Just now, the venture capital circle exposed big news, and Wuliangye made a move.
Author |Old high.
* |Investor (ID: touzijias).
Just now, the venture capital circle exposed big news, and Wuliangye made a move.
Investor.com learned that Wuliangye, the "world's famous liquor" and liquor giant, recently completed the first layout of VC PE this year - a capital of 100100 million yuan to establish Sichuan PUSH Industrial Development ** Partnership (Limited Partnership), the business scope includes private equity ** engaged in equity investment, investment management, asset management and other activities. This is also the most proud investment of Wuliangye since it entered VC PE.
Throw 100Behind the 100 million yuan is the solid capital foundation of Wuliangye. Although, last year, the liquor sector was in a mess, and the China Merchants CSI Liquor Index was 30 in the past year65%, even the people lost money together, and Wuliangye fell back to a market value of 522.3 billion yuan, but the liquor giant still showed an "extraordinary" ability to make money, and achieved a revenue of more than 60 billion yuan in the first three quarters.
According to its 2023 financial report, in the first three quarters, Wuliangye achieved revenue of 6253.6 billion yuan, a year-on-year increase of 1211%；The net profit was 2283.3 billion yuan, a year-on-year increase of 1424%, continuing to maintain a steady double-digit growth trend. If you only divide the revenue of the first three quarters by the whole year, Wuliangye can earn more than 1700 million yuan, the "money printing machine" in the wine really deserves its name.
At present, Wuliangye is brewing a dream and big plan that transcends the boundary.
One. The new year started, and Wuliangye came to VC PEIt's a mess.
This "God of Wealth", who "lies down to make money" by selling wine, is not stingy in the venture capital circle, and he is over 100 as soon as he makes a move100 million yuan.
Recently, Wuliangye pulled up its younger brother Wuliangye ** in Yibin, Sichuan, where he made a fortune, and established a private equity **, Sichuan Push Industrial Development ** Partnership (Limited Partnership). The main role of the ** is to invest money in "you, me and him in entrepreneurship". In other words, use the money earned in traditional industries to invest in the new economic track full of more possibilities and obtain other growth curves.
If traditional enterprises want to operate beyond the boundary, entering VC PE is undoubtedly the most pleasant and efficient way to invest money in people with strong capabilities, and use their resources, technology, and teams to help them become familiar with unfamiliar tracks and quickly cut in. When the form is switched, the Internet is very happy, and the well-known CVCs and companies on the market are basically participating in VC PE, and there are not many traditional non-technology disruptors.
But VC PE is the only way for large companies to transcend their borders. On this road, Wuliangye is very thoughtful. In fact, at a very early stage, Wuliangye pondered cross-border and opened up growth space, and they had a high level of debugging in the field of water biomedicine, but they ended up without a problem. After that, Wuliangye also tried to make "Ampernase" Asian whisky, which cost it tens of millions of yuan and had no choice but to stop production.
Successive cross-border failures, Wuliangye was not discouraged, they felt that the road should be paved little by little, and they could not go too quickly. So in 2015, when the new economy was gradually sprouting, Wuliangye opened a bigger dream, backed by Yibin, and prepared to fight a new energy war.
At that time,The domestic new energy vehicle industry chain has not yet really emerged, and Wuliangye has realized that new energy is the general trend of the future, they decided to buy the company with the qualification to build a car first, which led to Geely 249.1 billion yuan to sell 51% of the equity of Kaiyi Automobile. It's a pity that Kaiyi Automobile is late in the field of new energy, and it has always lacked the endorsement of a bigwig with hard-core technical strength.
Until 2022, CATL, the power battery king that can develop downstream car-making customers, found Kaiyi Automobile, which was hidden by Wuliangye, and established a new company, Yibin Times Kaiyi New Energy Technology, in the form of 51% of CATL Holdings. At this point, Wuliangye finally found the endorsement of the big guy for Kaiyi Automobile, and also laid the groundwork for its big plan to join the new energy war.
Two. In this big plan, which is a bit long and obtains other growth curves, Wuliangye has achieved a "two-legged" walk.
Winning a controlling stake in Kaiyi Automobile and cooperating with CATL is "from the outside in", while PUSH Group's investment in the new energy industry chain is "from the inside out". As a 100% shareholding company established by Wuliangye in 1998, PUSH Group has grown and developed for more than 20 years, from the early development of Wuliangye liquor packaging materials to the active research and development of new packaging and new material technologies. Today, PUSH Group has become a science and technology enterprise with four major business groups such as intelligent manufacturing and power battery support, and more than 4,000 technicians.
There is PUSH Group inside, Kaiyi Automobile and Yibin Times Kaiyi New Energy Technology outside, and the dream map of Wuliangye's car-making has begun to appear.
However, the iteration speed of domestic new energy vehicle manufacturing technology is rapid, and the battle of new energy has entered a crazy "involution". I don't know if it is affected by the "top stream" CATL of CVC, Wuliangye is determined to accelerate the capital to leverage the industry. In October last year, Wuliangye made a big move in the VC PE industry and personally established a private placement**.
The news once caused a sensation and heated discussion in the venture capital circle. After all, Wuliangye comes from the ancient traditional field of consumption, liquor. vc/peThe focus is on emerging areas"A layman is not at ease to do LP, and he goes to do VC PE in person? "What's more critical is that the Yibin Chunzhixiu Equity Investment Partnership (Limited Partnership) established by Wuliangye last year has a scale of 300 million yuan and is a joint investment.
Relevant information shows that Yibin Chunzhixiu Equity Investment Partnership (Limited Partnership) is funded by 21 companies, including Wulangye, Huading Liquor, Xinshenglin Commerce, Wushang ** Chain, etc. It is not difficult to see from the investors that there are wine sellers, business dealers, and first-class chains, and from the perspective of scale, 21 companies have invested a total of 300 million yuan, and on average, each company has invested a little bit.
In addition,It is difficult for this kind of private equity to achieve the unity of investment ideology. Therefore, the venture capital circle is not too optimistic about Wuliangye's big moves. In fact, Wuliangye did not only participate in Yibin Chunzhixiu Equity Investment Partnership (Limited Partnership) last year. After combing, it was found that they quietly established two private equity ** in Yibin last year, namely Yibin Mingmenxiu Equity Investment Partnership (Limited Partnership) and Yibin Nongxiangxiu Equity Investment Partnership (Limited Partnership), and Wuliangye is entering VC PE in multiple dimensions.
However, the above three private equity companies failed to make waves, mainly because they did not form a scale. vc/peThe iron law of the industry, how big is the best thing. It is a "fantasy" for small-scale ** to blossom and bear fruit in the huge new energy ecology. Take last year's photovoltaic upstart CHINT New Energy financing as an example, in the context of the downward trend of the new energy sector and the low valuation of the primary market, CHINT New Energy was still able to get 1.5 billion yuan in Series B financing during the growth period, which shows that the new energy track is by no means a small-scale company that can be played.
As for Wuliangye Holdings' Wuliangye **, they rarely make a move, and it seems that they are waiting for an opportunity.
Three. "Being in VC PEindustry, you never know where your opponent will come from. ”
This is what an old ** person in the venture capital circle often says. When VC PE gradually forgot about Wuliangye, the liquor giant shot again.
Wuliangye has really made up his mind, pull up Wuliangye **, do not bring other friends, directly invest 100100 million yuan to establish Sichuan PUSH Industrial Development ** Partnership (Limited Partnership), which is also the most proud investment since Wuliangye entered VC PE.
It seems that there is a small fight ahead, and Wuliangye is one step at a time, and it is a blockbuster. In terms of the scale of investment alone, Wuliangye's investment of more than 10 billion yuan is amazing. Even if more professional financial investors dare to come up with 10 billion yuan out of their own pockets, there are not many. Most professional financial investors will look for 5-10 institutional LPs to work together, one is to reduce investment, and the other is to diversify risks.
Wuliangye is too hard, but in the final analysis, it still has a solid capital foundation. Shareholders and basic people can be described as a handful of snot and tears last yearThe trend of the liquor sector is indescribable, and the China Merchants CSI Liquor Index has been 30 in the past year65%, Wuliangye was also not spared when it was ***, and its market value fell to 522.3 billion yuan. However, liquor is different from other industries, and the financial attributes and consumption attributes are connected, but they are not equal, in other words, liquor is a consumer product that can put aside the financial attributes, and can affect the stock price but not the consumption power.
With the recovery of consumption, Wuliangye took the lead in benefiting, showing the earning power that liquor giants should have. According to its 2023 financial report, in the first three quarters, Wuliangye achieved revenue of 6253.6 billion yuan, a year-on-year increase of 1211%；The net profit was 2283.3 billion yuan, a year-on-year increase of 1424%。If only the revenue of the first three quarters is divided by the whole year, Wuliangye can earn more than 1. per day700 million yuan.
From this,Take out the ultra100 million yuan dry private placement**, Wuliangye has sufficient foundation, at least not distressed.
What exactly does the newly established private equity ** invest in?Wuliangye sells off as always, and they don't brag until their dreams come true. This is different from other CVCs and industrial capital. Just like the new energy track, some companies are accustomed to taking the lead before the soldiers and horses move the grain and grass, and some do not see the car, and the cattle are blown to the sky. Wuliangye's private placement of more than 10 billion yuan will definitely not be groundless.
Sichuan PUSH Industrial Development Partnership (Limited Partnership) has the word "PUSH" in its name, and PUSH Group is doing new materials and power battery supporting, so it is very likely to invest in industries related to car manufacturing. At present, on the other growth curves of non-main businesses, Wuliangye holds core assets such as vehicle manufacturing, power batteries and ancillary facilities, and new materials, and its dream is just around the corner.
It is believed that Wuliangye's move will also drive more traditional giants to enter the new economy and contribute to the future of China's science and technology.
If one day, Wuliangye's car comes, will you pay for it?