The end of the year is approaching, and the annual Spring Festival liquor sales season is also approaching. First, Luzhou Laojiao wanted to "give profits" to dealers, and then Golden Seed Liquor sold real estate to major shareholders.
Recently, Golden Seed Liquor issued an announcement saying that it intends to transfer its 97963The right to use 2 square meters of state-owned construction land is 425010,000 yuan was transferred to the company's controlling shareholder, Golden Seed Group.
Talking about the purpose of this transaction, Golden Seed Liquor said that it is to solve the historical problems such as the separation of property rights of housing and land, clarify the ownership of property rights, reduce related party transactions, and improve the overall operation quality of listed companies.
However, during the critical period of "rushing performance" in the fourth quarter, the land sale of Golden Seed Liquor was also questioned by investors, believing that its land sale was to support its performance and achieve a turnaround.
Zhu Danpeng, an analyst of the food industry, told the "International Financial News" reporter that in the past two years, the entire Chinese liquor has fallen into involution, although the sale of Golden Seed Liquor can temporarily alleviate the company's profit problem, but after all, it is not a long-term solution, and how to improve the performance of Golden Seeds in the future is the key to solving the problem.
China Resources failed to turn around its losses.
Judging from the performance in recent years, Golden Seed Liquor is mired in a "quagmire" of losses.
From 2019 to 2022, the net profit attributable to the parent company of Golden Seed Liquor 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. Among them, the only one that did not lose money in 2020 was because of land compensation1.6 billion yuan, the impact on the annual profit of Golden Seed Liquor is 20.5 billion yuan.
Under the sluggish performance, when China Resources took a stake in Golden Seed Liquor last year, the market reacted greatly, believing that Golden Seed Liquor may be able to rely on China Resources' channel advantages to return to its former glory.
The enthusiasm of investors can also be seen in the secondary market, and the share price of Golden Seed Liquor has increased from 14$32 shares, ** to March 17** of 3227 yuan shares, 1 month time**125%.
After the shareholding, China Resources also carried out a major change in the management of Golden Seed Liquor.
According to incomplete statistics, last year's Golden Seed Liquor General Manager He Xiuxia, Deputy General Manager He Wuyong, and Chief Financial Officer Jin Hao all have relevant work experience in China Resources, and in March and July this year, Golden Seed Liquor also successively hired Yang Yun and Liu Fubi, two "veteran employees" with more than 20 years of experience in China Resources, as vice presidents.
However, more than a year after China Resources entered the market, the performance of Golden Seed Liquor is still relatively sluggish, and there is still a possibility of loss in 2023. According to the third quarter report of this year, the company achieved revenue of 10 in the first three quarters7.3 billion yuan, an increase of 31 percent year-on-year73%；The net profit attributable to the parent company was 03.5 billion yuan.
High-end is hard to go.
The weakness of the high-end market may be a major factor in the performance loss of Golden Seed Liquor.
From the perspective of wine products, Golden Seed Liquor achieved sales revenue of 01.5 billion yuan, 05.4 billion yuan, 13.5 billion yuan.
Specifically, the company refers to the liquor that is less than or equal to 100 yuan per bottle as low-end liquor, including the number one seed, Tegong, Rouge, Xianghe, etc., accounting for 66% of the overall revenue15%；And each bottle ** between 100 yuan and 500 yuan, such as Fuhe Xiangfu 15 and other mid-range liquor, revenue accounted for 2669%；The unit price above the bottle of 500 yuan is called high-end wine, such as Fuhe Xiangfu 20, Fu 20, etc., and the revenue accounts for 716%。
The gross profit margin of Golden Seed Liquor, which accounts for a high proportion of low-end liquor sales, is also at the bottom of its peers, and the gross profit margin of the company in the third quarter is only 3577%, poor profitability.
At the third quarter performance briefing, He Xiuxia said, "In the early stage, we will support the growth of scale through the high coverage of chassis products, and at the same time gain time for the cultivation and growth of Fuhexiang, and the growth of the company in the later stage will mainly rely on the growth contribution of Fuhexiang." ”
Golden Seed Liquor launched the "number one seed" product in March this year, priced at 68 yuan bottle, which belongs to the high-line light bottle wine, and launched the Fuhexiang brand upgrade, focusing on the middle and high-end.
However, for Golden Seed Liquor, the current layout of the low-end ** belt is also a fierce market competition in Anhui Province.
In this ** belt, there are Gujing Tribute Liquor, Kouzijiao and Yingjia Tribute Liquor that continue to erode the market, and there are giants such as Yanghe and Fenjiu to increase the layout of Anhui, and the Golden Seed Liquor, which is not well-known and lacks high-end branding, is struggling to survive in many wine companies.
Cross-border catering industry.
It is worth noting that after the announcement of the transfer of land use rights, Golden Seed Liquor issued another announcement stating that it intends to change its business scope.
The company's business scope was changed to: liquor and other liquor production;General freight;Processing, manufacturing and sales of packaging materials;Food & Beverage Services;Acquisition of raw and auxiliary materials required for the production of liquor;Self-operated and ** import and export business of various commodities and technologies. Compared to the original business, the food and beverage service has been newly added.
It is not difficult to see that after years of losses, Golden Seed should try to diversify across borders, so as to find a second profit growth point.
In this regard, Zhu Danpeng said that catering is the best and fastest recovery track in the post-epidemic era, which is favored by investors, and it is a good choice for Golden Seed Wine to enter the catering industry, but how to establish its brand effect, scale effect and fan effect in the catering industry is a new topic, and there are still many uncertainties for the company to invest in the catering industry.