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Pork and real estate are lagging behind, and Shunxin Agriculture is losing money again. Text |Selling Wine Wolf Team |Nanfeng On January 27, according to the 2023 annual performance forecast released by Shunxin Agriculture, the net profit loss is expected to be 2500 million to 3700 million yuan, compared with 6The loss of 7.3 billion yuan decreased.
According to the announcement, Shunxin Agriculture's liquor business in the reporting period was profitable, and other businesses were affected by changes in the market environment and industry cyclicality, and product sales continued to be sluggish, resulting in large losses during the reporting period. The taxes and fees generated by the assets of the two building assets of Beijing Shunxin Jiayu Real Estate Development, Business Center and Huanyu Center, a wholly-owned subsidiary of the company, also had a great impact on the net profit in the reporting period.
a
The first loss in 2022 and another loss in 2023 ......
Shunxin Agriculture was established in September 1998 and listed in November of the same year, which is the first listed agricultural company in Beijing. Judging from past performance, Shunxin Agriculture has rarely lost profits since it was listed in 1998. Even in 2020 and 2021, when the market was affected by the epidemic, Shunxin Agriculture did not lose money.
In 2020, Shunxin Agriculture achieved an operating income of 1551.1 billion yuan, a year-on-year increase of 41%, and the net profit attributable to shareholders of the listed company was 42 billion yuan, a year-on-year decrease of 481%；In 2021, Shunxin Agriculture achieved a total operating income of 1486.9 billion yuan, down 4 percent from the previous year14%；Net profit attributable to shareholders of the listed company10.2 billion yuan, down 75 percent from the previous year64%。
However, Shunxin Agriculture in 2022 failed to keep the "red line" of not losing money. According to public data, in 2022, Shunxin Agriculture's revenue will be 1167.8 billion yuan, a year-on-year decrease of 2146%。Loss 67.3 billion, down 758 percent year-on-year08%。During the reporting period, Shunxin's agricultural liquor business achieved operating income of 810.9 billion yuan, a year-on-year decrease of 2070%。
It is worth mentioning that the net profit loss is also the first time since its listing in 1998 that it has shown a loss. Regarding the reasons for the change in performance, Shunxin agriculture is summarized as "three points" ......
First, the impact of increased real estate competition and declining real estate competition; Second, due to the large fluctuation of pork, based on the principle of prudence, the company intends to make an impairment provision for inventory commodities; Third, due to the repeated impact of the cluster epidemic in many places across the country, the consumption scenarios of the company's liquor business have decreased, the sales volume has declined, and the company's liquor business revenue has declined during the reporting period.
In 2023, Shunxin Agriculture will lose money again, and this time the problem is again? According to the explanation given by Shunxin Agriculture, the recession of real estate and pork has dragged down the liquor business, which in turn has led to losses. In this regard, industry veterans believe that the sluggish performance of Shunxin agriculture in recent years has a great reason for the sluggishness of the liquor sector as a pillar.
b
In 2024, Shunxin agriculture needs liquor to "make full efforts".
Shunxin agricultural liquor industry has two major brands, "Niulanshan" and "Ningcheng", and "Niulanshan" currently has five series of products: "Classic Erguotou", "Traditional Erguotou", "Centennial Niulanshan", "Treasured Niulanshan" and "Aged Niulanshan"; The main product of "Ningcheng" is the fragrant Ningcheng Laojiao liquor.
The 2022 semi-annual report shows that Shunxin Agriculture's medium, high, and low-grade wine revenue has all declined. Among them, the operating income of high-end liquor is 35.6 billion yuan, down 552%, and the operating income of mid-range wine is 73.2 billion yuan, down 4 percent year-on-year25%；The operating income of low-grade wine was 382.1 billion yuan, down 232%。
It is worth noting that in January 2023, Shunxin Agriculture will adjust the price of 5 Niulanshan aged liquors to 6 yuan per box, but the price increase has not changed the decline in performance. As of the first half of 2023, the operating income of Shunxin Agricultural Low-grade Liquor is 329.6 billion yuan, a year-on-year decrease of 1375%, accounting for 72 percent of the liquor industry38%；The operating income of mid-range wine was 68.8 billion yuan, accounting for 1511%；The operating income of high-end liquor was 5700 million yuan, accounting for 1251%。
The revenue stall of low-grade liquor is the main reason for the sluggish performance of its liquor. In the eyes of industry insiders, real estate and pork have dragged down performance, and the challenges encountered in the development of liquor are also the main reasons for "losing again and again".
Now, with the opening of 2024, a new "dragon fight" has kicked off, and Shunxin Agriculture, as the king of light bottle wine, the key to whether it can turn losses into profits lies in whether the liquor business can "fully exert its strength" ......