Mao Wuyanglu kills the investment circle, what tracks are they targeting?

Visual China.

Text |At the forefront of entrepreneurship, by |Wu Xiaowei, editor |Egg total.

The first-line famous liquor such as "Mao Yanglu" has not been left behind, and Jiemian News - Entrepreneurship Forefront Combing its investment direction found that in addition to the familiar large consumption fields, these wine companies favor more mature tracks such as new energy and biomedicine.

Abundant cash flow is an inherent advantage for liquor companies to make investments, but in cross-border investment, due to lack of experience, professional talents are still needed.

Tianyancha shows that recently, Sichuan Push Industrial Development ** Partnership (Limited Partnership) was established with a capital contribution of 100100 million yuan, the executive partner is Yibin Wuliangye** management*** business scope is engaged in equity investment, investment management, asset management and other activities in private equity**.

The panoramic penetration of equity shows that this company is jointly funded by Wuliangye Group and Yibin Wuliangye Management, of which Wuliangye Group holds 99 shares9001%。

The development of PUSH industry, which was established with tens of billions of funds, may be a further layout of Wuliangye in the field of new energy vehicles and medical treatment.

Twenty years ago, Wuliangye subscribed 1500 million yuan wholly-owned holding of Sichuan Yibin Push Group, this company has "new packaging", "new materials", "intelligent manufacturing (green power)" and "new energy vehicles (power battery) supporting" four major business groups.

The main businesses of the two major business groups of intelligent manufacturing (green power) and new energy vehicles (power batteries) are obvious, the new packaging business group involves subdivisions such as pharmaceutical packaging and consumables, and the new materials business group involves biomedical materials and other subdivisions.

This is not the first time that Wuliangye has deployed to capital. In just five years, Wuliangye has rapidly opened its capitalization network from the establishment of a first-class management company to cross-border equity investment. Wuliangye's own ** chain, photovoltaics, new energy vehicles, finance and other fields have become its investment targets.

Judging from the timeline, in 2017, Yibin Wuliangye ** Management *** hereinafter referred to as "Wuliangye **" was established with a registered capital of 10 million yuan, which is an enterprise mainly engaged in capital market services, Wuliangye Group holds 56% of the shares, Yibin Development Holding Group holds 24% of the shares, and Xiamen C&D Meijiuhui Liquor holds 20% of the shares.

Since then, Wuliangye has successively cooperated with Sichuan Venture Capital, Chengdu Industrial Investment, Yibin Science and Education Industry Investment Group, etc., to set up a number of **, such as Yibin High-end Growth Industry Investment Guidance, Sichuan Chuangxing Advanced Manufacturing Investment, Yibin Talent Innovation and Entrepreneurship Equity Investment, etc.

Subsequently, in 2018, Wuliangye held a party committee meeting and clearly put forward the development strategy of "transforming the group company into a state-owned capital investment and operation platform".

It is worth mentioning that in the same year, Wuliangye Group joined hands with Yibin State-owned Assets to acquire Chery's sub-brand Kaiyi Automobile for nearly 2.5 billion yuan, but only 133%。

According to its relevant person in charge, in the first three quarters of 2023, the global sales of Kaiyi Automobile will be 29,524 units, a year-on-year increase of 131%, and the next step will be to focus on the electric vehicle market, and strive to increase the proportion of new energy vehicles to about 50% next year.

In 2019, Wuliangye cooperated with more than 30 dealers to establish Wushang Investment Equity and Wushang Chain Company, aiming at the first chain. The initiative of self-built capital investment in the ** chain is interpreted by the industry as the cost will be lower.

In 2023, Wuliangye's actions in the capital field will be more intensive.

In April 2023, Sichuan Wuliangye New Energy Investment Co., Ltd. was established with a registered capital of 1 billion yuan. In June, the capital was 1666670,000 yuan invested in Sichuan Heguang Tongcheng Photovoltaic Technology***, with a shareholding ratio of 10%; Yibin Mingmenxiu Equity Investment Partnership (Limited Partnership) was established, with a capital contribution of about 300 million yuan.

In August, it invested 46.41 million yuan to establish Sichuan Zhongxin Green Energy Co., Ltd. with PetroChina. In September, Yibin Nongxiangxiu Equity Investment Partnership (Limited Partnership) was established, with a capital contribution of about 300 million yuan; Yibin Wuliangye** and 20 other enterprises jointly invested 300 million yuan to establish Yibin Chunzhixiu Equity Investment Partnership.

Looking back on the past, Wuliangye**'s investments include Yibin City Commercial Bank, Huaxi **, Bank of Sichuan, China Wine Huiju, Sanliang Xiaojiu, etc.

Among them, the IPO of Yibin Commercial Bank in Hong Kong has been recorded, but its asset scale as of the end of 2022 is about 804100 million yuan, which is at a low level among the city commercial banks that have been listed, and the net profit is 43.3 billion yuan, an increase of 31 over the previous year74%。

It can be seen that Wuliangye has sufficient bullets and full of enthusiasm in the matter of cross-border VC.

Interface News: The Forefront of Entrepreneurship It has been noted that in recent years, with the change of the global industry and the rapid development of science and technology, more and more wine companies have begun to pay attention to emerging industries, especially in cross-border investment.

Tianyancha data shows that from 2018 to July 2023, in the past five years, a total of 16 foreign-invested companies directly controlled by enterprises with wine as their main business are in existence (in operation, opening, and registered), and the registered amount of foreign-invested enterprises has reached 32$8.1 billion.

Moutai, Yanghe, Luzhou Laojiao, and the present world appear in them.

In 2014, Moutai established Moutai (Guizhou) Private Equity Management Moutai Investment 15.3 billion yuan (holding 51% of the shares), cooperating with CCB Trust to initiate Moutai Jianxin equity investment**, renamed Moutai (Guizhou) Private Equity **Management in 2022***, has successively invested in Daoyuan Technology, Jiamei Packaging, Yilala, Li Ziyuan, Tianyi Shangjia, China Salt, Wankai New Materials, Xinjufeng, Baijia Food, Guoquan Shihui, Peak Sports and other enterprises.

But Moutai is not content to invest in the consumer sector.

In May 2023, Moutai said that it would invest 10 billion yuan to participate in the establishment of Moutai Jinshi** and Moutai Zhaohua**, improve the rate of return on funds, and focus on biotechnology, new energy, new materials, high-end equipment, large consumption and other fields. In August, the two ** completed the filing procedures, and the total subscription scale was 55100 million yuan.

In September, Moutai Kechuang (Beijing) Investment Partnership (Limited Partnership) was established, and the executive partner contributed 200 million yuan to Moutai (Guizhou) Private Equity Management, and its business scope includes venture capital, and private equity investment, investment management, asset management, etc.

In addition, Moutai has also invested in a number of financial enterprises such as Nanfang**, Huatai Life Insurance, Guizhou Taihe Insurance Brokers, Moutai Jianxin Investment**, Guizhou Guiyin Financial Leasing, Huatai Insurance Group, and Bank of Guiyang.

Yanghe's foreign investment was mainly carried out through its wholly-owned subsidiary, Sujiu Group, Jiangsu Wealth Management, and in 2018, Yanghe Co., Ltd. and the company jointly funded the establishment of Jiangsu Yanghe Investment Management

Sujiu Group Jiangsu Wealth Management *** foreign investment (Figure Tianyancha).

Jiangsu Yanghe Investment Management*** foreign investment situation (Figure Tianyancha).

In 2022, Yanghe invested 3 billion yuan to establish Jiangsu Yanghe Dream Investment Management *** with 29900 million yuan to subscribe to the share of Huatai Yanghemu ** Limited Partnership.

At the same time, Yanghe Dream Investment contributed 0100 million yuan to set up Yanghe Blue Investment, which contributed another 0100 million yuan to subscribe to the general partnership share of Huatai Yanghemu**, focusing on large consumption, new economy, big health, new technology and other fields. Since Yanghe Blue Investment does not have the qualifications of a private equity manager, it will not issue any private equity products in the future.

In contrast, Luzhou Laojiao's investment actions are relatively low-keyIn 2017, the company held shares in Sichuan Puxin Industry and Finance Investment Co., Ltd. (hereinafter referred to as "Sichuan Puxin") for the first time, and in 2019, Luzhou Laojiao subscribed to the company to contribute 4500 million yuan, and wholly owned.

Sichuan Puxin Industry and Finance Investment Co., Ltd.'s foreign investment (Figure Tianyancha).

Previously, Sichuan Puxin was rarely publicly reported, and most of its 28 foreign investments were directed at investment and insurance institutions.

In January this year, an announcement brought Sichuan Puxin back into the public eye. According to the announcement of the first phase of Luzhou City's industry guidance, the total scale of the "Luzhou Phase I" plan is 5 billion yuan, and the sub-** management agency will be selected.

This mother ** is jointly funded by Luzhou Guoxin Asset Management *** Sichuan Puxin Industry and Finance Investment Co., Ltd. and Luzhou Puquan Private Equity Investment *** Management ***, of which Sichuan Puxin accounts for 48 shares9951%。

Luzhou Phase I Industry Guidance Partner Information (Figure Tianyancha).

In addition, it accounts for 001% of Luzhou Puquan Private Equity Investment**Management*** is a wholly-owned subsidiary of Sichuan Puxin. This also means that Luzhou Laojiao and Luzhou state-owned assets have become LPs together.

For the investment direction, the announcement mentioned that it intends to give priority to investing in GPs in the fields of liquor (food and textile), energy and chemical industry, electronic information, equipment manufacturing, advanced materials, medicine and health, aerospace, robotics and other fields as the first manager.

In addition, Jinshiyuan, which is expected to enter the camp of 10 billion yuan in revenue, also jointly initiated the establishment of "Zhuhai Guangfa Xinde Jinyuan Equity Investment (Limited Partnership)" with GF Xinde Investment Management in 2016, and invested in Guangzhou Lvcheng Agricultural Products, Guangzhou Multi-touch E-commerce Media, etc.

In 2018, Jinshiyuan established a wholly-owned subsidiary with a business scope of "investment management", and officially included investment and wealth management activities in the subsidiary's main daily business.

It is not difficult to see that the direction of cross-border investment in famous wine mostly points to scientific and technological fields such as "biomedicine, new energy, and new materials", why do they favor these tracks?

Liquor companies have sufficient cash flow and a large amount of capital, and investing in technology companies is also to support scientific and technological innovation. Yang Delong, chief economist of Qianhai Open Source Qianhai Open Source, said to Interface News Entrepreneurship Frontline.

Shen Meng, executive director of Chanson Capital, believes that the reason is that these are all policy outlet industries, and the development of the industry is more mature, and the risk of uncertainty is low.

It is not difficult to understand the reason why liquor companies are piling up to join the capital circle, with abundant cash flow in hand, they need to play a better role to obtain more profits.

As of the first three quarters of 2023, the operating cash flow of "Maowu Yanglu" is as high as 5000.2 billion yuan, 2233.9 billion yuan, 434.3 billion and 905.3 billion yuan. Wind data shows that in 2022, A-share revenue will be less than 43There are more than 3,800 listed companies with 4.3 billion yuan.

"Because of the high gross profit margin and low capital expenditure demand, the leading liquor companies are unwilling to return to investors, so they have accumulated a large amount of investable cash. Shen Meng said.

In Yang Delong's view, cash flow is the advantage of liquor companies over traditional investment institutions.

But wine companies also have their disadvantages. Shen Meng believes that liquor companies do not have the experience and ability to invest outside the industry. Yang Delong also mentioned that since they don't know much about the technology field, they still need to hire professionals to choose good technology investment projects.

In addition, talking about the impact of wine companies joining the capital circle, Shen Meng also mentioned: "It may speculate on the valuation range of the project. ”

It cannot be ignored that in the already stock liquor market, the net profit growth rate of these giants is slowing down.

Kweichow Moutai's latest operating data mentioned that it is expected to achieve a net profit attributable to shareholders of listed companies of about 73.5 billion yuan in 2023, a year-on-year increase of about 172%。In 2022, the company's net profit growth rate will be 1955%。

Although the remaining three companies have not disclosed the latest annual data, from the first three quarters of 2023, the net profit growth rate of "Wuyanglu" is respectively. 47% and 2858%, compared to the same period in 2022. 78% and 3094%。

So, how much will these wine companies reap on their investment activities in 2023? The 2023 annual report may reveal the answer, and Jiemian News Entrepreneurship Forefront will also be tracked and reported.