The first stage is to go all out to enter the ranks of 15 billion liquor companies by 2025.
Text: Daily Financial Report Lv Mingxia.
2024 (603369.)SH) The first report card is out. Recently, Jinshiyuan announced that the company's preliminary accounting is expected to achieve a total operating income of 100 in 2023about 500 million yuan, a year-on-year increase of 27Around 41%. So far, Jinshiyuan has become the seventh listed liquor company and the second 10 billion liquor brand in Jiangsu.
At present, Jinshiyuan has released a new path plan of 10 billion yuan, "the first stage, by 2025, we will go all out to enter the ranks of 15 billion wine enterprises." ”
It seems that everything is perfect, however, in the case of the decline of the liquor boom and the rapid differentiation of the industry, the tens of billions of revenue of Jinshiyuan seems to be just a ticket to enter the "Colosseum" of liquor, and the real "battle" has just begun.
In this world, tens of billions of dreams come true
The revenue of 10 billion yuan is a watershed for the echelon of first-line liquor enterprises, and it is also a new starting point for the world to continue to move forward. At the meeting, Gu Xiangyue also announced the future development plan of the present world.
In the first stage, by 2025, Jinshiyuan will go all out to enter the ranks of 15 billion wine companies.
In the second stage, from 2026 to 2030, the "15th Five-Year Plan" development stage, that is, starting from the 30th anniversary of the creation of the brand, the goal is to build a national liquor enterprise with more leading culture, more influential brand, more supportive quality, more driving talent, and more competitive enterprise.
Looking at the timeline extended, it is true that the world has maintained a relatively stable growth, but it does not mean that you can sit back and relax.
Together with the performance of the current world, there are also the company's sales expenses and inventory. In the first three quarters of 2023, the sales expenses of Jinshiyuan reached 147.6 billion yuan, a year-on-year increase of 5851%, more than 13. for all of 2022900 million yuan. According to Jinshiyuan, it is mainly due to the increase in sales, consumer cultivation and advertising investment.
It is worth noting that since 2023, liquor companies have generally faced the problem of difficult inventory. According to the "2023 China Liquor Market Interim Research Report" released by the China Liquor Industry Association, compared with the same period in 2022, 80% of liquor distributors will have a serious inventory backlog in 2023, and both first-tier and second-tier liquor will have varying degrees of inversion. Even the present world, which has successfully completed the goal of 10 billion, cannot be left alone.
The inventory of Jinshiyuan has risen all the way from 2019 to the first three quarters of 2023, with 190.6 billion yuan, 219.5 billion yuan, 283.4 billion yuan, 304.2 billion and 409.3 billion yuan, inventory accounts for almost half of the revenue.
Successfully entering the 10 billion club, it has entered the camp of first-line wine companies, but what should I do after entering a new stage of the current world, which has been heavily dependent on the market in Jiangsu Province for a long time? Under the in-depth adjustment of the industry, how to go on the road of "post-10 billion" has become a concern in the industry.
High-end "there are wild horses, but no grassland".
In recent years, the company has put forward the "three strategies" of differentiation, high-end and nationalization, and in this strategy, the national brand is the main force of the high-end and nationalization of the world.
Taking the ultra-high-end Guoyuan V9 under the current Shiyuan as an example, it is not a soy sauce wine in the traditional sense, but an innovative category, with the prominent feature of "Qingya Sauce Fragrance", which competes with Moutai with a ** of 2600 yuan.
Looking at the current high-end liquor market, Feitian Moutai as an ultra-high-end market has a ceiling of 3,000 yuan, and Guojiao 1573, the eighth generation of Puwu and M6+ products are concentrated in the high-end belt of more than 1,000 yuan.
For the lack of high-end genes, the national edge series products rushed out of the crowded 1000 yuan-1500 yuan high-end red sea ** belt at the same time, to another blue ocean of more than 2000 yuan ** belt.
Jinshiyuan, who is desperately fighting in the high-end market, has not stopped the opportunity to raise his own value for the country. According to incomplete statistics, since 2019, Jinshiyuan has raised the price of its high-end Guoyuan series products six times.
Rapid price increases, but it is difficult to support consumption in the end market. Log in to the official Tmall official *** and find that the best selling product in the store is a 500ml two-bottle Jinshiyuan 42 degrees Guoyuan folio, with a price of 856 yuan bottles, and a discounted price of 559 yuan bottles, with monthly sales of more than 2,000 transactions. In addition, the 52 degrees 500ml Guoyuan V9 single bottle, which is positioned as a high-end business liquor, has a price of 2,599 yuan bottles and a discounted price of 2,177 yuan bottles, with only 29 monthly sales.
Famous wine companies have a high-end dream, but the reality is that there are only a few high-end ferry tickets. To put it bluntly, high-end liquor is about "genes". The historical endowment of Mao and Wu is unreachable, and the reason why Guojiao 1573 can occupy a place is also because there are a few 400-year-old cellar pools in the backyard of people. In this era, high-end liquor is the world of Qianjiu and Sichuan liquor.
The lack of super single products is long and the national road is blocked
At the same time, as a regional wine company, Jinshiyuan lacks a super single product in both the provincial market and the market outside the province.
What is lacking in this world is not a big single product, but a lack of core super large single product.
In the terminal market, Feitian Moutai, as a phenomenal super single product in the industry, has occupied an important position for a long time. And the eighth generation of Pu.
Fifth, super single products such as Guojiao 1573 and Dream 6+ are in the second echelon.
In addition, core items such as crystal swords and blue and white lang also occupy a place in the consumer market. These super large items and core large items have their own unique advantages and characteristics, showing strong competitiveness in the market, and are deeply loved and sought after by consumers.
Industry insiders pointed out that Jinshiyuan currently lacks impressive super large single products in the terminal market, and the consumer market's perception of it is mainly limited to "wedding banquet" and "teacher appreciation banquet" and other cultural derivative consumption scenarios. Therefore, in the absence of super large single products and a single consumption scene, the sales of Jinshiyuan's products are facing difficulties.
Previously, Zhou Suming, the former chairman of Jinshiyuan, had said that in terms of leading products, Jinshiyuan must adhere to the strategy of large single products, from the country, the world to the high ditch, each brand only makes a limited number of competitive single products, and the grade ladder is clear, reducing the cost of consumer memory and choice.
Under the lack of core super products, the road outside the province is also extremely difficult.
In 2014, Jinshiyuan landed in the capital market, and more than 9 percent of its products were sold in Jiangsu Province, and the situation is still the same today. The financial report shows that in the first half of 2023, the revenue of Jinshiyuan in Jiangsu Province will account for 9211%, and the proportion of revenue outside the province is only 736%。
The road to the nationalization of regional famous wines can be described as a long road. In the face of the channel suppression of many well-known national brands, there is no blank market to tap in today's world, and if you want to get a piece of the pie, you have to spend a lot of effort.