Author who knows the meaning of wine | Yu Zaiyang
The wind and clouds change gradually, and the position shifts. Fenjiu Yanghe has begun hand-to-hand combat.
A "grab three" drama in the liquor industry is about to be staged, for this play, many media have already issued a notice: Yanghe will give way, Fenjiu will take the stage.
Fenjiu, which is unhappy that Yanghe has been firmly in the "line three" position of liquor for many years, has been running after it wildly over the years, and is on the verge of victory, but it doesn't want to. The two shareholders stood up and made a moth.
At the juncture that Fenjiu wants to win Yanghe in one go, Huarun began to reduce its shares, piercing Fenjiu's bulging confidence in overtaking Yanghe Road.
Fenjiu Daifan Liquor
As a second shareholder, China Resources is preparing to reduce its stake in Fenjiu through bulk trading. After the news came out, it quickly attracted the attention of the industry, and also attracted the "Green Knight" in the stock market, including several major liquor listed companies, including Fenjiu. Share prices have fallen for several days in a row.
In the short-term bearish atmosphere in the market, the market value of Fenjiu has evaporated about 10 billion yuan. Correspondingly, the share price of Fenjiu has fallen by about 5%. In this regard, some netizens joked: do you know whether or not, it should be Fenjiu with avalanche liquor!
For this kind of ridicule, some investors believe that China Resources made a major reduction action at this time, the lethality of Fenjiu stock price can not be underestimated, combined with fundamentals, Fenjiu reduction, it is indeed possible to bring collapse liquor.
When it comes to the reduction of holdings, other investors expressed their views: there are a lot of pig teammates in the liquor plate, one moment Maotai hanging upside down, one moment Fenjiu reduced, in the face of such fundamentals, how do liquor stocks rise?000roulette?
China Resources reduced its holdings
Pulled the back leg of Fenjiu?
The performance of Shanxi Fenjiu has soared year after year, and the process of nationalization continues to accelerate, while Yanghe, which has been ranked third in spirits, has become increasingly tired and the market growth rate has declined significantly. In this regard, Yanghe reluctantly gave an unconvincing explanation: take the initiative to slow down!
In the past year, the rapid performance of Fenjiu and the growth stall of Yanghe are accelerating to narrow the gap between the two.
In terms of revenue indicators: 2023, Yanghe 331000rouletteAlthough the revenue of .26 billion yuan is nearly 1.2 billion yuan higher than that of Fenjiu, the gap between them has narrowed by 2.7 billion yuan in one year. In addition, Yanghe's annual revenue growth rate is only 10% over the same period last year.000roulette.04%, less than half of the 21.80% year-on-year growth rate of Fenjiu.
In addition, in terms of net profit indicators: in 2023, Fenjiu achieved a net profit of 10.438 billion yuan, an increase of 28.93% over the same period last year, while Yanghe achieved a net profit of 10.016 billion yuan, an increase of 6.80% over the same period last year. From the net profit of nearly 1.3 billion yuan behind Yanghe in the previous year, Fenjiu is gradually eliminating the leading edge of Yanghe by 2023.
With the announcement of the financial results in 2023, people can see that the competition between Fenjiu and Yanghe, the two major liquor brands around the "line three" of liquor, has entered a white-hot stage, and the drama of hand-to-hand combat has been staged. In the view of analysts, the implementation of major reduction in China Resources at this time is undoubtedly pulling the back leg of Fenjiu.
Several key messages
It can be said that in the battle for liquor "row three" with Yanghe, Fenjiu is gradually occupying a favorable position. As a key node in 2023, Fenjiu has stood on the eve of the decisive battle with the Yanghe River, which is only one step away from bringing down the Yanghe River.
In this case, Fenjiu encountered the reduction of China Resources, which led to a general decline in the liquor plate. At present, there is such a trend, although000rouletteWe can not put all the responsibility on Fenjiu, but China Resources as a second shareholder, he chose this reduction node, it is intriguing.
In fact, before the announcement of the reduction of Fenjiu shares in China Resources, Fenjiu and China Resources Entrepreneurship held a signing ceremony to deepen the strategic cooperation agreement in early May. Its time node, from Fenjiu at the end of April to release the annual report, hand over the bright report card is only a May Day holiday.
China Resources, as a central state-owned enterprise, industry boss and beer giant in the windy liquor industry, its strategic investment in Shanxi Fen Liquor has undoubtedly provided it with the greatest capacity and obvious help on the road to the revival of Fen Liquor. On this reduction, there are several key information worthy of attention: first, the eve of "Ben San", second, floating surplus 30 billion, and third, the slowdown in the growth rate of Fenjiu.
Cash out
Cautiously optimistic about the future of Fenjiu?
On the eve of "Bensan", it was the critical period for Fenjiu to counterattack Yanghe and seize the throne of liquor "Xingsan". China Resources chose to reduce its holdings and cash out at this time, or showed cautious optimism about the future of Fenjiu and the development of liquor industry.
Six years ago, China Resources invested 5.16 billion yuan in Shanxi Fenjiu strategically. So far, the investment has reached 30 billion yuan, which is several times the original investment. At this time, China Resources decisively chose to reduce its holdings, which may be related to signs of a slowdown in the growth rate of Fenjiu and a decline in the prosperity of the liquor industry, with revenue growth falling from 31.26% in 2022 to 21.8% in 2023, according to data.
According to the announcement, Huachuang Xinrui (Hong Kong) Co., Ltd. (hereinafter referred to as "Huachuang Xinrui"), a subsidiary of Huaruang Xinrui (Hong Kong), which is the second largest shareholder of Shanxi Fenjiu, plans to reduce its holdings by 8 million shares within a specified period of time. The proportion of reduction does not exceed 0.66% of the total share capital of Shanxi Fenjiu. According to preliminary estimates, this reduction can help China Resources to cash out about 2.1 billion yuan.
I do not know whether it was stimulated by the news of the reduction of the holdings of the two shareholders, on May 23, a large transaction took place in Shanxi Fenjiu, with a total transaction of 392000 shares, with a transaction amount of 101 million yuan, which was shown to be sold by institutional accounts. The block accounted for 19.04 per cent of the day's turnover, according to the data.