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nicoleyang

nicoleyang

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2022-03-31

🐾

@港股研究社:社區電商新佈局，阿里悄悄測試潮流App“態棒”

2022-03-29

😅😅😅

@說財經:0:00 回購的真正含義阿里巴巴（9988）、騰訊（700）、美團（3690）$阿里巴巴(BABA)$ $騰訊控股(00700)$ $美團-W(03690)$ 4:00 A股走勢差，因爲內資都在走？！10:56 茅臺要建自己的網站，供應商怎麼辦？股價要調整？$貴州茅臺(600519)$ 12:47 基金說：朱少醒 A股基金市場上的一股清流21:00 ETF專線：Direxion ERY、DRIP、TMV $Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares(DRIP)$ Global X 2845、3110、3029$GX恆生ESG(03029)$

2022-03-08

🤥🤥🤥

@小虎综合资讯:烏克蘭總統：可以討論承認克里米亞和頓巴斯共和國

2022-02-03

https://ttm.financial/m/post/9099775680?invite=688588&lang=zh_CN

2022-01-04

👀

Wuliangye wants to fly with Maotai

Go to Tiger App to see more news

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Bear 2X Shares(DRIP)$</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global X 2845、3110、3029<a target=\"_blank\" href=\"https://laohu8.com/S/03029\">$GX恆生ESG(03029)$</a>&nbsp;\n \n","listText":"0:00 回購的真正含義 阿里巴巴（9988）、騰訊（700）、美團（3690）<a target=\"_blank\" href=\"https://laohu8.com/S/BABA\">$阿里巴巴(BABA)$</a>&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/03690\">$美團-W(03690)$</a>&nbsp;4:00 A股走勢差，因爲內資都在走？！10:56 茅臺要建自己的網站，供應商怎麼辦？股價要調整？<a target=\"_blank\" href=\"https://laohu8.com/S/600519\">$貴州茅臺(600519)$</a>&nbsp;12:47 基金說：朱少醒 A股基金市場上的一股清流21:00 ETF專線：Direxion ERY、DRIP、TMV&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/DRIP\">$Direxion Daily S&amp;P Oil &amp; Gas Exp. &amp; Prod. Bear 2X Shares(DRIP)$</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global X 2845、3110、3029<a target=\"_blank\" href=\"https://laohu8.com/S/03029\">$GX恆生ESG(03029)$</a>&nbsp;","text":"0:00 回購的真正含義 阿里巴巴（9988）、騰訊（700）、美團（3690）$阿里巴巴(BABA)$ $騰訊控股(00700)$ $美團-W(03690)$ 4:00 A股走勢差，因爲內資都在走？！10:56 茅臺要建自己的網站，供應商怎麼辦？股價要調整？$貴州茅臺(600519)$ 12:47 基金說：朱少醒 A股基金市場上的一股清流21:00 ETF專線：Direxion ERY、DRIP、TMV $Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares(DRIP)$ Global X 2845、3110、3029$GX恆生ESG(03029)$","images":[{"img":"https://static.tigerbbs.com/544a8864a89d163fb04a808e5b9fd090","width":"0","height":"0"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/610810781","isVote":1,"tweetType":2,"object":{"id":"3faefcb359fa419bb9d14a12ae95311c","tweetId":"610810781","videoUrl":"https://1254107296.vod2.myqcloud.com/b741d586vodhk1254107296/7a027744387702298136588189/gLaauKtXL7UA.mp4","poster":"https://static.tigerbbs.com/544a8864a89d163fb04a808e5b9fd090"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1823,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9038300573,"gmtCreate":1646729337012,"gmtModify":1676534155858,"author":{"id":"4089185159488720","authorId":"4089185159488720","name":"nicoleyang","avatar":"https://static.tigerbbs.com/cf62f6a331d3ca4c12bf3c7996087e03","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4089185159488720","idStr":"4089185159488720"},"themes":[],"htmlText":"🤥🤥🤥","listText":"🤥🤥🤥","text":"🤥🤥🤥","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038300573","repostId":"635001840","repostType":1,"repost":{"id":635001840,"gmtCreate":1646728579071,"gmtModify":1676532812463,"author":{"id":"3527667586584720","authorId":"3527667586584720","name":"小虎综合资讯","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667586584720","idStr":"3527667586584720"},"themes":[],"title":"烏克蘭總統：可以討論承認克里米亞和頓巴斯共和國","htmlText":"烏克蘭總統澤連斯基：（談及承認克里米亞和頓巴斯共和國的可能性）我們可以討論這個問題，找到人們如何在那裏生活的妥協方案。 歐股反彈持續，法國CAC40指數漲超3%，德國DAX指數、歐洲斯托克50指數均漲超2%。","listText":"烏克蘭總統澤連斯基：（談及承認克里米亞和頓巴斯共和國的可能性）我們可以討論這個問題，找到人們如何在那裏生活的妥協方案。 歐股反彈持續，法國CAC40指數漲超3%，德國DAX指數、歐洲斯托克50指數均漲超2%。","text":"烏克蘭總統澤連斯基：（談及承認克里米亞和頓巴斯共和國的可能性）我們可以討論這個問題，找到人們如何在那裏生活的妥協方案。 歐股反彈持續，法國CAC40指數漲超3%，德國DAX指數、歐洲斯托克50指數均漲超2%。","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/635001840","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1499,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9091838789,"gmtCreate":1643822046709,"gmtModify":1676533860410,"author":{"id":"4089185159488720","authorId":"4089185159488720","name":"nicoleyang","avatar":"https://static.tigerbbs.com/cf62f6a331d3ca4c12bf3c7996087e03","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4089185159488720","idStr":"4089185159488720"},"themes":[],"htmlText":"https://ttm.financial/m/post/9099775680?invite=688588&amp;lang=zh_CN","listText":"https://ttm.financial/m/post/9099775680?invite=688588&amp;lang=zh_CN","text":"https://ttm.financial/m/post/9099775680?invite=688588&lang=zh_CN","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9091838789","isVote":1,"tweetType":1,"viewCount":1780,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9001502550,"gmtCreate":1641266291195,"gmtModify":1676533590920,"author":{"id":"4089185159488720","authorId":"4089185159488720","name":"nicoleyang","avatar":"https://static.tigerbbs.com/cf62f6a331d3ca4c12bf3c7996087e03","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4089185159488720","idStr":"4089185159488720"},"themes":[],"htmlText":"👀","listText":"👀","text":"👀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9001502550","repostId":"1132969479","repostType":2,"repost":{"id":"1132969479","kind":"news","weMediaInfo":{"introduction":"博闻雅识，非凡之客。","home_visible":1,"media_name":"市界","id":"1019100707","head_image":"https://static.tigerbbs.com/f7aa5576660d42f195013ced4567a7f3"},"pubTimestamp":1641194577,"share":"https://ttm.financial/m/news/1132969479?lang=en_US&edition=fundamental","pubTime":"2022-01-03 15:22","market":"sh","language":"zh","title":"Wuliangye wants to fly with Maotai","url":"https://stock-news.laohu8.com/highlight/detail?id=1132969479","media":"市界","summary":"2018年12月，时任茅台集团董事长李保芳、汾酒集团董事长李秋喜，与五粮液集团董事长李曙光相聚“酒都”四川宜宾。这是中国白酒行业一次罕见“三李”同框。五粮液、茅台与汾酒，代表着中国白酒的三大主流香型（","content":"<p><html><head></head><body>In December 2018, Li Baofang, then chairman of Maotai Group, and Li Qiuxi, chairman of Fenjiu Group, and<a href=\"https://laohu8.com/S/000858\">Wuliangye</a>Li Shuguang, chairman of the group, gathered in Yibin, Sichuan, the \"wine capital\". This is a rare \"three plums\" in the same frame in China's liquor industry.</p><p>Wuliangye, Maotai and Fenjiu represent the three mainstream flavors of Chinese liquor (Luzhou flavor, Maotai flavor and Qingxiang), and they are the leaders of the three flavors respectively, the so-called \"three flavors and three top\". Coincidentally, all three at the helm are surnamed Li.</p><p>In the past three years, the chairman of Moutai has changed again and again, and Li Baofang has already become the \"predecessor\". In September 2021, Ding Xiongjun succeeded Gao Weidong as the new chairman; Due to \"retirement at the age\", 60-year-old Li Qiuxi also resigned as chairman of Fenjiu in mid-December, and Yuan Qingmao was his successor.</p><p>Once the \"Three Li\" story, now, only Li Shuguang, who led Wuliangye's \"second venture\", is left.</p><p>In December 2021, Ding Xiongjun and his party went to Yibin, Sichuan, and held a \"Mao Five Meeting\" with Li Shuguang, expressing the desire to \"each have its own beauty.\"</p><p>However, Wuliangye's pace of catching up with Maotai is accelerating. On the eve of the meeting, the news of the price increase of the eighth-generation Wuliangye came out. After the price increase, the ex-factory price has been shoulder to shoulder with Feitian Maotai.</p><p>Nowadays, high-end liquor brands are becoming more and more luxury.</p><p><b>Want to be shoulder to shoulder with Maotai</b></p><p>As the boss and second child in the liquor industry, every move of Maotai and Wuliangye has attracted much attention.</p><p>Feitian Maotai, whose official guide price is 1,499 yuan, is hard to find a bottle. Ding Xiongjun takes office<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>Since the chairman of the board, through a series of \"price control\" measures, the price of Feitian Maotai has dropped. However, near the end of the year, the market price began to stir again. A bottle was already around 2,800 yuan, and the market's voice for price increase was also growing.</p><p>Moutai has attracted a lot of attention, but it has not seen a price increase. At this time, Wuliangye took the lead in \"hands-on\".</p><p><img src=\"https://static.tigerbbs.com/cc30c4aeb42cb6e0f3bfdf2ac3c60bab\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>According to Beiqing.com, in the 2022 contract signed with distributors, Wuliangye implemented a new price strategy, that is, the unplanned ex-factory price of the eighth-generation Wuliangye (Puwu) was raised from 999 yuan to 1,089 yuan per bottle, and the planned price continued to remain unchanged at 889 yuan, and the ratio of planned and unplanned contract volume was 3: 2.</p><p>Wuliangye implements a dual-track price strategy, that is, adding one track-unplanned price-to the original planned price. Chen Lei, a front-line salesperson of a head wine company, told the city boundary,<b>This is a means to regulate the market and prices, and it is more often used to raise prices.</b></p><p>Chen Lei said that earlier, manufacturers had a fixed planned quota for dealers every year. When this part of the quota was sold out, if dealers wanted to place additional orders, it was an unplanned quota. However, later, this rule evolved into the fact that dealers must pay for the goods at the same time according to the ratio of planned and unplanned.</p><p>Corresponding to the ratio of 3: 2 in Wuliangye, that is to say, if a dealer wants to get 6 tons of goods from Wuliangye at the planned price of 889 yuan/bottle, then he must also get 4 tons of goods at the unplanned price of 1089 yuan/bottle.</p><p><b>According to this ratio, the average ex-factory price of the eighth-generation Wuliangye will increase to 969 yuan/bottle.</b></p><p>\"A big winery like Wuliangye is very strong,\" Chen Lei said. In fact, for leading wine companies, especially high-end brands, manufacturers have a strong channel voice. Dealers usually have to pay first, and then manufacturers deliver goods.</p><p>Wuliangye's accounts receivable are extremely low. At the end of 2020, it was only 41 million yuan, which is almost negligible. The turnover days of accounts receivable were only 0.55 days, indicating that the company's average collection period during the reporting period was only half a day. It is very strong in downstream sales channels.</p><p><img src=\"https://static.tigerbbs.com/12bfe19200e62def3f19270b279f14b5\" tg-width=\"953\" tg-height=\"588\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Although Wuliangye's latest sales strategy is not to directly raise the overall price of products, it has achieved the purpose of adjusting the product price system in disguise by adjusting the ratio of planned and unplanned quotas and the ex-factory price of unplanned quotas.<a href=\"https://laohu8.com/S/06066\">China Securities</a>The research report pointed out that the dual-track system can further promote dealers to cherish goods and raise prices.</p><p>In the end, this price chain will reach the hands of consumers:<b>Increase the ex-factory price in disguise-in order to maintain a relatively stable profit, the batch price of the channel increases accordingly-the terminal transaction price increases.</b></p><p>In 2019, Puwu was upgraded, and the eighth-generation Wuliangye was launched. The ex-factory price was raised to 889 yuan/bottle, and the official guide price of the terminal was raised to 1,399 yuan/bottle. However, the actual transaction price of many terminals was less than 1,000 yuan/bottle.</p><p>Wuliangye raised the ex-factory price of the eighth-generation Wuliangye this time, which is not much different from previous price increases. Interestingly, the ex-factory price of 969 yuan is exactly the same as the ex-factory price of Feitian Moutai to traditional dealers.</p><p>However, Wuliangye is not Maotai after all, and the reaction of the terminal market is not very sensitive. In late December 2021, at a Wuliangye dealer in Beijing, the retail price of the eighth-generation Wuliangye was 1,139 yuan/bottle, and a bottle of hot wine was also given.</p><p>Although the price is difficult to raise, Wuliangye has to mention it.</p><p><b>On the one hand, as a high-end liquor giant second only to Maotai, Wuliangye's core single product, the eighth generation Wuliangye, must further establish itself in the price band of 1,000 yuan; On the other hand, it is also the need for performance growth.</b></p><p><img src=\"https://static.tigerbbs.com/2bf856573528516db4d4dc14572a8444\" tg-width=\"953\" tg-height=\"588\" referrerpolicy=\"no-referrer\"/></p><p>Wuliangye's performance growth rate shows signs of slowing down. And price increases will boost performance.</p><p><b>Second entrepreneurship, catching up with Maotai</b></p><p>Before Maotai became the \"Wine King\", Wuliangye was the \"Wine King\". But now, the distance between the two has widened.</p><p>The main raw materials of Maotai are sorghum and wheat, and the raw materials of Wuliangye are sorghum, rice, glutinous rice, wheat and corn. Both of them are brewed from grain, and the main ingredients of the finished products are water and alcohol, but they exude different \"tastes\".</p><p>Feitian Moutai cannot be bought at the official guide price, the market price is flying, and the price needs to be controlled; Puwu frequently raises prices, and the terminal transaction price is struggling to climb. It is still often lower than the official guide price, which is far from the price of Feitian Moutai.</p><p><img src=\"https://static.tigerbbs.com/acde7333fb94a0a8b94067c2f8f1607b\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>In fact, in China's liquor industry, based on the revenue scale and profit of listed companies,<b>Kweichow Moutai has only been the \"wine king\" for less than 10 years, while Wuliangye has been the \"wine king\" for nearly 20 years.</b></p><p>In 1994, Wuliangye's total sales, total profits and taxes surpassed Fenjiu, the \"Fen Boss\", and became the new \"Liquor Brother\". The following year, at the 50th International Statistical Congress, Wuliangye was awarded the title of \"King of Chinese Wine Industry\". In the same year,<a href=\"https://laohu8.com/S/600839\">Sichuan Changhong</a>And FAW won the titles of \"China's Color TV King\" and \"China's Automobile King\" respectively.</p><p>In 1998, when it was listed on the Shenzhen Stock Exchange, after Wuliangye raised its price for the fourth time, it became the highest-priced high-end famous wine at that time. The following year, Wuliangye was put on the banquet table for the 50th anniversary celebration of the founding of New China.</p><p>When it comes to Wuliangye's foundation, it is actually no worse than Maotai's. So, after being surpassed by Maotai, what was the problem?</p><p>This is a long story. There are reasons for product strategy, reasons for marketing system management, and reasons for corporate strategy... Many years later, the outside world attributed these reasons to Wuliangye's own failure to live up to expectations and confusion.</p><p>For example, Wuliangye is aggressively developing OEM products, and cheap descendant brands are spreading quickly, which some media describe as \"flooding\". Family products are getting bigger and bigger, and there are frequent problems in all aspects of brand, pricing, packaging and management.</p><p><b>In the short term, this has brought revenue and profits to Wuliangye. However, in the long run, it has seriously hurt Wuliangye's signboard.</b></p><p>Although Kweichow Moutai was only listed in 2001, when Wuliangye went public and aggressively developed OEM products, it had already begun to actively expand the market. Since 2003, the liquor industry has started a \"golden decade\". The story of Maotai has become more and more beautiful, but Wuliangye is distracting its energy to clean up all kinds of messy products.</p><p>From the craft of \"12987\", to the publicity of \"national wine\", to the concept of producing area that \"you can't make Moutai wine without leaving Maotai Town\"... Maotai told the story of scarcity to the extreme, creating the loudest signboard in the industry.</p><p>Feitian Maotai has raised prices many times, and the market price has soared.<b>In 2013, Kweichow Moutai's revenue and net profit surpassed Wuliangye in an all-round way. Since then, Wuliangye has handed over the throne of \"Wine King\" to Kweichow Moutai.</b></p><p><img src=\"https://static.tigerbbs.com/befb93d320791109392e134d353902ed\" tg-width=\"953\" tg-height=\"588\" referrerpolicy=\"no-referrer\"/></p><p>Wuliangye, which has changed from a leader to a chaser, has encountered an adjustment period in the liquor industry, and it is difficult to catch up all the way.</p><p>In 2017, Li Shuguang took office as the chairman of Wuliangye Group, shouting the slogan of \"second entrepreneurship\", changing channels, organizations, products, brands, etc., speeding up the \"slimming\" of products and brands, and enhancing the recognition of main brands.</p><p>Debon Securities' September research report pointed out that,<b>Since 2017, Wuliangye has cut down 189 brands and more than 2,000 products.</b></p><p>By streamlining the product system, Wuliangye has gradually formed a brand system of Wuliangye's main brand \"1 +3\" and series wine \"4 +4\".</p><p>As the main brand of Wuliangye, 1 is the eighth generation Wuliangye as the core, 3 is 501 Wuliangye, classic Wuliangye and low-alcohol Wuliangye; On the series of wine brands, there are four national single products Wuliangchun, Wuliangchun, Wuliangtequ and Jianzhuang, and four regional single products Baijiayan, Hot, Wuliangjia and Youjiu.</p><p><b>The revenue of Wuliangye's main brand accounts for about 77%, while<a href=\"https://laohu8.com/S/601995\">CICC</a>The December research report pointed out that Puwu accounted for nearly 60% of Wuliangye's revenue.</b></p><p>In fact, it can be seen that Wuliangye has high hopes for the price increase of the eighth generation Puwu. However, there is still a long way to go to catch up with Maotai.</p><p><b>High-end liquor is becoming more and more \"fragrant\"</b></p><p>For Wuliangye, Puwu's current role is to stand firm in the price range of 1,000 yuan. In the \"high-end big three\" of liquor Maotai, Wuliangye,<a href=\"https://laohu8.com/S/000568\">Luzhou Old Cellar</a>Among them, through the price increase, the eighth-generation Wuliangye gradually got stuck.</p><p>In fact, Wuliangye's ambition is not limited to this.</p><p>At the dealer conference held on December 18, 2021,<b>Wuliangye stated that it will persist in developing the liquor market in the \"2000 +\" price band and achieve the market breakthrough of classic Wuliangye</b>, continue to improve the market position of classic Wuliangye.</p><p>\"Classic Wuliangye\", which adopts Wuliangye's classic \"Mei Ping\", is a strategic high-end single product launched by Wuliangye in September 2020. In its official mall, the official price of classic Wuliangye is 2,899 yuan/bottle.</p><p><img src=\"https://static.tigerbbs.com/950fe083531c4ad17d9c2055793259cc\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>(Classic Wuliangye)</p><p>As soon as this product went on the market, it encountered a lot of complaints, such as: the packaging is too similar to the existing Jiaobei brand Wuliangye, which makes people stupid and confused;<b>This price, at first glance, is like to benchmark Feitian Moutai.</b></p><p>Wuliangye's goal for this product in 2021 is to sell 2,000 tons. In late December, a number of wine merchants told the market that the actual price of their terminals was around 1,800 yuan/bottle, and \"the brand power cannot support the official price of 2,899 yuan/bottle.\" However,<b>Wuliangye will also launch the classic Wuliangye 30 and 50 editions with higher pricing.</b></p><p>In 2019, Wuliangye released ultra-high-end products \"501 Wuliangye\"-\"501 Wuliangye · Mingchi Brewing\" and \"501 Wuliangye · Qingchi Brewing\". The company annotated the scarcity of this product: \"limited workshop, limited cellar, limited craftsman\".</p><p>This wine is produced in Wuliangye's famous 501 workshop-which has ancient cellars and pools in Ming and Qing Dynasties. At the time of release, Wuliangye did not announce its specific price.</p><p><b>Judging from the product matrix and new product actions in recent years, Wuliangye is accelerating its high-end development.</b></p><p>Under the trend of increasingly differentiated liquor industry, high-end liquor is becoming more and more \"fragrant\".<b>Subject to factors such as production capacity, the core of high-end liquor is brand and \"scarcity\", and it has the ability to continuously raise prices.</b></p><p>In 2020, the sales volume of high-end liquor accounted for only 1% of the industry, but it achieved up to 25% of the revenue. From the perspective of profitability, the gross profit margin of Kweichow Moutai's Moutai liquor is 93.99%, the gross profit margin of Wuliangye's main brand Wuliangye is 84.95%, and the gross profit margin of Luzhou Old Cellar's mid-to-high-end liquor is 89.59%, much higher than the industry average of 65%.</p><p>This reflects the comprehensive competitive advantage of high-end liquor. Moreover, the high-end liquor market has been divided up by \"Maowulu\".</p><p><img src=\"https://static.tigerbbs.com/77a042fdf49ce37a7ed42e4dee6285e0\" tg-width=\"953\" tg-height=\"588\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/601456\">Guolian Securities</a>Research reports show that,<b>In 2020, the market share of Maowulu's high-end liquor revenue will be 57%, 30%, and 7% respectively, accounting for 94% of the high-end market in total.</b>Other brands, such as Qinghualang, Jiannanchun, Jiugui Neishen, Guotai Longjiu, Yanghe M9, etc., have only undertaken part of Maowulu's overflow demand, with a total market share of less than 6%.</p><p><b>High-end liquor is no longer just a consumer product, but also has the attributes of luxury goods.</b></p><p>Whether Feitian Maotai can be bought or not has become a question. In the eyes of drinkers, Maotai has long become a \"native luxury\". Driven by Maotai, Wuliangye and Guojiao 1573 are becoming more and more luxury.</p><p>Just after Wuliangye was exposed to the price increase, Guojiao 1573, which adopted the \"price following\" strategy, also announced the price increase.</p><p>The growth logic of the liquor industry is nothing more than quantity and price. However, for high-end liquor, in the future, the price increase will be greater than the volume increase, and \"stable quantity and price increase\" will become the norm. In other words, the price of high-end liquor, which is becoming more and more luxurious, will be higher and higher.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wuliangye wants to fly with Maotai</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWuliangye wants to fly with Maotai\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1019100707\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/f7aa5576660d42f195013ced4567a7f3);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">市界 </p>\n<p class=\"h-time smaller\">2022-01-03 15:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>In December 2018, Li Baofang, then chairman of Maotai Group, and Li Qiuxi, chairman of Fenjiu Group, and<a href=\"https://laohu8.com/S/000858\">Wuliangye</a>Li Shuguang, chairman of the group, gathered in Yibin, Sichuan, the \"wine capital\". This is a rare \"three plums\" in the same frame in China's liquor industry.</p><p>Wuliangye, Maotai and Fenjiu represent the three mainstream flavors of Chinese liquor (Luzhou flavor, Maotai flavor and Qingxiang), and they are the leaders of the three flavors respectively, the so-called \"three flavors and three top\". Coincidentally, all three at the helm are surnamed Li.</p><p>In the past three years, the chairman of Moutai has changed again and again, and Li Baofang has already become the \"predecessor\". In September 2021, Ding Xiongjun succeeded Gao Weidong as the new chairman; Due to \"retirement at the age\", 60-year-old Li Qiuxi also resigned as chairman of Fenjiu in mid-December, and Yuan Qingmao was his successor.</p><p>Once the \"Three Li\" story, now, only Li Shuguang, who led Wuliangye's \"second venture\", is left.</p><p>In December 2021, Ding Xiongjun and his party went to Yibin, Sichuan, and held a \"Mao Five Meeting\" with Li Shuguang, expressing the desire to \"each have its own beauty.\"</p><p>However, Wuliangye's pace of catching up with Maotai is accelerating. On the eve of the meeting, the news of the price increase of the eighth-generation Wuliangye came out. After the price increase, the ex-factory price has been shoulder to shoulder with Feitian Maotai.</p><p>Nowadays, high-end liquor brands are becoming more and more luxury.</p><p><b>Want to be shoulder to shoulder with Maotai</b></p><p>As the boss and second child in the liquor industry, every move of Maotai and Wuliangye has attracted much attention.</p><p>Feitian Maotai, whose official guide price is 1,499 yuan, is hard to find a bottle. Ding Xiongjun takes office<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>Since the chairman of the board, through a series of \"price control\" measures, the price of Feitian Maotai has dropped. However, near the end of the year, the market price began to stir again. A bottle was already around 2,800 yuan, and the market's voice for price increase was also growing.</p><p>Moutai has attracted a lot of attention, but it has not seen a price increase. At this time, Wuliangye took the lead in \"hands-on\".</p><p><img src=\"https://static.tigerbbs.com/cc30c4aeb42cb6e0f3bfdf2ac3c60bab\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>According to Beiqing.com, in the 2022 contract signed with distributors, Wuliangye implemented a new price strategy, that is, the unplanned ex-factory price of the eighth-generation Wuliangye (Puwu) was raised from 999 yuan to 1,089 yuan per bottle, and the planned price continued to remain unchanged at 889 yuan, and the ratio of planned and unplanned contract volume was 3: 2.</p><p>Wuliangye implements a dual-track price strategy, that is, adding one track-unplanned price-to the original planned price. Chen Lei, a front-line salesperson of a head wine company, told the city boundary,<b>This is a means to regulate the market and prices, and it is more often used to raise prices.</b></p><p>Chen Lei said that earlier, manufacturers had a fixed planned quota for dealers every year. When this part of the quota was sold out, if dealers wanted to place additional orders, it was an unplanned quota. However, later, this rule evolved into the fact that dealers must pay for the goods at the same time according to the ratio of planned and unplanned.</p><p>Corresponding to the ratio of 3: 2 in Wuliangye, that is to say, if a dealer wants to get 6 tons of goods from Wuliangye at the planned price of 889 yuan/bottle, then he must also get 4 tons of goods at the unplanned price of 1089 yuan/bottle.</p><p><b>According to this ratio, the average ex-factory price of the eighth-generation Wuliangye will increase to 969 yuan/bottle.</b></p><p>\"A big winery like Wuliangye is very strong,\" Chen Lei said. In fact, for leading wine companies, especially high-end brands, manufacturers have a strong channel voice. Dealers usually have to pay first, and then manufacturers deliver goods.</p><p>Wuliangye's accounts receivable are extremely low. At the end of 2020, it was only 41 million yuan, which is almost negligible. The turnover days of accounts receivable were only 0.55 days, indicating that the company's average collection period during the reporting period was only half a day. It is very strong in downstream sales channels.</p><p><img src=\"https://static.tigerbbs.com/12bfe19200e62def3f19270b279f14b5\" tg-width=\"953\" tg-height=\"588\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Although Wuliangye's latest sales strategy is not to directly raise the overall price of products, it has achieved the purpose of adjusting the product price system in disguise by adjusting the ratio of planned and unplanned quotas and the ex-factory price of unplanned quotas.<a href=\"https://laohu8.com/S/06066\">China Securities</a>The research report pointed out that the dual-track system can further promote dealers to cherish goods and raise prices.</p><p>In the end, this price chain will reach the hands of consumers:<b>Increase the ex-factory price in disguise-in order to maintain a relatively stable profit, the batch price of the channel increases accordingly-the terminal transaction price increases.</b></p><p>In 2019, Puwu was upgraded, and the eighth-generation Wuliangye was launched. The ex-factory price was raised to 889 yuan/bottle, and the official guide price of the terminal was raised to 1,399 yuan/bottle. However, the actual transaction price of many terminals was less than 1,000 yuan/bottle.</p><p>Wuliangye raised the ex-factory price of the eighth-generation Wuliangye this time, which is not much different from previous price increases. Interestingly, the ex-factory price of 969 yuan is exactly the same as the ex-factory price of Feitian Moutai to traditional dealers.</p><p>However, Wuliangye is not Maotai after all, and the reaction of the terminal market is not very sensitive. In late December 2021, at a Wuliangye dealer in Beijing, the retail price of the eighth-generation Wuliangye was 1,139 yuan/bottle, and a bottle of hot wine was also given.</p><p>Although the price is difficult to raise, Wuliangye has to mention it.</p><p><b>On the one hand, as a high-end liquor giant second only to Maotai, Wuliangye's core single product, the eighth generation Wuliangye, must further establish itself in the price band of 1,000 yuan; On the other hand, it is also the need for performance growth.</b></p><p><img src=\"https://static.tigerbbs.com/2bf856573528516db4d4dc14572a8444\" tg-width=\"953\" tg-height=\"588\" referrerpolicy=\"no-referrer\"/></p><p>Wuliangye's performance growth rate shows signs of slowing down. And price increases will boost performance.</p><p><b>Second entrepreneurship, catching up with Maotai</b></p><p>Before Maotai became the \"Wine King\", Wuliangye was the \"Wine King\". But now, the distance between the two has widened.</p><p>The main raw materials of Maotai are sorghum and wheat, and the raw materials of Wuliangye are sorghum, rice, glutinous rice, wheat and corn. Both of them are brewed from grain, and the main ingredients of the finished products are water and alcohol, but they exude different \"tastes\".</p><p>Feitian Moutai cannot be bought at the official guide price, the market price is flying, and the price needs to be controlled; Puwu frequently raises prices, and the terminal transaction price is struggling to climb. It is still often lower than the official guide price, which is far from the price of Feitian Moutai.</p><p><img src=\"https://static.tigerbbs.com/acde7333fb94a0a8b94067c2f8f1607b\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>In fact, in China's liquor industry, based on the revenue scale and profit of listed companies,<b>Kweichow Moutai has only been the \"wine king\" for less than 10 years, while Wuliangye has been the \"wine king\" for nearly 20 years.</b></p><p>In 1994, Wuliangye's total sales, total profits and taxes surpassed Fenjiu, the \"Fen Boss\", and became the new \"Liquor Brother\". The following year, at the 50th International Statistical Congress, Wuliangye was awarded the title of \"King of Chinese Wine Industry\". In the same year,<a href=\"https://laohu8.com/S/600839\">Sichuan Changhong</a>And FAW won the titles of \"China's Color TV King\" and \"China's Automobile King\" respectively.</p><p>In 1998, when it was listed on the Shenzhen Stock Exchange, after Wuliangye raised its price for the fourth time, it became the highest-priced high-end famous wine at that time. The following year, Wuliangye was put on the banquet table for the 50th anniversary celebration of the founding of New China.</p><p>When it comes to Wuliangye's foundation, it is actually no worse than Maotai's. So, after being surpassed by Maotai, what was the problem?</p><p>This is a long story. There are reasons for product strategy, reasons for marketing system management, and reasons for corporate strategy... Many years later, the outside world attributed these reasons to Wuliangye's own failure to live up to expectations and confusion.</p><p>For example, Wuliangye is aggressively developing OEM products, and cheap descendant brands are spreading quickly, which some media describe as \"flooding\". Family products are getting bigger and bigger, and there are frequent problems in all aspects of brand, pricing, packaging and management.</p><p><b>In the short term, this has brought revenue and profits to Wuliangye. However, in the long run, it has seriously hurt Wuliangye's signboard.</b></p><p>Although Kweichow Moutai was only listed in 2001, when Wuliangye went public and aggressively developed OEM products, it had already begun to actively expand the market. Since 2003, the liquor industry has started a \"golden decade\". The story of Maotai has become more and more beautiful, but Wuliangye is distracting its energy to clean up all kinds of messy products.</p><p>From the craft of \"12987\", to the publicity of \"national wine\", to the concept of producing area that \"you can't make Moutai wine without leaving Maotai Town\"... Maotai told the story of scarcity to the extreme, creating the loudest signboard in the industry.</p><p>Feitian Maotai has raised prices many times, and the market price has soared.<b>In 2013, Kweichow Moutai's revenue and net profit surpassed Wuliangye in an all-round way. Since then, Wuliangye has handed over the throne of \"Wine King\" to Kweichow Moutai.</b></p><p><img src=\"https://static.tigerbbs.com/befb93d320791109392e134d353902ed\" tg-width=\"953\" tg-height=\"588\" referrerpolicy=\"no-referrer\"/></p><p>Wuliangye, which has changed from a leader to a chaser, has encountered an adjustment period in the liquor industry, and it is difficult to catch up all the way.</p><p>In 2017, Li Shuguang took office as the chairman of Wuliangye Group, shouting the slogan of \"second entrepreneurship\", changing channels, organizations, products, brands, etc., speeding up the \"slimming\" of products and brands, and enhancing the recognition of main brands.</p><p>Debon Securities' September research report pointed out that,<b>Since 2017, Wuliangye has cut down 189 brands and more than 2,000 products.</b></p><p>By streamlining the product system, Wuliangye has gradually formed a brand system of Wuliangye's main brand \"1 +3\" and series wine \"4 +4\".</p><p>As the main brand of Wuliangye, 1 is the eighth generation Wuliangye as the core, 3 is 501 Wuliangye, classic Wuliangye and low-alcohol Wuliangye; On the series of wine brands, there are four national single products Wuliangchun, Wuliangchun, Wuliangtequ and Jianzhuang, and four regional single products Baijiayan, Hot, Wuliangjia and Youjiu.</p><p><b>The revenue of Wuliangye's main brand accounts for about 77%, while<a href=\"https://laohu8.com/S/601995\">CICC</a>The December research report pointed out that Puwu accounted for nearly 60% of Wuliangye's revenue.</b></p><p>In fact, it can be seen that Wuliangye has high hopes for the price increase of the eighth generation Puwu. However, there is still a long way to go to catch up with Maotai.</p><p><b>High-end liquor is becoming more and more \"fragrant\"</b></p><p>For Wuliangye, Puwu's current role is to stand firm in the price range of 1,000 yuan. In the \"high-end big three\" of liquor Maotai, Wuliangye,<a href=\"https://laohu8.com/S/000568\">Luzhou Old Cellar</a>Among them, through the price increase, the eighth-generation Wuliangye gradually got stuck.</p><p>In fact, Wuliangye's ambition is not limited to this.</p><p>At the dealer conference held on December 18, 2021,<b>Wuliangye stated that it will persist in developing the liquor market in the \"2000 +\" price band and achieve the market breakthrough of classic Wuliangye</b>, continue to improve the market position of classic Wuliangye.</p><p>\"Classic Wuliangye\", which adopts Wuliangye's classic \"Mei Ping\", is a strategic high-end single product launched by Wuliangye in September 2020. In its official mall, the official price of classic Wuliangye is 2,899 yuan/bottle.</p><p><img src=\"https://static.tigerbbs.com/950fe083531c4ad17d9c2055793259cc\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>(Classic Wuliangye)</p><p>As soon as this product went on the market, it encountered a lot of complaints, such as: the packaging is too similar to the existing Jiaobei brand Wuliangye, which makes people stupid and confused;<b>This price, at first glance, is like to benchmark Feitian Moutai.</b></p><p>Wuliangye's goal for this product in 2021 is to sell 2,000 tons. In late December, a number of wine merchants told the market that the actual price of their terminals was around 1,800 yuan/bottle, and \"the brand power cannot support the official price of 2,899 yuan/bottle.\" However,<b>Wuliangye will also launch the classic Wuliangye 30 and 50 editions with higher pricing.</b></p><p>In 2019, Wuliangye released ultra-high-end products \"501 Wuliangye\"-\"501 Wuliangye · Mingchi Brewing\" and \"501 Wuliangye · Qingchi Brewing\". The company annotated the scarcity of this product: \"limited workshop, limited cellar, limited craftsman\".</p><p>This wine is produced in Wuliangye's famous 501 workshop-which has ancient cellars and pools in Ming and Qing Dynasties. At the time of release, Wuliangye did not announce its specific price.</p><p><b>Judging from the product matrix and new product actions in recent years, Wuliangye is accelerating its high-end development.</b></p><p>Under the trend of increasingly differentiated liquor industry, high-end liquor is becoming more and more \"fragrant\".<b>Subject to factors such as production capacity, the core of high-end liquor is brand and \"scarcity\", and it has the ability to continuously raise prices.</b></p><p>In 2020, the sales volume of high-end liquor accounted for only 1% of the industry, but it achieved up to 25% of the revenue. From the perspective of profitability, the gross profit margin of Kweichow Moutai's Moutai liquor is 93.99%, the gross profit margin of Wuliangye's main brand Wuliangye is 84.95%, and the gross profit margin of Luzhou Old Cellar's mid-to-high-end liquor is 89.59%, much higher than the industry average of 65%.</p><p>This reflects the comprehensive competitive advantage of high-end liquor. Moreover, the high-end liquor market has been divided up by \"Maowulu\".</p><p><img src=\"https://static.tigerbbs.com/77a042fdf49ce37a7ed42e4dee6285e0\" tg-width=\"953\" tg-height=\"588\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/601456\">Guolian Securities</a>Research reports show that,<b>In 2020, the market share of Maowulu's high-end liquor revenue will be 57%, 30%, and 7% respectively, accounting for 94% of the high-end market in total.</b>Other brands, such as Qinghualang, Jiannanchun, Jiugui Neishen, Guotai Longjiu, Yanghe M9, etc., have only undertaken part of Maowulu's overflow demand, with a total market share of less than 6%.</p><p><b>High-end liquor is no longer just a consumer product, but also has the attributes of luxury goods.</b></p><p>Whether Feitian Maotai can be bought or not has become a question. In the eyes of drinkers, Maotai has long become a \"native luxury\". Driven by Maotai, Wuliangye and Guojiao 1573 are becoming more and more luxury.</p><p>Just after Wuliangye was exposed to the price increase, Guojiao 1573, which adopted the \"price following\" strategy, also announced the price increase.</p><p>The growth logic of the liquor industry is nothing more than quantity and price. However, for high-end liquor, in the future, the price increase will be greater than the volume increase, and \"stable quantity and price increase\" will become the norm. In other words, the price of high-end liquor, which is becoming more and more luxurious, will be higher and higher.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/abdf46cb4281302ef715afaa9daab5d9","relate_stocks":{"600519":"贵州茅台","000858":"五粮液"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132969479","content_text":"2018年12月，时任茅台集团董事长李保芳、汾酒集团董事长李秋喜，与五粮液集团董事长李曙光相聚“酒都”四川宜宾。这是中国白酒行业一次罕见“三李”同框。五粮液、茅台与汾酒，代表着中国白酒的三大主流香型（浓香、酱香、清香），且分别是三大香型的龙头，所谓“三香三甲”。巧合的是，三位掌舵者都姓李。三年间，茅台董事长换了又换，李保芳早已成了“前任”，2021年9月丁雄军接替高卫东成了新任董事长；因“到龄退休”，60岁的李秋喜也在12月中旬辞任汾酒董事长，接任者为袁清茂。曾经的“三李”佳话，如今，只剩下带领五粮液“二次创业”的李曙光了。2021年12月，丁雄军一行赴四川宜宾，与李曙光展开了一场“茅五会”，表示要“各美其美”。不过，五粮液追赶茅台的脚步在加快。就在会面前夕，第八代五粮液提价的消息传了出来，提价后，出厂价已与飞天茅台肩并肩。如今，高端白酒品牌越来越奢侈品化了。想与茅台肩并肩作为白酒行业的老大与老二，茅台与五粮液的一举一动都备受关注。官方指导价为1499元的飞天茅台，一瓶难求。丁雄军上任贵州茅台董事长以来，通过系列“控价”措施，使得飞天茅台的价格有所回落。不过，临近年关，市场价又开始躁动，一瓶已在2800元左右，市场上对于提价的呼声也越来越大。茅台吸引了很多关注，却迟迟不见提价。就在这时候，五粮液率先“动手”了。据北青网，在与经销商签订的2022年合同中，五粮液实施新的价格策略，即第八代五粮液（普五）的计划外出厂价格每瓶从999元提至1089元，计划内价格继续维持889元不变，且计划内与计划外的合同量为3:2的比例。五粮液实施的是双轨制的价格策略，即在原有的计划内价格外，增加一轨——计划外价格。头部某酒企的一线销售人员陈磊告诉市界，这是一种调节市场和价格的手段，更多的是被用来提价。陈磊说，早之前，厂家对经销商每年都有固定的计划内配额，等这部分配额销售完了，如果经销商还想额外再订货，就属于计划外配额了。不过，后来，这个规则演变成了经销商必须按照计划内与计划外的比例，同时打款拿货。对应到五粮液3:2的比例，就是说，如果一个经销商要以889元/瓶的计划内价格向五粮液拿货6吨，那么，同时还必须以1089元/瓶的计划外价格拿货4吨。按照这一比例来算的话，第八代五粮液的平均出厂价会提升至969元/瓶。“像五粮液这样的大酒厂，很强势的。”陈磊说。其实，头部酒企，尤其是高端品牌，厂家拥有很强的渠道话语权，经销商通常都要先打款，之后厂家才发货。五粮液的应收账款极低，2020年年末，只有0.41亿元，几乎可以忽略不计，而应收账款周转天数仅0.55天，说明公司报告期内平均收款期仅半天，进一步说明，其对下游销售渠道非常强势。五粮液最新的销售策略虽然不是直接对产品进行整体提价，但是，通过调整计划内与计划外的配额比例，以及计划外配额的出厂价格，变相达到了调整产品价格体系的目的。中信建投证券研报指出，双轨制可以进一步推动经销商惜货提价。最终，这条价格链还是会传到了消费者手里：变相提高出厂价——渠道为了保持相对稳定的利润，批价跟着提高——终端成交价提高。2019年，普五换代升级，第八代五粮液上市，出厂价提至889元/瓶，终端的官方指导价提至1399元/瓶，可是，很多终端的实际成交价还不到1000元/瓶。五粮液此次提高第八代五粮液的出厂价，跟以往提价没有太大区别。有意思的是，969元的出厂价，已与飞天茅台对传统经销商的出厂价，不多不少，刚好相同。不过，五粮液毕竟不是茅台，终端市场的反应也不是很敏感。2021年12月下旬，北京一家五粮液经销商处，第八代五粮液的零售价为1139元/瓶，还送一瓶火爆小酒。虽然价格很难提上去，但是五粮液不得不提。一方面，作为仅次于茅台的高端白酒巨头，五粮液的核心大单品——第八代五粮液，必须进一步站稳千元价格带；另一方面，也是业绩增长的需要。五粮液的业绩增速有放缓的迹象。而提价，会提振业绩。二次创业，追赶茅台在茅台成为“酒王”之前，五粮液曾是“酒王”。可如今，二者却拉大了距离。茅台的主要原料为高粱与小麦，五粮液的原料为高粱、大米、糯米、小麦、玉米。二者都是粮食酿造的，成品的主要成分都是水与酒精，却散发着不同的“味道”。飞天茅台官方指导价买不到，市场价飞天，需要控价；普五频频提价，终端成交价艰难爬坡，还是常常低于官方指导价，与飞天茅台的价格更是相差甚远。实际上，在中国白酒行业，若以上市公司的营收规模和利润论，贵州茅台不过才当了不到10年的“酒王”，而五粮液曾经当过近20年的“酒王”。1994年，五粮液的销售总额、利税总额超越“汾老大”汾酒，成为了新晋的“白酒一哥”。次年，在第50届国际统计大会上，五粮液被授予“中国酒业大王”的称号。同年，四川长虹与一汽分别获得了“中国彩电大王”“中国汽车大王”的称号。在深交所上市的1998年，五粮液第四次提价后，成为了当时价格最高的高端名酒。次年，五粮液被摆上了新中国成立50周年庆典的宴会桌。要说五粮液的底子，其实不比茅台差。那么，后来被茅台超越，问题出在哪儿了呢？这说来话长，有产品策略上的原因，有营销体系管理上的原因，也有企业战略上的原因……多年后，外界将这些原因归结于五粮液自己不争气，乱了阵脚。比如，五粮液大肆开发OEM产品，廉价的子孙品牌开枝散叶很快，有媒体用“泛滥”形容。家族产品越来越庞大，品牌、定价、包装、管理，各方面都问题频出。短期来看，这为五粮液带来了收入与利润。但是，长期而言，却严重伤害了五粮液的招牌。虽然贵州茅台在2001年才上市，但是在五粮液上市且大肆开发OEM产品的时候，其已经开始主动拓展市场了。从2003年开始，白酒行业开启了“黄金十年”，茅台的故事越讲越动听，五粮液却在分散精力去清理各种乱七八糟的产品。从“12987”的工艺，到“国酒”的宣传，再到“离开茅台镇就酿不出茅台酒”的产区概念……茅台将稀缺性的故事讲到了极致，铸就了行业最响亮的一块招牌。飞天茅台多次提价，市场价一路飙升。2013年，贵州茅台的营收与净利润对五粮液实现了全面超越，从此，五粮液将“酒王”的宝座拱手让给了贵州茅台。从领先者变成了追赶者的五粮液，又遇到了白酒行业的调整期，一路追得艰难。2017年，李曙光上任五粮液集团董事长，喊出了“二次创业”的口号，对渠道、组织、产品、品牌等进行变革，加快产品与品牌“瘦身”，增强主品牌的辨识度。德邦证券9月份研报指出，2017年以来，五粮液已经砍掉了189个品牌，2000多款产品。五粮液通过精简产品体系，逐渐形成了五粮液主品牌“1+3”、系列酒“4+4”的品牌体系。五粮液作为主品牌，1即以第八代五粮液为核心，3即501五粮液、经典五粮液、低度五粮液；系列酒品牌上，4个全国性大单品五粮春、五粮醇、五粮特曲、尖庄，及4个区域性大单品百家宴、火爆、五粮人家、友酒。五粮液主品牌的营收占比在77%左右，而中金公司12月份研报指出，普五占五粮液营收的比例近60%。这其实就可以看出，五粮液对于第八代普五的提价寄托了厚望。但是，想追上茅台，目前来看仍是任重道远。高端白酒越来越“香”对于五粮液而言，普五现在的角色是站稳千元价格带。在白酒“高端三巨头”茅台、五粮液、泸州老窖之中，通过提价，第八代五粮液逐渐卡住了位子。事实上，五粮液的雄心不限于此。在2021年12月18日举行的经销商大会上，五粮液表示，将坚持发力“2000+”价格带的白酒市场，实现经典五粮液的市场突破，持续提升经典五粮液的市场地位。采用五粮液经典“梅瓶”的“经典五粮液”，是五粮液在2020年9月推出的一款战略性高端大单品。在其官方商城，经典五粮液官方售价为2899元/瓶。（经典五粮液）这款产品一上市，就遭遇了不少吐槽，如：包装跟已有的交杯牌五粮液过于相像，让人傻傻分不清；这个售价，一看就是想对标飞天茅台。五粮液2021年对于这款产品的目标是，销售2000吨。12月下旬，多个酒商告诉市界，其终端实际售价在1800元/瓶左右，“品牌力支撑不起来2899元/瓶的官方定价”。不过，五粮液还会推出定价更高的经典五粮液30版和50版。2019年的时候，五粮液发布了超高端产品“501五粮液”——“501五粮液·明池酿造”和“501五粮液·清池酿造”。公司给这款产品的稀缺性作了注解：“限定车间、限定窖池、限定匠人”。这款酒产自五粮液著名的501车间——拥有明清古窖池群。发布的时候，五粮液未公布其具体价格。从产品矩阵及近几年的新品动作来看，五粮液在加速高端化。在白酒行业越来越分化的趋势下，高端白酒越来越“香”。受制于产能等因素，高端白酒的核心是品牌与“稀缺”，而且拥有不断提价的能力。2020年，高端白酒的销量占仅占行业的1%，却实现了高达25%的收入。从盈利能力来看，贵州茅台的茅台酒毛利率为93.99%，五粮液的五粮液主品牌毛利率为84.95%，泸州老窖的中高档酒毛利率为89.59%，远高于65%的行业平均水平。这体现出来的是高端白酒的综合竞争优势。而且，高端白酒市场已被“茅五泸”瓜分。国联证券研报显示，2020年，茅五泸高端白酒收入的市占率分别为57%、30%、7%，合计已占据高端市场94%份额。其他品牌如青花郎、剑南春、酒鬼内参、国台龙酒、洋河M9等，仅承接了部分茅五泸的溢出需求，市占率合计不足6%。高端白酒已经不单纯是消费品了，还兼具了奢侈品的属性。飞天茅台能不能买到都成了问题。在酒友眼中，茅台早已成了“土生土长的奢侈品”。在茅台的带动下，五粮液和国窖1573也越来越奢侈品化。就在五粮液被曝提价后，采取“价格跟随”战略的国窖1573也宣布提价。白酒行业的增长逻辑不外乎量与价，但是，对于高端白酒而言，未来，价升大于量增，“量稳价增”会成为常态。也就是说，越来越奢侈品化的高端白酒，价格还会越来越高。","news_type":1,"symbols_score_info":{"600519":0.9,"000858":0.9}},"isVote":1,"tweetType":1,"viewCount":2059,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9013875166,"gmtCreate":1648712418454,"gmtModify":1676534384358,"author":{"id":"4089185159488720","authorId":"4089185159488720","name":"nicoleyang","avatar":"https://static.tigerbbs.com/cf62f6a331d3ca4c12bf3c7996087e03","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4089185159488720","authorIdStr":"4089185159488720"},"themes":[],"htmlText":"🐾","listText":"🐾","text":"🐾","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9013875166","repostId":"610526512","repostType":1,"repost":{"id":610526512,"gmtCreate":1648699218120,"gmtModify":1676532923282,"author":{"id":"3516422794850265","authorId":"3516422794850265","name":"港股研究社","avatar":"https://static.tigerbbs.com/6f93253ece299c58b5ce6c809885d9ed","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3516422794850265","authorIdStr":"3516422794850265"},"themes":[],"title":"社區電商新佈局，阿里悄悄測試潮流App“態棒”","htmlText":"港股研究社3月31日消息，據新言財經報道，阿里悄然測試了一款名爲“態棒”的電商App，這是一款全新且主打年輕人潮流文化的電商社區，目前還處於測試階段，需要邀請碼註冊登錄。根據App的介紹可知，態棒的SLogan爲：有態度的中國創造。“態棒”服務於國內的年輕用戶，是提供當代中國年輕人新生活消費方式的平臺。“態棒”倡導有態度的中國創造，向年輕用戶提供有中國特色的潮流貨品服務，並幫助中國當代年輕設計師在“態棒”被更多消費者認識，助力年輕創業者在態棒實現創業和機會。體驗後發現，這款產品並不是簡單的一款電商產品，而是以社區驅動的潮流電商平臺，年輕人不僅能夠購物，也可以和主理人聊天，在氛圍超好的社區認識好友。<a target=\"_blank\" href=\"https://laohu8.com/S/09988\">$阿里巴巴-SW(09988)$</a>&nbsp;來源：港股研究社","listText":"港股研究社3月31日消息，據新言財經報道，阿里悄然測試了一款名爲“態棒”的電商App，這是一款全新且主打年輕人潮流文化的電商社區，目前還處於測試階段，需要邀請碼註冊登錄。根據App的介紹可知，態棒的SLogan爲：有態度的中國創造。“態棒”服務於國內的年輕用戶，是提供當代中國年輕人新生活消費方式的平臺。“態棒”倡導有態度的中國創造，向年輕用戶提供有中國特色的潮流貨品服務，並幫助中國當代年輕設計師在“態棒”被更多消費者認識，助力年輕創業者在態棒實現創業和機會。體驗後發現，這款產品並不是簡單的一款電商產品，而是以社區驅動的潮流電商平臺，年輕人不僅能夠購物，也可以和主理人聊天，在氛圍超好的社區認識好友。<a target=\"_blank\" href=\"https://laohu8.com/S/09988\">$阿里巴巴-SW(09988)$</a>&nbsp;來源：港股研究社","text":"港股研究社3月31日消息，據新言財經報道，阿里悄然測試了一款名爲“態棒”的電商App，這是一款全新且主打年輕人潮流文化的電商社區，目前還處於測試階段，需要邀請碼註冊登錄。根據App的介紹可知，態棒的SLogan爲：有態度的中國創造。“態棒”服務於國內的年輕用戶，是提供當代中國年輕人新生活消費方式的平臺。“態棒”倡導有態度的中國創造，向年輕用戶提供有中國特色的潮流貨品服務，並幫助中國當代年輕設計師在“態棒”被更多消費者認識，助力年輕創業者在態棒實現創業和機會。體驗後發現，這款產品並不是簡單的一款電商產品，而是以社區驅動的潮流電商平臺，年輕人不僅能夠購物，也可以和主理人聊天，在氛圍超好的社區認識好友。$阿里巴巴-SW(09988)$ 來源：港股研究社","images":[{"img":"https://static.tigerbbs.com/74d86c85abc8c68cd430736a8461f1b1","width":"632","height":"474"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/610526512","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1402,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9038300573,"gmtCreate":1646729337012,"gmtModify":1676534155858,"author":{"id":"4089185159488720","authorId":"4089185159488720","name":"nicoleyang","avatar":"https://static.tigerbbs.com/cf62f6a331d3ca4c12bf3c7996087e03","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4089185159488720","authorIdStr":"4089185159488720"},"themes":[],"htmlText":"🤥🤥🤥","listText":"🤥🤥🤥","text":"🤥🤥🤥","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038300573","repostId":"635001840","repostType":1,"repost":{"id":635001840,"gmtCreate":1646728579071,"gmtModify":1676532812463,"author":{"id":"3527667586584720","authorId":"3527667586584720","name":"小虎综合资讯","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667586584720","authorIdStr":"3527667586584720"},"themes":[],"title":"烏克蘭總統：可以討論承認克里米亞和頓巴斯共和國","htmlText":"烏克蘭總統澤連斯基：（談及承認克里米亞和頓巴斯共和國的可能性）我們可以討論這個問題，找到人們如何在那裏生活的妥協方案。 歐股反彈持續，法國CAC40指數漲超3%，德國DAX指數、歐洲斯托克50指數均漲超2%。","listText":"烏克蘭總統澤連斯基：（談及承認克里米亞和頓巴斯共和國的可能性）我們可以討論這個問題，找到人們如何在那裏生活的妥協方案。 歐股反彈持續，法國CAC40指數漲超3%，德國DAX指數、歐洲斯托克50指數均漲超2%。","text":"烏克蘭總統澤連斯基：（談及承認克里米亞和頓巴斯共和國的可能性）我們可以討論這個問題，找到人們如何在那裏生活的妥協方案。 歐股反彈持續，法國CAC40指數漲超3%，德國DAX指數、歐洲斯托克50指數均漲超2%。","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/635001840","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1499,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9001502550,"gmtCreate":1641266291195,"gmtModify":1676533590920,"author":{"id":"4089185159488720","authorId":"4089185159488720","name":"nicoleyang","avatar":"https://static.tigerbbs.com/cf62f6a331d3ca4c12bf3c7996087e03","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4089185159488720","authorIdStr":"4089185159488720"},"themes":[],"htmlText":"👀","listText":"👀","text":"👀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9001502550","repostId":"1132969479","repostType":2,"repost":{"id":"1132969479","kind":"news","weMediaInfo":{"introduction":"博闻雅识，非凡之客。","home_visible":1,"media_name":"市界","id":"1019100707","head_image":"https://static.tigerbbs.com/f7aa5576660d42f195013ced4567a7f3"},"pubTimestamp":1641194577,"share":"https://ttm.financial/m/news/1132969479?lang=en_US&edition=fundamental","pubTime":"2022-01-03 15:22","market":"sh","language":"zh","title":"Wuliangye wants to fly with Maotai","url":"https://stock-news.laohu8.com/highlight/detail?id=1132969479","media":"市界","summary":"2018年12月，时任茅台集团董事长李保芳、汾酒集团董事长李秋喜，与五粮液集团董事长李曙光相聚“酒都”四川宜宾。这是中国白酒行业一次罕见“三李”同框。五粮液、茅台与汾酒，代表着中国白酒的三大主流香型（","content":"<p><html><head></head><body>In December 2018, Li Baofang, then chairman of Maotai Group, and Li Qiuxi, chairman of Fenjiu Group, and<a href=\"https://laohu8.com/S/000858\">Wuliangye</a>Li Shuguang, chairman of the group, gathered in Yibin, Sichuan, the \"wine capital\". This is a rare \"three plums\" in the same frame in China's liquor industry.</p><p>Wuliangye, Maotai and Fenjiu represent the three mainstream flavors of Chinese liquor (Luzhou flavor, Maotai flavor and Qingxiang), and they are the leaders of the three flavors respectively, the so-called \"three flavors and three top\". Coincidentally, all three at the helm are surnamed Li.</p><p>In the past three years, the chairman of Moutai has changed again and again, and Li Baofang has already become the \"predecessor\". In September 2021, Ding Xiongjun succeeded Gao Weidong as the new chairman; Due to \"retirement at the age\", 60-year-old Li Qiuxi also resigned as chairman of Fenjiu in mid-December, and Yuan Qingmao was his successor.</p><p>Once the \"Three Li\" story, now, only Li Shuguang, who led Wuliangye's \"second venture\", is left.</p><p>In December 2021, Ding Xiongjun and his party went to Yibin, Sichuan, and held a \"Mao Five Meeting\" with Li Shuguang, expressing the desire to \"each have its own beauty.\"</p><p>However, Wuliangye's pace of catching up with Maotai is accelerating. On the eve of the meeting, the news of the price increase of the eighth-generation Wuliangye came out. After the price increase, the ex-factory price has been shoulder to shoulder with Feitian Maotai.</p><p>Nowadays, high-end liquor brands are becoming more and more luxury.</p><p><b>Want to be shoulder to shoulder with Maotai</b></p><p>As the boss and second child in the liquor industry, every move of Maotai and Wuliangye has attracted much attention.</p><p>Feitian Maotai, whose official guide price is 1,499 yuan, is hard to find a bottle. Ding Xiongjun takes office<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>Since the chairman of the board, through a series of \"price control\" measures, the price of Feitian Maotai has dropped. However, near the end of the year, the market price began to stir again. A bottle was already around 2,800 yuan, and the market's voice for price increase was also growing.</p><p>Moutai has attracted a lot of attention, but it has not seen a price increase. At this time, Wuliangye took the lead in \"hands-on\".</p><p><img src=\"https://static.tigerbbs.com/cc30c4aeb42cb6e0f3bfdf2ac3c60bab\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>According to Beiqing.com, in the 2022 contract signed with distributors, Wuliangye implemented a new price strategy, that is, the unplanned ex-factory price of the eighth-generation Wuliangye (Puwu) was raised from 999 yuan to 1,089 yuan per bottle, and the planned price continued to remain unchanged at 889 yuan, and the ratio of planned and unplanned contract volume was 3: 2.</p><p>Wuliangye implements a dual-track price strategy, that is, adding one track-unplanned price-to the original planned price. Chen Lei, a front-line salesperson of a head wine company, told the city boundary,<b>This is a means to regulate the market and prices, and it is more often used to raise prices.</b></p><p>Chen Lei said that earlier, manufacturers had a fixed planned quota for dealers every year. When this part of the quota was sold out, if dealers wanted to place additional orders, it was an unplanned quota. However, later, this rule evolved into the fact that dealers must pay for the goods at the same time according to the ratio of planned and unplanned.</p><p>Corresponding to the ratio of 3: 2 in Wuliangye, that is to say, if a dealer wants to get 6 tons of goods from Wuliangye at the planned price of 889 yuan/bottle, then he must also get 4 tons of goods at the unplanned price of 1089 yuan/bottle.</p><p><b>According to this ratio, the average ex-factory price of the eighth-generation Wuliangye will increase to 969 yuan/bottle.</b></p><p>\"A big winery like Wuliangye is very strong,\" Chen Lei said. In fact, for leading wine companies, especially high-end brands, manufacturers have a strong channel voice. Dealers usually have to pay first, and then manufacturers deliver goods.</p><p>Wuliangye's accounts receivable are extremely low. At the end of 2020, it was only 41 million yuan, which is almost negligible. The turnover days of accounts receivable were only 0.55 days, indicating that the company's average collection period during the reporting period was only half a day. It is very strong in downstream sales channels.</p><p><img src=\"https://static.tigerbbs.com/12bfe19200e62def3f19270b279f14b5\" tg-width=\"953\" tg-height=\"588\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Although Wuliangye's latest sales strategy is not to directly raise the overall price of products, it has achieved the purpose of adjusting the product price system in disguise by adjusting the ratio of planned and unplanned quotas and the ex-factory price of unplanned quotas.<a href=\"https://laohu8.com/S/06066\">China Securities</a>The research report pointed out that the dual-track system can further promote dealers to cherish goods and raise prices.</p><p>In the end, this price chain will reach the hands of consumers:<b>Increase the ex-factory price in disguise-in order to maintain a relatively stable profit, the batch price of the channel increases accordingly-the terminal transaction price increases.</b></p><p>In 2019, Puwu was upgraded, and the eighth-generation Wuliangye was launched. The ex-factory price was raised to 889 yuan/bottle, and the official guide price of the terminal was raised to 1,399 yuan/bottle. However, the actual transaction price of many terminals was less than 1,000 yuan/bottle.</p><p>Wuliangye raised the ex-factory price of the eighth-generation Wuliangye this time, which is not much different from previous price increases. Interestingly, the ex-factory price of 969 yuan is exactly the same as the ex-factory price of Feitian Moutai to traditional dealers.</p><p>However, Wuliangye is not Maotai after all, and the reaction of the terminal market is not very sensitive. In late December 2021, at a Wuliangye dealer in Beijing, the retail price of the eighth-generation Wuliangye was 1,139 yuan/bottle, and a bottle of hot wine was also given.</p><p>Although the price is difficult to raise, Wuliangye has to mention it.</p><p><b>On the one hand, as a high-end liquor giant second only to Maotai, Wuliangye's core single product, the eighth generation Wuliangye, must further establish itself in the price band of 1,000 yuan; On the other hand, it is also the need for performance growth.</b></p><p><img src=\"https://static.tigerbbs.com/2bf856573528516db4d4dc14572a8444\" tg-width=\"953\" tg-height=\"588\" referrerpolicy=\"no-referrer\"/></p><p>Wuliangye's performance growth rate shows signs of slowing down. And price increases will boost performance.</p><p><b>Second entrepreneurship, catching up with Maotai</b></p><p>Before Maotai became the \"Wine King\", Wuliangye was the \"Wine King\". But now, the distance between the two has widened.</p><p>The main raw materials of Maotai are sorghum and wheat, and the raw materials of Wuliangye are sorghum, rice, glutinous rice, wheat and corn. Both of them are brewed from grain, and the main ingredients of the finished products are water and alcohol, but they exude different \"tastes\".</p><p>Feitian Moutai cannot be bought at the official guide price, the market price is flying, and the price needs to be controlled; Puwu frequently raises prices, and the terminal transaction price is struggling to climb. It is still often lower than the official guide price, which is far from the price of Feitian Moutai.</p><p><img src=\"https://static.tigerbbs.com/acde7333fb94a0a8b94067c2f8f1607b\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>In fact, in China's liquor industry, based on the revenue scale and profit of listed companies,<b>Kweichow Moutai has only been the \"wine king\" for less than 10 years, while Wuliangye has been the \"wine king\" for nearly 20 years.</b></p><p>In 1994, Wuliangye's total sales, total profits and taxes surpassed Fenjiu, the \"Fen Boss\", and became the new \"Liquor Brother\". The following year, at the 50th International Statistical Congress, Wuliangye was awarded the title of \"King of Chinese Wine Industry\". In the same year,<a href=\"https://laohu8.com/S/600839\">Sichuan Changhong</a>And FAW won the titles of \"China's Color TV King\" and \"China's Automobile King\" respectively.</p><p>In 1998, when it was listed on the Shenzhen Stock Exchange, after Wuliangye raised its price for the fourth time, it became the highest-priced high-end famous wine at that time. The following year, Wuliangye was put on the banquet table for the 50th anniversary celebration of the founding of New China.</p><p>When it comes to Wuliangye's foundation, it is actually no worse than Maotai's. So, after being surpassed by Maotai, what was the problem?</p><p>This is a long story. There are reasons for product strategy, reasons for marketing system management, and reasons for corporate strategy... Many years later, the outside world attributed these reasons to Wuliangye's own failure to live up to expectations and confusion.</p><p>For example, Wuliangye is aggressively developing OEM products, and cheap descendant brands are spreading quickly, which some media describe as \"flooding\". Family products are getting bigger and bigger, and there are frequent problems in all aspects of brand, pricing, packaging and management.</p><p><b>In the short term, this has brought revenue and profits to Wuliangye. However, in the long run, it has seriously hurt Wuliangye's signboard.</b></p><p>Although Kweichow Moutai was only listed in 2001, when Wuliangye went public and aggressively developed OEM products, it had already begun to actively expand the market. Since 2003, the liquor industry has started a \"golden decade\". The story of Maotai has become more and more beautiful, but Wuliangye is distracting its energy to clean up all kinds of messy products.</p><p>From the craft of \"12987\", to the publicity of \"national wine\", to the concept of producing area that \"you can't make Moutai wine without leaving Maotai Town\"... Maotai told the story of scarcity to the extreme, creating the loudest signboard in the industry.</p><p>Feitian Maotai has raised prices many times, and the market price has soared.<b>In 2013, Kweichow Moutai's revenue and net profit surpassed Wuliangye in an all-round way. Since then, Wuliangye has handed over the throne of \"Wine King\" to Kweichow Moutai.</b></p><p><img src=\"https://static.tigerbbs.com/befb93d320791109392e134d353902ed\" tg-width=\"953\" tg-height=\"588\" referrerpolicy=\"no-referrer\"/></p><p>Wuliangye, which has changed from a leader to a chaser, has encountered an adjustment period in the liquor industry, and it is difficult to catch up all the way.</p><p>In 2017, Li Shuguang took office as the chairman of Wuliangye Group, shouting the slogan of \"second entrepreneurship\", changing channels, organizations, products, brands, etc., speeding up the \"slimming\" of products and brands, and enhancing the recognition of main brands.</p><p>Debon Securities' September research report pointed out that,<b>Since 2017, Wuliangye has cut down 189 brands and more than 2,000 products.</b></p><p>By streamlining the product system, Wuliangye has gradually formed a brand system of Wuliangye's main brand \"1 +3\" and series wine \"4 +4\".</p><p>As the main brand of Wuliangye, 1 is the eighth generation Wuliangye as the core, 3 is 501 Wuliangye, classic Wuliangye and low-alcohol Wuliangye; On the series of wine brands, there are four national single products Wuliangchun, Wuliangchun, Wuliangtequ and Jianzhuang, and four regional single products Baijiayan, Hot, Wuliangjia and Youjiu.</p><p><b>The revenue of Wuliangye's main brand accounts for about 77%, while<a href=\"https://laohu8.com/S/601995\">CICC</a>The December research report pointed out that Puwu accounted for nearly 60% of Wuliangye's revenue.</b></p><p>In fact, it can be seen that Wuliangye has high hopes for the price increase of the eighth generation Puwu. However, there is still a long way to go to catch up with Maotai.</p><p><b>High-end liquor is becoming more and more \"fragrant\"</b></p><p>For Wuliangye, Puwu's current role is to stand firm in the price range of 1,000 yuan. In the \"high-end big three\" of liquor Maotai, Wuliangye,<a href=\"https://laohu8.com/S/000568\">Luzhou Old Cellar</a>Among them, through the price increase, the eighth-generation Wuliangye gradually got stuck.</p><p>In fact, Wuliangye's ambition is not limited to this.</p><p>At the dealer conference held on December 18, 2021,<b>Wuliangye stated that it will persist in developing the liquor market in the \"2000 +\" price band and achieve the market breakthrough of classic Wuliangye</b>, continue to improve the market position of classic Wuliangye.</p><p>\"Classic Wuliangye\", which adopts Wuliangye's classic \"Mei Ping\", is a strategic high-end single product launched by Wuliangye in September 2020. In its official mall, the official price of classic Wuliangye is 2,899 yuan/bottle.</p><p><img src=\"https://static.tigerbbs.com/950fe083531c4ad17d9c2055793259cc\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>(Classic Wuliangye)</p><p>As soon as this product went on the market, it encountered a lot of complaints, such as: the packaging is too similar to the existing Jiaobei brand Wuliangye, which makes people stupid and confused;<b>This price, at first glance, is like to benchmark Feitian Moutai.</b></p><p>Wuliangye's goal for this product in 2021 is to sell 2,000 tons. In late December, a number of wine merchants told the market that the actual price of their terminals was around 1,800 yuan/bottle, and \"the brand power cannot support the official price of 2,899 yuan/bottle.\" However,<b>Wuliangye will also launch the classic Wuliangye 30 and 50 editions with higher pricing.</b></p><p>In 2019, Wuliangye released ultra-high-end products \"501 Wuliangye\"-\"501 Wuliangye · Mingchi Brewing\" and \"501 Wuliangye · Qingchi Brewing\". The company annotated the scarcity of this product: \"limited workshop, limited cellar, limited craftsman\".</p><p>This wine is produced in Wuliangye's famous 501 workshop-which has ancient cellars and pools in Ming and Qing Dynasties. At the time of release, Wuliangye did not announce its specific price.</p><p><b>Judging from the product matrix and new product actions in recent years, Wuliangye is accelerating its high-end development.</b></p><p>Under the trend of increasingly differentiated liquor industry, high-end liquor is becoming more and more \"fragrant\".<b>Subject to factors such as production capacity, the core of high-end liquor is brand and \"scarcity\", and it has the ability to continuously raise prices.</b></p><p>In 2020, the sales volume of high-end liquor accounted for only 1% of the industry, but it achieved up to 25% of the revenue. From the perspective of profitability, the gross profit margin of Kweichow Moutai's Moutai liquor is 93.99%, the gross profit margin of Wuliangye's main brand Wuliangye is 84.95%, and the gross profit margin of Luzhou Old Cellar's mid-to-high-end liquor is 89.59%, much higher than the industry average of 65%.</p><p>This reflects the comprehensive competitive advantage of high-end liquor. Moreover, the high-end liquor market has been divided up by \"Maowulu\".</p><p><img src=\"https://static.tigerbbs.com/77a042fdf49ce37a7ed42e4dee6285e0\" tg-width=\"953\" tg-height=\"588\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/601456\">Guolian Securities</a>Research reports show that,<b>In 2020, the market share of Maowulu's high-end liquor revenue will be 57%, 30%, and 7% respectively, accounting for 94% of the high-end market in total.</b>Other brands, such as Qinghualang, Jiannanchun, Jiugui Neishen, Guotai Longjiu, Yanghe M9, etc., have only undertaken part of Maowulu's overflow demand, with a total market share of less than 6%.</p><p><b>High-end liquor is no longer just a consumer product, but also has the attributes of luxury goods.</b></p><p>Whether Feitian Maotai can be bought or not has become a question. In the eyes of drinkers, Maotai has long become a \"native luxury\". Driven by Maotai, Wuliangye and Guojiao 1573 are becoming more and more luxury.</p><p>Just after Wuliangye was exposed to the price increase, Guojiao 1573, which adopted the \"price following\" strategy, also announced the price increase.</p><p>The growth logic of the liquor industry is nothing more than quantity and price. However, for high-end liquor, in the future, the price increase will be greater than the volume increase, and \"stable quantity and price increase\" will become the norm. In other words, the price of high-end liquor, which is becoming more and more luxurious, will be higher and higher.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wuliangye wants to fly with Maotai</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWuliangye wants to fly with Maotai\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1019100707\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/f7aa5576660d42f195013ced4567a7f3);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">市界 </p>\n<p class=\"h-time smaller\">2022-01-03 15:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>In December 2018, Li Baofang, then chairman of Maotai Group, and Li Qiuxi, chairman of Fenjiu Group, and<a href=\"https://laohu8.com/S/000858\">Wuliangye</a>Li Shuguang, chairman of the group, gathered in Yibin, Sichuan, the \"wine capital\". This is a rare \"three plums\" in the same frame in China's liquor industry.</p><p>Wuliangye, Maotai and Fenjiu represent the three mainstream flavors of Chinese liquor (Luzhou flavor, Maotai flavor and Qingxiang), and they are the leaders of the three flavors respectively, the so-called \"three flavors and three top\". Coincidentally, all three at the helm are surnamed Li.</p><p>In the past three years, the chairman of Moutai has changed again and again, and Li Baofang has already become the \"predecessor\". In September 2021, Ding Xiongjun succeeded Gao Weidong as the new chairman; Due to \"retirement at the age\", 60-year-old Li Qiuxi also resigned as chairman of Fenjiu in mid-December, and Yuan Qingmao was his successor.</p><p>Once the \"Three Li\" story, now, only Li Shuguang, who led Wuliangye's \"second venture\", is left.</p><p>In December 2021, Ding Xiongjun and his party went to Yibin, Sichuan, and held a \"Mao Five Meeting\" with Li Shuguang, expressing the desire to \"each have its own beauty.\"</p><p>However, Wuliangye's pace of catching up with Maotai is accelerating. On the eve of the meeting, the news of the price increase of the eighth-generation Wuliangye came out. After the price increase, the ex-factory price has been shoulder to shoulder with Feitian Maotai.</p><p>Nowadays, high-end liquor brands are becoming more and more luxury.</p><p><b>Want to be shoulder to shoulder with Maotai</b></p><p>As the boss and second child in the liquor industry, every move of Maotai and Wuliangye has attracted much attention.</p><p>Feitian Maotai, whose official guide price is 1,499 yuan, is hard to find a bottle. Ding Xiongjun takes office<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>Since the chairman of the board, through a series of \"price control\" measures, the price of Feitian Maotai has dropped. However, near the end of the year, the market price began to stir again. A bottle was already around 2,800 yuan, and the market's voice for price increase was also growing.</p><p>Moutai has attracted a lot of attention, but it has not seen a price increase. At this time, Wuliangye took the lead in \"hands-on\".</p><p><img src=\"https://static.tigerbbs.com/cc30c4aeb42cb6e0f3bfdf2ac3c60bab\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>According to Beiqing.com, in the 2022 contract signed with distributors, Wuliangye implemented a new price strategy, that is, the unplanned ex-factory price of the eighth-generation Wuliangye (Puwu) was raised from 999 yuan to 1,089 yuan per bottle, and the planned price continued to remain unchanged at 889 yuan, and the ratio of planned and unplanned contract volume was 3: 2.</p><p>Wuliangye implements a dual-track price strategy, that is, adding one track-unplanned price-to the original planned price. Chen Lei, a front-line salesperson of a head wine company, told the city boundary,<b>This is a means to regulate the market and prices, and it is more often used to raise prices.</b></p><p>Chen Lei said that earlier, manufacturers had a fixed planned quota for dealers every year. When this part of the quota was sold out, if dealers wanted to place additional orders, it was an unplanned quota. However, later, this rule evolved into the fact that dealers must pay for the goods at the same time according to the ratio of planned and unplanned.</p><p>Corresponding to the ratio of 3: 2 in Wuliangye, that is to say, if a dealer wants to get 6 tons of goods from Wuliangye at the planned price of 889 yuan/bottle, then he must also get 4 tons of goods at the unplanned price of 1089 yuan/bottle.</p><p><b>According to this ratio, the average ex-factory price of the eighth-generation Wuliangye will increase to 969 yuan/bottle.</b></p><p>\"A big winery like Wuliangye is very strong,\" Chen Lei said. In fact, for leading wine companies, especially high-end brands, manufacturers have a strong channel voice. Dealers usually have to pay first, and then manufacturers deliver goods.</p><p>Wuliangye's accounts receivable are extremely low. At the end of 2020, it was only 41 million yuan, which is almost negligible. The turnover days of accounts receivable were only 0.55 days, indicating that the company's average collection period during the reporting period was only half a day. It is very strong in downstream sales channels.</p><p><img src=\"https://static.tigerbbs.com/12bfe19200e62def3f19270b279f14b5\" tg-width=\"953\" tg-height=\"588\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Although Wuliangye's latest sales strategy is not to directly raise the overall price of products, it has achieved the purpose of adjusting the product price system in disguise by adjusting the ratio of planned and unplanned quotas and the ex-factory price of unplanned quotas.<a href=\"https://laohu8.com/S/06066\">China Securities</a>The research report pointed out that the dual-track system can further promote dealers to cherish goods and raise prices.</p><p>In the end, this price chain will reach the hands of consumers:<b>Increase the ex-factory price in disguise-in order to maintain a relatively stable profit, the batch price of the channel increases accordingly-the terminal transaction price increases.</b></p><p>In 2019, Puwu was upgraded, and the eighth-generation Wuliangye was launched. The ex-factory price was raised to 889 yuan/bottle, and the official guide price of the terminal was raised to 1,399 yuan/bottle. However, the actual transaction price of many terminals was less than 1,000 yuan/bottle.</p><p>Wuliangye raised the ex-factory price of the eighth-generation Wuliangye this time, which is not much different from previous price increases. Interestingly, the ex-factory price of 969 yuan is exactly the same as the ex-factory price of Feitian Moutai to traditional dealers.</p><p>However, Wuliangye is not Maotai after all, and the reaction of the terminal market is not very sensitive. In late December 2021, at a Wuliangye dealer in Beijing, the retail price of the eighth-generation Wuliangye was 1,139 yuan/bottle, and a bottle of hot wine was also given.</p><p>Although the price is difficult to raise, Wuliangye has to mention it.</p><p><b>On the one hand, as a high-end liquor giant second only to Maotai, Wuliangye's core single product, the eighth generation Wuliangye, must further establish itself in the price band of 1,000 yuan; On the other hand, it is also the need for performance growth.</b></p><p><img src=\"https://static.tigerbbs.com/2bf856573528516db4d4dc14572a8444\" tg-width=\"953\" tg-height=\"588\" referrerpolicy=\"no-referrer\"/></p><p>Wuliangye's performance growth rate shows signs of slowing down. And price increases will boost performance.</p><p><b>Second entrepreneurship, catching up with Maotai</b></p><p>Before Maotai became the \"Wine King\", Wuliangye was the \"Wine King\". But now, the distance between the two has widened.</p><p>The main raw materials of Maotai are sorghum and wheat, and the raw materials of Wuliangye are sorghum, rice, glutinous rice, wheat and corn. Both of them are brewed from grain, and the main ingredients of the finished products are water and alcohol, but they exude different \"tastes\".</p><p>Feitian Moutai cannot be bought at the official guide price, the market price is flying, and the price needs to be controlled; Puwu frequently raises prices, and the terminal transaction price is struggling to climb. It is still often lower than the official guide price, which is far from the price of Feitian Moutai.</p><p><img src=\"https://static.tigerbbs.com/acde7333fb94a0a8b94067c2f8f1607b\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>In fact, in China's liquor industry, based on the revenue scale and profit of listed companies,<b>Kweichow Moutai has only been the \"wine king\" for less than 10 years, while Wuliangye has been the \"wine king\" for nearly 20 years.</b></p><p>In 1994, Wuliangye's total sales, total profits and taxes surpassed Fenjiu, the \"Fen Boss\", and became the new \"Liquor Brother\". The following year, at the 50th International Statistical Congress, Wuliangye was awarded the title of \"King of Chinese Wine Industry\". In the same year,<a href=\"https://laohu8.com/S/600839\">Sichuan Changhong</a>And FAW won the titles of \"China's Color TV King\" and \"China's Automobile King\" respectively.</p><p>In 1998, when it was listed on the Shenzhen Stock Exchange, after Wuliangye raised its price for the fourth time, it became the highest-priced high-end famous wine at that time. The following year, Wuliangye was put on the banquet table for the 50th anniversary celebration of the founding of New China.</p><p>When it comes to Wuliangye's foundation, it is actually no worse than Maotai's. So, after being surpassed by Maotai, what was the problem?</p><p>This is a long story. There are reasons for product strategy, reasons for marketing system management, and reasons for corporate strategy... Many years later, the outside world attributed these reasons to Wuliangye's own failure to live up to expectations and confusion.</p><p>For example, Wuliangye is aggressively developing OEM products, and cheap descendant brands are spreading quickly, which some media describe as \"flooding\". Family products are getting bigger and bigger, and there are frequent problems in all aspects of brand, pricing, packaging and management.</p><p><b>In the short term, this has brought revenue and profits to Wuliangye. However, in the long run, it has seriously hurt Wuliangye's signboard.</b></p><p>Although Kweichow Moutai was only listed in 2001, when Wuliangye went public and aggressively developed OEM products, it had already begun to actively expand the market. Since 2003, the liquor industry has started a \"golden decade\". The story of Maotai has become more and more beautiful, but Wuliangye is distracting its energy to clean up all kinds of messy products.</p><p>From the craft of \"12987\", to the publicity of \"national wine\", to the concept of producing area that \"you can't make Moutai wine without leaving Maotai Town\"... Maotai told the story of scarcity to the extreme, creating the loudest signboard in the industry.</p><p>Feitian Maotai has raised prices many times, and the market price has soared.<b>In 2013, Kweichow Moutai's revenue and net profit surpassed Wuliangye in an all-round way. Since then, Wuliangye has handed over the throne of \"Wine King\" to Kweichow Moutai.</b></p><p><img src=\"https://static.tigerbbs.com/befb93d320791109392e134d353902ed\" tg-width=\"953\" tg-height=\"588\" referrerpolicy=\"no-referrer\"/></p><p>Wuliangye, which has changed from a leader to a chaser, has encountered an adjustment period in the liquor industry, and it is difficult to catch up all the way.</p><p>In 2017, Li Shuguang took office as the chairman of Wuliangye Group, shouting the slogan of \"second entrepreneurship\", changing channels, organizations, products, brands, etc., speeding up the \"slimming\" of products and brands, and enhancing the recognition of main brands.</p><p>Debon Securities' September research report pointed out that,<b>Since 2017, Wuliangye has cut down 189 brands and more than 2,000 products.</b></p><p>By streamlining the product system, Wuliangye has gradually formed a brand system of Wuliangye's main brand \"1 +3\" and series wine \"4 +4\".</p><p>As the main brand of Wuliangye, 1 is the eighth generation Wuliangye as the core, 3 is 501 Wuliangye, classic Wuliangye and low-alcohol Wuliangye; On the series of wine brands, there are four national single products Wuliangchun, Wuliangchun, Wuliangtequ and Jianzhuang, and four regional single products Baijiayan, Hot, Wuliangjia and Youjiu.</p><p><b>The revenue of Wuliangye's main brand accounts for about 77%, while<a href=\"https://laohu8.com/S/601995\">CICC</a>The December research report pointed out that Puwu accounted for nearly 60% of Wuliangye's revenue.</b></p><p>In fact, it can be seen that Wuliangye has high hopes for the price increase of the eighth generation Puwu. However, there is still a long way to go to catch up with Maotai.</p><p><b>High-end liquor is becoming more and more \"fragrant\"</b></p><p>For Wuliangye, Puwu's current role is to stand firm in the price range of 1,000 yuan. In the \"high-end big three\" of liquor Maotai, Wuliangye,<a href=\"https://laohu8.com/S/000568\">Luzhou Old Cellar</a>Among them, through the price increase, the eighth-generation Wuliangye gradually got stuck.</p><p>In fact, Wuliangye's ambition is not limited to this.</p><p>At the dealer conference held on December 18, 2021,<b>Wuliangye stated that it will persist in developing the liquor market in the \"2000 +\" price band and achieve the market breakthrough of classic Wuliangye</b>, continue to improve the market position of classic Wuliangye.</p><p>\"Classic Wuliangye\", which adopts Wuliangye's classic \"Mei Ping\", is a strategic high-end single product launched by Wuliangye in September 2020. In its official mall, the official price of classic Wuliangye is 2,899 yuan/bottle.</p><p><img src=\"https://static.tigerbbs.com/950fe083531c4ad17d9c2055793259cc\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p><p>(Classic Wuliangye)</p><p>As soon as this product went on the market, it encountered a lot of complaints, such as: the packaging is too similar to the existing Jiaobei brand Wuliangye, which makes people stupid and confused;<b>This price, at first glance, is like to benchmark Feitian Moutai.</b></p><p>Wuliangye's goal for this product in 2021 is to sell 2,000 tons. In late December, a number of wine merchants told the market that the actual price of their terminals was around 1,800 yuan/bottle, and \"the brand power cannot support the official price of 2,899 yuan/bottle.\" However,<b>Wuliangye will also launch the classic Wuliangye 30 and 50 editions with higher pricing.</b></p><p>In 2019, Wuliangye released ultra-high-end products \"501 Wuliangye\"-\"501 Wuliangye · Mingchi Brewing\" and \"501 Wuliangye · Qingchi Brewing\". The company annotated the scarcity of this product: \"limited workshop, limited cellar, limited craftsman\".</p><p>This wine is produced in Wuliangye's famous 501 workshop-which has ancient cellars and pools in Ming and Qing Dynasties. At the time of release, Wuliangye did not announce its specific price.</p><p><b>Judging from the product matrix and new product actions in recent years, Wuliangye is accelerating its high-end development.</b></p><p>Under the trend of increasingly differentiated liquor industry, high-end liquor is becoming more and more \"fragrant\".<b>Subject to factors such as production capacity, the core of high-end liquor is brand and \"scarcity\", and it has the ability to continuously raise prices.</b></p><p>In 2020, the sales volume of high-end liquor accounted for only 1% of the industry, but it achieved up to 25% of the revenue. From the perspective of profitability, the gross profit margin of Kweichow Moutai's Moutai liquor is 93.99%, the gross profit margin of Wuliangye's main brand Wuliangye is 84.95%, and the gross profit margin of Luzhou Old Cellar's mid-to-high-end liquor is 89.59%, much higher than the industry average of 65%.</p><p>This reflects the comprehensive competitive advantage of high-end liquor. Moreover, the high-end liquor market has been divided up by \"Maowulu\".</p><p><img src=\"https://static.tigerbbs.com/77a042fdf49ce37a7ed42e4dee6285e0\" tg-width=\"953\" tg-height=\"588\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/601456\">Guolian Securities</a>Research reports show that,<b>In 2020, the market share of Maowulu's high-end liquor revenue will be 57%, 30%, and 7% respectively, accounting for 94% of the high-end market in total.</b>Other brands, such as Qinghualang, Jiannanchun, Jiugui Neishen, Guotai Longjiu, Yanghe M9, etc., have only undertaken part of Maowulu's overflow demand, with a total market share of less than 6%.</p><p><b>High-end liquor is no longer just a consumer product, but also has the attributes of luxury goods.</b></p><p>Whether Feitian Maotai can be bought or not has become a question. In the eyes of drinkers, Maotai has long become a \"native luxury\". Driven by Maotai, Wuliangye and Guojiao 1573 are becoming more and more luxury.</p><p>Just after Wuliangye was exposed to the price increase, Guojiao 1573, which adopted the \"price following\" strategy, also announced the price increase.</p><p>The growth logic of the liquor industry is nothing more than quantity and price. However, for high-end liquor, in the future, the price increase will be greater than the volume increase, and \"stable quantity and price increase\" will become the norm. In other words, the price of high-end liquor, which is becoming more and more luxurious, will be higher and higher.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/abdf46cb4281302ef715afaa9daab5d9","relate_stocks":{"600519":"贵州茅台","000858":"五粮液"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132969479","content_text":"2018年12月，时任茅台集团董事长李保芳、汾酒集团董事长李秋喜，与五粮液集团董事长李曙光相聚“酒都”四川宜宾。这是中国白酒行业一次罕见“三李”同框。五粮液、茅台与汾酒，代表着中国白酒的三大主流香型（浓香、酱香、清香），且分别是三大香型的龙头，所谓“三香三甲”。巧合的是，三位掌舵者都姓李。三年间，茅台董事长换了又换，李保芳早已成了“前任”，2021年9月丁雄军接替高卫东成了新任董事长；因“到龄退休”，60岁的李秋喜也在12月中旬辞任汾酒董事长，接任者为袁清茂。曾经的“三李”佳话，如今，只剩下带领五粮液“二次创业”的李曙光了。2021年12月，丁雄军一行赴四川宜宾，与李曙光展开了一场“茅五会”，表示要“各美其美”。不过，五粮液追赶茅台的脚步在加快。就在会面前夕，第八代五粮液提价的消息传了出来，提价后，出厂价已与飞天茅台肩并肩。如今，高端白酒品牌越来越奢侈品化了。想与茅台肩并肩作为白酒行业的老大与老二，茅台与五粮液的一举一动都备受关注。官方指导价为1499元的飞天茅台，一瓶难求。丁雄军上任贵州茅台董事长以来，通过系列“控价”措施，使得飞天茅台的价格有所回落。不过，临近年关，市场价又开始躁动，一瓶已在2800元左右，市场上对于提价的呼声也越来越大。茅台吸引了很多关注，却迟迟不见提价。就在这时候，五粮液率先“动手”了。据北青网，在与经销商签订的2022年合同中，五粮液实施新的价格策略，即第八代五粮液（普五）的计划外出厂价格每瓶从999元提至1089元，计划内价格继续维持889元不变，且计划内与计划外的合同量为3:2的比例。五粮液实施的是双轨制的价格策略，即在原有的计划内价格外，增加一轨——计划外价格。头部某酒企的一线销售人员陈磊告诉市界，这是一种调节市场和价格的手段，更多的是被用来提价。陈磊说，早之前，厂家对经销商每年都有固定的计划内配额，等这部分配额销售完了，如果经销商还想额外再订货，就属于计划外配额了。不过，后来，这个规则演变成了经销商必须按照计划内与计划外的比例，同时打款拿货。对应到五粮液3:2的比例，就是说，如果一个经销商要以889元/瓶的计划内价格向五粮液拿货6吨，那么，同时还必须以1089元/瓶的计划外价格拿货4吨。按照这一比例来算的话，第八代五粮液的平均出厂价会提升至969元/瓶。“像五粮液这样的大酒厂，很强势的。”陈磊说。其实，头部酒企，尤其是高端品牌，厂家拥有很强的渠道话语权，经销商通常都要先打款，之后厂家才发货。五粮液的应收账款极低，2020年年末，只有0.41亿元，几乎可以忽略不计，而应收账款周转天数仅0.55天，说明公司报告期内平均收款期仅半天，进一步说明，其对下游销售渠道非常强势。五粮液最新的销售策略虽然不是直接对产品进行整体提价，但是，通过调整计划内与计划外的配额比例，以及计划外配额的出厂价格，变相达到了调整产品价格体系的目的。中信建投证券研报指出，双轨制可以进一步推动经销商惜货提价。最终，这条价格链还是会传到了消费者手里：变相提高出厂价——渠道为了保持相对稳定的利润，批价跟着提高——终端成交价提高。2019年，普五换代升级，第八代五粮液上市，出厂价提至889元/瓶，终端的官方指导价提至1399元/瓶，可是，很多终端的实际成交价还不到1000元/瓶。五粮液此次提高第八代五粮液的出厂价，跟以往提价没有太大区别。有意思的是，969元的出厂价，已与飞天茅台对传统经销商的出厂价，不多不少，刚好相同。不过，五粮液毕竟不是茅台，终端市场的反应也不是很敏感。2021年12月下旬，北京一家五粮液经销商处，第八代五粮液的零售价为1139元/瓶，还送一瓶火爆小酒。虽然价格很难提上去，但是五粮液不得不提。一方面，作为仅次于茅台的高端白酒巨头，五粮液的核心大单品——第八代五粮液，必须进一步站稳千元价格带；另一方面，也是业绩增长的需要。五粮液的业绩增速有放缓的迹象。而提价，会提振业绩。二次创业，追赶茅台在茅台成为“酒王”之前，五粮液曾是“酒王”。可如今，二者却拉大了距离。茅台的主要原料为高粱与小麦，五粮液的原料为高粱、大米、糯米、小麦、玉米。二者都是粮食酿造的，成品的主要成分都是水与酒精，却散发着不同的“味道”。飞天茅台官方指导价买不到，市场价飞天，需要控价；普五频频提价，终端成交价艰难爬坡，还是常常低于官方指导价，与飞天茅台的价格更是相差甚远。实际上，在中国白酒行业，若以上市公司的营收规模和利润论，贵州茅台不过才当了不到10年的“酒王”，而五粮液曾经当过近20年的“酒王”。1994年，五粮液的销售总额、利税总额超越“汾老大”汾酒，成为了新晋的“白酒一哥”。次年，在第50届国际统计大会上，五粮液被授予“中国酒业大王”的称号。同年，四川长虹与一汽分别获得了“中国彩电大王”“中国汽车大王”的称号。在深交所上市的1998年，五粮液第四次提价后，成为了当时价格最高的高端名酒。次年，五粮液被摆上了新中国成立50周年庆典的宴会桌。要说五粮液的底子，其实不比茅台差。那么，后来被茅台超越，问题出在哪儿了呢？这说来话长，有产品策略上的原因，有营销体系管理上的原因，也有企业战略上的原因……多年后，外界将这些原因归结于五粮液自己不争气，乱了阵脚。比如，五粮液大肆开发OEM产品，廉价的子孙品牌开枝散叶很快，有媒体用“泛滥”形容。家族产品越来越庞大，品牌、定价、包装、管理，各方面都问题频出。短期来看，这为五粮液带来了收入与利润。但是，长期而言，却严重伤害了五粮液的招牌。虽然贵州茅台在2001年才上市，但是在五粮液上市且大肆开发OEM产品的时候，其已经开始主动拓展市场了。从2003年开始，白酒行业开启了“黄金十年”，茅台的故事越讲越动听，五粮液却在分散精力去清理各种乱七八糟的产品。从“12987”的工艺，到“国酒”的宣传，再到“离开茅台镇就酿不出茅台酒”的产区概念……茅台将稀缺性的故事讲到了极致，铸就了行业最响亮的一块招牌。飞天茅台多次提价，市场价一路飙升。2013年，贵州茅台的营收与净利润对五粮液实现了全面超越，从此，五粮液将“酒王”的宝座拱手让给了贵州茅台。从领先者变成了追赶者的五粮液，又遇到了白酒行业的调整期，一路追得艰难。2017年，李曙光上任五粮液集团董事长，喊出了“二次创业”的口号，对渠道、组织、产品、品牌等进行变革，加快产品与品牌“瘦身”，增强主品牌的辨识度。德邦证券9月份研报指出，2017年以来，五粮液已经砍掉了189个品牌，2000多款产品。五粮液通过精简产品体系，逐渐形成了五粮液主品牌“1+3”、系列酒“4+4”的品牌体系。五粮液作为主品牌，1即以第八代五粮液为核心，3即501五粮液、经典五粮液、低度五粮液；系列酒品牌上，4个全国性大单品五粮春、五粮醇、五粮特曲、尖庄，及4个区域性大单品百家宴、火爆、五粮人家、友酒。五粮液主品牌的营收占比在77%左右，而中金公司12月份研报指出，普五占五粮液营收的比例近60%。这其实就可以看出，五粮液对于第八代普五的提价寄托了厚望。但是，想追上茅台，目前来看仍是任重道远。高端白酒越来越“香”对于五粮液而言，普五现在的角色是站稳千元价格带。在白酒“高端三巨头”茅台、五粮液、泸州老窖之中，通过提价，第八代五粮液逐渐卡住了位子。事实上，五粮液的雄心不限于此。在2021年12月18日举行的经销商大会上，五粮液表示，将坚持发力“2000+”价格带的白酒市场，实现经典五粮液的市场突破，持续提升经典五粮液的市场地位。采用五粮液经典“梅瓶”的“经典五粮液”，是五粮液在2020年9月推出的一款战略性高端大单品。在其官方商城，经典五粮液官方售价为2899元/瓶。（经典五粮液）这款产品一上市，就遭遇了不少吐槽，如：包装跟已有的交杯牌五粮液过于相像，让人傻傻分不清；这个售价，一看就是想对标飞天茅台。五粮液2021年对于这款产品的目标是，销售2000吨。12月下旬，多个酒商告诉市界，其终端实际售价在1800元/瓶左右，“品牌力支撑不起来2899元/瓶的官方定价”。不过，五粮液还会推出定价更高的经典五粮液30版和50版。2019年的时候，五粮液发布了超高端产品“501五粮液”——“501五粮液·明池酿造”和“501五粮液·清池酿造”。公司给这款产品的稀缺性作了注解：“限定车间、限定窖池、限定匠人”。这款酒产自五粮液著名的501车间——拥有明清古窖池群。发布的时候，五粮液未公布其具体价格。从产品矩阵及近几年的新品动作来看，五粮液在加速高端化。在白酒行业越来越分化的趋势下，高端白酒越来越“香”。受制于产能等因素，高端白酒的核心是品牌与“稀缺”，而且拥有不断提价的能力。2020年，高端白酒的销量占仅占行业的1%，却实现了高达25%的收入。从盈利能力来看，贵州茅台的茅台酒毛利率为93.99%，五粮液的五粮液主品牌毛利率为84.95%，泸州老窖的中高档酒毛利率为89.59%，远高于65%的行业平均水平。这体现出来的是高端白酒的综合竞争优势。而且，高端白酒市场已被“茅五泸”瓜分。国联证券研报显示，2020年，茅五泸高端白酒收入的市占率分别为57%、30%、7%，合计已占据高端市场94%份额。其他品牌如青花郎、剑南春、酒鬼内参、国台龙酒、洋河M9等，仅承接了部分茅五泸的溢出需求，市占率合计不足6%。高端白酒已经不单纯是消费品了，还兼具了奢侈品的属性。飞天茅台能不能买到都成了问题。在酒友眼中，茅台早已成了“土生土长的奢侈品”。在茅台的带动下，五粮液和国窖1573也越来越奢侈品化。就在五粮液被曝提价后，采取“价格跟随”战略的国窖1573也宣布提价。白酒行业的增长逻辑不外乎量与价，但是，对于高端白酒而言，未来，价升大于量增，“量稳价增”会成为常态。也就是说，越来越奢侈品化的高端白酒，价格还会越来越高。","news_type":1,"symbols_score_info":{"600519":0.9,"000858":0.9}},"isVote":1,"tweetType":1,"viewCount":2059,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9019130421,"gmtCreate":1648553945657,"gmtModify":1676534353029,"author":{"id":"4089185159488720","authorId":"4089185159488720","name":"nicoleyang","avatar":"https://static.tigerbbs.com/cf62f6a331d3ca4c12bf3c7996087e03","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4089185159488720","authorIdStr":"4089185159488720"},"themes":[],"htmlText":"😅😅😅","listText":"😅😅😅","text":"😅😅😅","images":[],"to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\n \n  0:00 回購的真正含義 阿里巴巴（9988）、騰訊（700）、美團（3690）<a target=\"_blank\" href=\"https://laohu8.com/S/BABA\">$阿里巴巴(BABA)$</a>&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/03690\">$美團-W(03690)$</a>&nbsp;4:00 A股走勢差，因爲內資都在走？！10:56 茅臺要建自己的網站，供應商怎麼辦？股價要調整？<a target=\"_blank\" href=\"https://laohu8.com/S/600519\">$貴州茅臺(600519)$</a>&nbsp;12:47 基金說：朱少醒 A股基金市場上的一股清流21:00 ETF專線：Direxion ERY、DRIP、TMV&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/DRIP\">$Direxion Daily S&amp;P Oil &amp; Gas Exp. &amp; Prod. Bear 2X Shares(DRIP)$</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global X 2845、3110、3029<a target=\"_blank\" href=\"https://laohu8.com/S/03029\">$GX恆生ESG(03029)$</a>&nbsp;\n \n","listText":"0:00 回購的真正含義 阿里巴巴（9988）、騰訊（700）、美團（3690）<a target=\"_blank\" href=\"https://laohu8.com/S/BABA\">$阿里巴巴(BABA)$</a>&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$騰訊控股(00700)$</a>&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/03690\">$美團-W(03690)$</a>&nbsp;4:00 A股走勢差，因爲內資都在走？！10:56 茅臺要建自己的網站，供應商怎麼辦？股價要調整？<a target=\"_blank\" href=\"https://laohu8.com/S/600519\">$貴州茅臺(600519)$</a>&nbsp;12:47 基金說：朱少醒 A股基金市場上的一股清流21:00 ETF專線：Direxion ERY、DRIP、TMV&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/DRIP\">$Direxion Daily S&amp;P Oil &amp; Gas Exp. &amp; Prod. Bear 2X Shares(DRIP)$</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global X 2845、3110、3029<a target=\"_blank\" href=\"https://laohu8.com/S/03029\">$GX恆生ESG(03029)$</a>&nbsp;","text":"0:00 回購的真正含義 阿里巴巴（9988）、騰訊（700）、美團（3690）$阿里巴巴(BABA)$ $騰訊控股(00700)$ $美團-W(03690)$ 4:00 A股走勢差，因爲內資都在走？！10:56 茅臺要建自己的網站，供應商怎麼辦？股價要調整？$貴州茅臺(600519)$ 12:47 基金說：朱少醒 A股基金市場上的一股清流21:00 ETF專線：Direxion ERY、DRIP、TMV $Direxion Daily S&P Oil & Gas Exp. & Prod. 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