Shede wine industry is caught in the old wine dispute, and the new track is expanded and accelerated.

"Drink a pot of old wine and let me turn around." For Shede Wine Industry (672.SH), it is the story of the old wine that will be told later.

"The company's old wine reserves are real, with more than 12, tons of old wine." On October 21, Shede Liquor Industry announced that it had accumulated more than 12, tons of high-quality base wine as a strategic inventory because the company's previous market sales scale was not large, the output was greater than the sales volume, and it was mainly in the low-end market.

this strategic inventory was promoted to the "old wine strategy" for the revival of the wine industry after Fuxing entered the main house at the end of last year. However, in recent days, this core competitiveness has been questioned by relevant media and triggered a crisis of confidence.

In fact, the old wine has become a weapon to expand the wine industry. Since Guo Guangchang, the controller of the Galaxy, was the platform for giving up the old wine in this spring, the company's performance has been rapidly improved, and the national expansion has been obvious.

On October 22nd, Shede Liquor Industry announced that from January to September this year, the company achieved operating income of 3.67 billion yuan, up by 14.54% year-on-year. The net profit attributable to shareholders of listed companies was 97 million yuan, a year-on-year increase of 211.92%.

previous life and present life of 12, tons of old wine

"Give up wine, every bottle is old wine". This is an old wine concept that Shede Wine Industry is making great efforts to build.

The strength of Shede Liquor Industry comes from 12, tons of old wine stored since the company was founded 45 years ago and listed for 25 years.

where do so many old wines come from? Shede Wine Industry explained in the 22 annual report: "Since 1976, the company has reserved a certain proportion of each batch of the best quality base wine for strategic storage, and a large number of high-quality aged base wines have since settled down. Especially in the 199s, the company's brewing scale has entered the top three in the industry, and the retained high-quality base wine has greatly increased, reaching 12, tons of high-quality old wine. The strategic reserve of high-quality old wine laid the foundation for the company to build the first brand of old wine category and realize the double-order increase in sales of high-end liquor. "

as for the raw materials used in the company's low-end wine, in the announcements of Shede Liquor Industry in 1999, 2 and 21, it was clearly mentioned that the "substitute wine" was purchased at 92 million yuan, 23 million yuan and 224 million yuan respectively, and the main target of the procurement was the affiliated company Jilin Tianhe Agricultural Products Company.

In this regard, Shede Liquor Industry clearly admitted in the announcement: "The company purchased Jilin Tianhe edible alcohol in the 199s, which was used in the company's low-priced products at that time." But at the same time, it emphasizes that "the old base wines stored by the company are all solid-state brewed with pure grain and contain no edible alcohol".

obviously, this 12, tons of old wine was saved passively by Shede Liquor Industry on the one hand, and by purchasing a large amount of edible alcohol to blend with low-end liquor on the other hand.

The storage of old wine is still controversial

"Wine is the fragrance of old". As for whether the quality of 12, tons of old wine in Shede Wine Industry can be guaranteed, it was questioned by relevant media, and it was concluded that "a large part of the 12,-13, tons of old wine in Shede Wine Industry is ordinary base wine; The high-quality base wine that needs to be stored in pottery jars is about 2, tons. "

Shede Liquor also mentioned this point in the announcement. According to the announcement, after the company's high-end base wine is produced, it is first stored in the pottery altar. After the base wine is aged in the pottery jar to meet the corresponding quality requirements, it will be transferred to stainless steel tanks in batches for further storage. At present, some of the company's old wines are stored in pottery jars and some are stored in stainless steel tanks. However, Shede Liquor did not disclose the quantity and year of base wine stored in different tanks.

To this end, in 217 and 22, Shede Liquor Industry built 36, tons and 2, tons of stainless steel storage tanks respectively, which, together with its original stainless steel storage tanks, made the reserves exceed 1, tons.

"There is some truth in this statement, but the conclusion is arbitrary." Ouyang Jian said that different storage environment conditions and different temperatures have different effects on the aging time of liquor. The total acid and ester contents of different flavors, different enterprises and different products are quite different, so the period of esterification reaction cannot be the same. "According to my personal experience (which doesn't represent scientific conclusion), it is the most perfect stage of flavor and taste and the most beautiful section of liquor life curve to store for 5-1 years in Fen-flavor, 1-15 years in Luzhou-flavor and 15-2 years in Maotai-flavor."

the road from low-end to high-end

"Long years of wine, Didi Tuopai love". For drinkers all over the country, this advertisement is still fresh in my memory. Tuopai used to be the main product of Shede wine industry, and it also occupied the vast market in China because of its low-end positioning.

Although Shede Liquor Industry is making great efforts to build two brands, Shede and Tuopai, especially Tuopai T68 light bottle wine, in order to realize two-wheel drive. But for Shede wine industry, Shede high-end brand is the focus of its efforts.

the company's financial report shows that in 22, it achieved revenue of 2.73 billion yuan and net profit of 581 million yuan, up by 2.2% and 14.42% respectively. Among them, the medium and high-grade wine achieved a revenue of 2.129 billion yuan, accounting for 78.76% of the revenue.

Especially after Fuxing entered Shede Liquor Industry at the end of last year, the company's performance increased rapidly in the first three quarters of this year. The third quarterly report shows that under the continuous high-end products, during the reporting period, the sales revenue of high-end liquor in Shede Liquor Industry reached 2.834 billion yuan, up 111.17% year-on-year; The sales revenue of low-grade wine was about 48 million yuan, up 268.23% year-on-year.

In terms of national expansion, Shede Wine Industry increased its distribution, achieving a substantial increase in revenue in Sichuan Province and outside the province, with an increase of 167.77% and 17.79% in the first three quarters respectively. The number of dealers increased to 2,177, an increase of 416 compared with the end of last year.

For Shede Liquor Industry, the strategy of old liquor is the key factor to compete with the first camp liquor enterprises. At the 22 Annual General Meeting of Shareholders held at the end of June this year, Pu Jizhou, vice chairman and president of Shede Liquor Industry, once said, "We may have problems in fighting positional warfare with PK, a liquor company in the first camp. Let's open up a new track and talk about old wine without talking about fragrance. The end of the dispute over various flavors is the dispute over old wine. "

"The old wine strategy can enhance the brand and expand the sales scale. Through the old wine, the market of Shede brand is gradually optimized, the price of Shede is raised, and the profit level of dealers is expanded. " Pu Jizhou said.

not only that. Shede Wine Industry also launched its ultra-high-end Tianzihu, which is called 2-year-old original wine, and the price is 698 yuan/bottle (5ml, 64.5 degrees); In addition, it also introduced the sauce and wine swallowing, and the price was 328 yuan/bottle (75ml, 53 degrees).

at the same time, however, from the single-quarter performance in the third quarter of this year, the company achieved revenue of 1.216 billion yuan and net profit of 234 million yuan, which was 46.8% lower than that in the second quarter, and the growth rate of performance slowed down obviously.

In addition, Public Offering of Fund, the shareholder of Shede Liquor Industry, retreated greatly, from 156 in the semi-annual report in 221 to 2 at the end of the third quarter. As for whether investors have doubts about the old wine strategy of Shede Wine Industry or are playing a game, it is still unknown. The data shows that in June this year, the share price of Shede Liquor soared to 265.68 yuan/share, which exceeded the share price of Yanghe in the same period and was close to the share prices of LU ZHOU LAO JIAO CO.,LTD and Wuliangye, the first three of which are the leading enterprises in the liquor industry at present. As of October 22, the closing price of Shede Wine Industry was 195.69 yuan/share.

the old wine track continues to expand

behind the firm old wine strategy of Shede Wine Industry, the old wine market of the whole industry continues to expand.

In 218, china alcoholic drinks association and Goethe Yingxiang published the White Paper on the Old Wine Market in China, which showed that from 213 to 218, the old wine markets of Maotai, Wuliangye, Fenjiu, LU ZHOU LAO JIAO CO.,LTD and other brands continued to expand, especially in 216-217, the market scale of old wine increased by 85%, and in 218, the market scale of aged liquor in China reached 5 billion yuan. It is estimated that by the end of 221, the market scale of aged liquor in China will reach 1 billion yuan.

The research report of Essence Securities mentioned that in the future, only real vintage wines can continue to be in the second high-end and above or even more price bands to meet the pursuit of consumers' quality upgrading.

many enterprises have launched marketing for old wine. As early as 217, Kweichow Moutai held the "Let Old Wine Go Home" Maotai Old Wine Tasting Meeting. In January this year, the special auction of Maotai old wine was started; Wuliangye established the Old Wine Collectors Club in 219, and held a special event of folk treasure hunt Wuliangye at the end of last year; LU ZHOU LAO JIAO CO.,LTD launched a repurchase program for vintage wines stored in bottles to publicize the appreciation potential of products after aging, thus enhancing the value of circulating products.

another company has launched related products. Guizhou Alcohol, which was acquired by Jiangsu Variety Group, has successively launched "vintage wines" with the age of 6 years, 12 years and 21 years. Guotai liquor industry, a sauce wine company, promotes the true year. Since the introduction of Guotai national standard wine in 217, a brewing year will be released every year; In 214, Tanjiu proposed the true vintage of sauce wine, and launched products such as "single true vintage wine" and "mixed true vintage wine".

"The reserve of high-quality base wine is the key to ensure the annual product output, and the leading edge of wine enterprises mainly depends on the historical accumulation and the speed of wine storage. Old wine companies with brand, energy storage and production capacity can go further. " Essence Securities Research Report stated this.