In May 2020, the manager of the Hong Kong branch of the World Wide Fund for Nature (WFN) observed 300 to 400 water-borne floating mothers on a base fence in Hong Kong’s rice. On the basis of good hearts, colleagues and some water mothers are immediately approached for study and distributed to experts from different marine groups for research. Professor of the Department of Biology of the University of Hong Kong Baptist and team identified the water mother as a battery mother and as a new species of battery in Chinese waters. As a result, there has been an increase in the number of species in the three coltan in the world.

The coltan is described as a group of staining animals, with only 49 recorded species globally and little known in Chinese waters. The newly discovered three-hundred-water mother is the three-hundred-water math, whose body is diametered, with six eye diameters each on the side, each with a plynching structure in the cell base, with a strong inducing effect on the part of the battery’s water-bearing mother, and therefore more quickly than the other water-borne mother.

The Miconian Nature Reserve, located in the north-west of Hong Kong, is isolated from the deep-rooted rivers and was classified as the sixth largest mangrove forest in China in 1995 as the Ramsar International Wetlands. The emergence of the three-hundred-water mothers is believed to be a high-quality ecological environment in which rice is provided with a variety of habitats for different organisms, such as belts, fresh water ponds, mangroves, etc. (concluded)

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.

After the performance growth of Baijiu industry and the decline of more than one year, the valuation center of listed Baijiu companies has moved down significantly.

As of April 30 this year, the median price earnings ratio (TTM) of 19 listed Baijiu companies was 32 times, compared with 53 times in the same period last year.

At present, tianyoude liquor has the highest P / E ratio, up to 81.43 times. Except for tianyoude liquor, the price earnings ratios (ttms) of other Baijiu companies are all below 50 times, from high to low, they are Shanxi Fenjiu, Jiugui Liquor and Guizhou Moutai, and the price earnings ratios are 48.51 times, 42.46 times and 41.2 times respectively.

Excluding loss making liquor enterprises, there are five enterprises with a P / E ratio of less than 30 times, including yingjiagong liquor, Yanghe shares, Wuliangye, Jinshiyuan and Kouzijiao.

In the high-end wine camp, Wuliangye’s P / E ratio is the lowest, only 25.3 times, at the same level as the current margin, lower than the industry median. In addition, the price earnings ratios of the two regional wine enterprises are low, 25.29 times and 17.15 times respectively.

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