Since the second half of 2018, maotai's own marketing system has been reformed to make maotai's channels more transparent, rational and less \"rent-seeking \". Since 2019, Moutai has set up a group marketing company, which combines with e-commerce and commercial super-strong to increase direct sales and flattening. ]


Early in the morning of January 2,2020, Guizhou Moutai announced that preliminary accounting,2019 production of Maotai liquor base about 10,000 tons, series of liquor base about 10,000 tons;2019 to achieve total revenue of 88.5 billion yuan, a year-on-year increase of about 15%; net profit attributable to shareholders of listed companies about 40.5 billion yuan, an increase of about 15%. The company plans to arrange a year-on-year increase of 10% in total operating income in 2020.


The earnings forecast immediately caused a \"stir\" in the capital markets. After opening on the morning of January 2, Moutai shares plunged more than% in intraday trading. Shares were still down% at $1,130 as of the afternoon close. With the share price plummeting, the stock's full-day turnover also suddenly magnified to 16.7 billion yuan. The previous trading day, the full-day trading share price of only 100 million yuan.


In 2017 and 2018, Guizhou Moutai's revenue growth was maintained at% and% respectively, and the net profit growth rate attributable to shareholders of listed companies was also% and 30% respectively. Today, performance in 2019 is lower than expected, and what are the main factors dragging down?


From the past statements, Moutai 88% of the revenue from Moutai liquor sales. According to this calculation, the sales of Maotai wine in 2019 are about 100 million yuan. According to the standard price of 969 yuan per bottle and 2124 bottles per ton, the sales volume of converted Maotai wine is about 10,000 tons. Such sales have actually surpassed pre-planned sales. At the end of 2018, Moutai had announced that the company's 2019 sales plan for Maotai wine was about 10,000 tons.


There is no doubt that maotai's brand status and market advantages are unshakeable in the short term, but it does not rule out an artificial adjustment in this performance. \"Moutai's shipments are growing, and the data are good from the previous point of view, but the current growth rate is only 15%, is somewhat contradictory, perhaps the result of internal adjustment.\"


In order to make Maotai liquor channel more transparent, reasonable and reduce the phenomenon of power \"rent-seeking \", since the second half of 2018, Moutai's own marketing system reform has officially begun. The reform of the marketing system directly touches on the traditional channel interests of Maotai specialty stores and special dealers. In the course of the change, a group of illegal dealers were cleared, accompanied by a number of executives being prosecuted for bribery. In the past 2019, Moutai has continued to promote the reform of the marketing system. Since 2019, Moutai has set up a group marketing company, which combines with e-commerce and commercial super-strong to increase direct sales and flattening.


At the recent Moutai's 2019 dealer conference, Moutai chairman Li Baofang pointed out that after 2013, in the face of double pressure and impact from the macroeconomic downturn and industry depth adjustment, the Moutai wine market was once in trouble and continued until the first half of 2016. Since the second half of 2016, maotai has done everything possible to promote the rational return of prices, find ways to improve the efficiency of dealers, and actively adapt to the new normal of economic development. With the dual role and support of the situation and policy, maotai wine has undergone a fundamental change in supply and demand relationship from ‘ not to make money ' to ‘ make big money ' from the buyer market to the seller market. 2019 is a very special year in maotai marketing work, this year, maotai wine sales company team overall adjustment; special regulation in-depth promotion; market tension, supply and demand contradictions increased; distribution team mood instability; market control difficulty increased.


Mr li said moutai was still facing \"three outstanding problems \", namely:\" unified\" efforts are not enough;(special rectification) concerns have not been completely eliminated; the new marketing system has a short board.


“Moutai sales system has not yet formed enough joint efforts, lack of overall control over the overall market, lack of systematic research and coordination. Some cadres and individual dealers worry a lot, work see son beat son, muddle by, should do not do, should do good not in place. The new marketing system of maotai mainly consists of the new mechanism and new rules, but the operation is not fully up to expectations, so it needs to be improved and optimized. Li Baofang thinks.


The market's supply-demand relationship remains tight, and a slowdown in growth does not represent a change in demand, mainly determined by Moutai's own supply, according to a performance review. 2019 is the biggest year of channel adjustment, and 2020 will improve channel construction and strengthen channel control.


It is worth noting that at the end of December 2019, Moutai also announced a 2020 Maotai wine sales plan of about 10,000 tons, compared to the 2019 sales plan of more than 3,500 tons.


Analysts Yu Chunsheng issued a report that Maotai 2020 release as the main line, in addition to by adjusting the channel structure to increase the company's profits again. \"Based on the consideration of social and political factors such as the price increase of Maotai wine too fast, the ex-factory price increase is relatively sensitive. In the early years through the volume, and increase self-operation and business super-investment to adjust the channel structure to increase the profits of the company again, the company's performance can ensure a sound growth.\"