four years.
Wine news mapping.
As for whether it can turn around losses this year, at the third quarter performance briefing, He Xiuxia, general manager of Golden Seed Liquor, said that the company's operation is progressing steadily as planned, and the current indicators are progressing as expected.
Behind the performance loss, the gross profit margin of Golden Seed Liquor is lower than that of its peers, which has become one of the reasons for dragging down its performance.
In 2019, the gross profit margin of Golden Seed Liquor's liquor business was 573% to 38 by 2022**81%, ranking first among all 20 listed liquor companies. In the first half of this year, the gross profit margin of liquor was only 40%.
Regarding the decline in gross profit, Golden Seed Liquor previously said that the mid-to-high-end products are still in the promotion and cultivation period, and the gross profit margin of the old products is low, resulting in a slow increase in the comprehensive gross profit margin.
While many liquor companies are carrying the banner of high-end, the proportion of revenue of high-end liquor in Golden Seed Liquor is gradually declining. In the first three quarters of this year, the revenue of low, medium and high-end Golden Seed Liquor accounted for respectively. 2%。In the long run, the low-grade products of Golden Seed Liquor accounted for 27% of the total liquor business revenue in 201846%, gradually increasing to 56 in 20222%, and the proportion of revenue from mid-to-high-end products decreased accordingly.
Wine news mapping.
The monthly sales of more than half of the products in Tmall Golden Seed *** are only in single digits, with monthly sales of mid-to-high-end products such as Zui Sanqiu 1507 priced at 998 yuan, Fuhexiang 9 priced at 398 yuan, and Fuhexiang 15 priced at 498 yuan.
Industry insiders pointed out that Golden Seed Liquor once missed the first period of the mid-to-high-end product line. Nowadays, the mid-to-high-end liquor market is close to saturation, the market environment has deteriorated, consumption is showing a weak recovery, and it is more difficult for Golden Seed Liquor to hit the high-end market.
03 When did the east wind go from the peak to the bottom, Golden Seed Liquor is leaning on the big tree of China Resources, seeking to save itself.
In the second half of 2022, among the more than 600 snow beer distributors in Anhui, China Resources selected about 100 of them to graft Golden Seed's bare bottle liquor through channelsIn addition, 26 Fuxiang restaurants have been opened nationwide to establish a brand image.
At the third quarter performance briefing held on October 30 this year, in view of the current situation of China Resources for Golden Seed Liquor products to enter the channels of China Resources, He Xiuxia said that Golden Seeds has entered China Resources Suguo and China Resources Vanguard supermarkets in East China for sales, and the first-class business of other formats of China Resources System has also been effectively carried out.
In this regard, industry insiders pointed out that although China Resources has poured the power of beer channels into paving the way for Golden Seed Liquor, in terms of volume, the scale that beer distributors can provide does not seem to be enough to support the channel dream of Golden Seed Liquor.
A person familiar with the matter once revealed to the wine news that China Resources is a beer channel for Golden Seed Liquor, and the overall scale is small. In some areas, the total generation is only a few billion, which is far from the scale of tens of millions of ordinary wine companies and regional merchants, and it is difficult to play a supporting role.
Xiao Zhuqing, a liquor analyst, pointed out that as the only listed liquor company among the liquor companies acquired by China Resources, Golden Seed Liquor plays an important role as a liquor platform in the liquor territory of China Resources, so China Resources will also devote more channels and market resources to help Golden Seed Liquor improve its current situation. However, from the observation of the sales of Golden Seed Liquor in the domestic and foreign markets of Anhui Province, it is difficult for Golden Seed Liquor to fully understand the channel resource advantages of China Resources, coupled with the high inventory of liquor dealers this year, it is difficult for wineries without brand premium ability to increase the terminal gross profit margin through price increases, and the development of high-end products does not mean that the market has a real demand for this product.
Wine news mapping.
Although it has taken advantage of the channel advantages of China Resources, it is still trapped in the provincial market for Jinzhongzi Liquor. Judging from the revenue in the past five years, Golden Seed's revenue in the province has been hovering around 1 billion yuan.
From 2018 to 2022, the provincial market revenue of Golden Seed Liquor was 105.8 billion yuan, 8100 million yuan, 93.5 billion yuan, 110.7 billion and 107.6 billion yuan, while the revenue outside the province reached 1After 4.9 billion yuan, they were less than 100 million yuan.
As a regional famous liquor, the quality of Golden Seed Liquor is excellent, but it needs to deeply cultivate the local market and stabilize the basic market, which should be a solid and stable path. Cheng Wansong, Secretary-General of the Beijing Liquor Circulation Industry Association, pointed out.