Video interception map of rain-fed friends

On 6 May, a staff member from the Shaping North station informed the red-star journalists that the leaking area of the video was a “connectall” between the station and the railway station, which was outside the jurisdiction of the station.

The staff member also indicated that the construction of a commercial complex near the Shaping North station would be completed in approximately 2025, possibly affecting the use experience of the Shaping North station.

Vice-Minister for Foreign Affairs

Produced by: Sina Finance listed company Research Institute

The annual reports of listed Baijiu companies in 2021 have been fully disclosed!

On the whole, Baijiu companies began to recover from the impact of the epidemic. Among the 19 listed Baijiu companies, 17 achieved positive revenue growth, compared with 11 the previous year. The median revenue growth rate also increased from 2.67% in 2020 to 23.96%.

However, from the sales data, the industry differentiation is still intensifying. Last year, sales of six companies were declining, accounting for 32%. The sales volume of Luzhou Laojiao, the most serious one, fell by 36%, which was mainly caused by structural changes. Last year, the output and sales volume of low-end liquor in Luzhou Laojiao, which accounted for half of the country, were halved, significantly reducing the overall production and sales volume.

There are only 6 Baijiu enterprises with sales growth of more than 20%. If the Huangtai liquor industry with low base is excluded, there are only 5 enterprises left. It has become a general trend of the Baijiu industry that the structural upgrading drives the income growth.

In the context of the superposition of the epidemic and the decline in economic growth, low-end liquor enterprises are not so lucky. Last year, the agricultural revenue of Shunxin, a low-end wine leader, fell by 4.14%, becoming one of the two wine enterprises with declining revenue. Its performance data in the first quarter of this year is still deteriorating.

On the other hand, there have also been some changes in high-end liquor enterprises. As the wind vane of the industry, Guizhou Maotai’s advance collection decreased, Wuliangye’s notes receivable and accounts receivable increased significantly by 29%, and Luzhou Laojiao’s accounts receivable financing also increased year-on-year.

The epidemic situation and the economic downturn environment have accelerated the differentiation of the Baijiu industry. There has always been a voice in the market that the prosperity of the Baijiu industry in 2021 is a “false prosperity”. In fact, the real mobile sales of the terminal is not ideal, and there is a great potential crisis in the industry.

What about the Baijiu industry under the epidemic situation? Sina Research Institute of listed companies of Finance and economics compares Baijiu companies from the perspectives of revenue, gross profit margin, net profit margin, accounts received in advance, inventory, sales expense rate, production and sales volume, and comprehensively analyzes listed Baijiu companies.

Last year, 19 listed Baijiu companies sold a total of 1.5935 million tons of Baijiu (converted according to 1000l=0.9 tons). The five largest liquor companies were Shunxin agriculture, Yanghe shares, Wuliangye, Shanxi Fenjiu and Gujing gongjiu, with sales of 589900 tons, 184000 tons, 181800 tons, 136100 tons and 101100 tons respectively.

The wine enterprise with the smallest sales volume is Huangtai wine industry, with a sales volume of 1977.06 tons last year; Followed by golden seed wine, with a sales volume of 8034.98 tons.

Overall, the sales volume of 14 Baijiu enterprises increased last year, with a median growth rate of 18.13%. Sales of six companies declined last year, including Laobaigan liquor, Yilite, Shunxin agriculture, Jinhui liquor, jinzizi liquor and Luzhou Laojiao.

Among them, the sales volume of Luzhou Laojiao fell by 35.64%, ranking first from the bottom. Luzhou Laojiao experienced a steep decline in production and sales of medium and low-end products last year. Its “other liquor” production fell by 47% and sales fell by 52%, driving down the overall production and sales. Luzhou Laojiao “other liquor” mainly refers to products with tax sales price less than 150 yuan / bottle, mainly Luzhou Laojiao touqu, Luzhou Laojiao Erqu and other products. In 2020, the revenue of these products will reach 2.211 billion yuan, accounting for 13%.

In addition, Laobaigan liquor, Yilite, Shunxin agriculture, Jinhui liquor and jinzizi liquor with year-on-year decline in sales are mainly low-end products. Under the background of low-end epidemic data, the sales of products have been hit hard.

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